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Nigeria: Political and Economic Change

Nigeria: Political and Economic Change . By: Tehetina Shewakena. Pre Colonial (800-1860 C.E). North . South . (15th ) Hausa people came under the influence of Islam. ( 18th ) The F ulani took over and established the Sokoto Caliphate. Controlled most of the North

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Nigeria: Political and Economic Change

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  1. Nigeria: Political and Economic Change By: TehetinaShewakena

  2. Pre Colonial (800-1860 C.E) North South • (15th ) Hausa people came under the influence of Islam. • ( 18th ) The Fulani took over and established the Sokoto Caliphate. • Controlled most of the North • Introduced trade with the Europeans • (16th ) Coastal groups began exchanging captives and prisoners for goods with the European trading ships • Wars among various kingdoms sustained trade • 20,000 slaves

  3. End of Slave Trade (1807) • (1807): British parliament outlawed slave trade - British established themselves on the coast - Intervene in local politics • 1866 The Royal Niger Company was granted royal charter to control Nigerian trade • On January 1, 1914: Nigeria was unified under one colonial administration

  4. Colonial Era (1860-1960) • Nigerian system developed into a sophisticated form of government - Central/ Local Gov. • - New forms of money, transportation, and communication • 1886: The United Africa Company was granted charter - Oversee Commerce - Collect taxes • A system of cash economy developed • Nigeria remained an agricultural country, exporting raw materials to Britain and importing from it finished goods

  5. Independence (1960) • Oct. 1, 1960 • Establish Federal system - System is questioned • Established First Republic (1963-1966) • Ended in violent military coup

  6. Modern Nigeria (1960-Present) • Since independence Nigeria has had: - 9 constitutions - 4 republics - 7 Military Coups • Hinders Democracy • Increase in Corruption

  7. Oil Boom (1970) • (1970) Price of oil increased - Nigerian export grew - Increase in revenue - Investment in industrial dev. • ( 1971) Joined OPEC and formed the Nigerian National Oil Corporation (NNOC) • By 1973, oil revenue represented almost 90% of foreign exchange earning and 85% of total exports • Import food • 1980) Price of oil plummeted - Inflation -debt owed to World Bank

  8. Debt Crises • 1970’s :Fiscal indiscipline - Nigeria government borrowed from foreign banks - Price of oil fell • 1979-1983: Buhari regime approach IMF for relief -IMF put conditions -Maintained the exchange rate • 1985: Babangida created Structural Adjustment Program (SAP) - Failed • 1997 : Experienced Fuel shortage - Black market - 80 Niara per liter • By 2004: Nigeria debt totaled US$35.994 billion

  9. Quest for Debt Relief • Oct 2000: Debt Management Office was established - Nigeria was considered for debt relief Paris Club : (2005) • Nigeria and the Paris Club agreed on aUS$18 billion or 60 percent write-off -Debt decreased - Credit worthy country Neo Liberalism: a political orientation started in the 1960s; blends liberal political views with an emphasis on economic growth

  10. Currently • Gini Index: 42.9 • GDP growth rate : 7.2% in 2011 Trend toward privatization CIA World Fact book

  11. Prospect Setbacks Potential for development - Corruption - Gov. controlled economy - lack of initiative for private sector -unequal distribution of wealth • Availability of resource • Democratization • Maintain successful programs • Considered a regional power

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