What type of economy is Nigeria operating?
Nigeria has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation. Nigeria is a member of the Economic Community of West African States (ECOWAS).
What type of political system does Nigeria have?
Presidential system
Federal republic
Nigeria/Government
What is the meaning of political economy?
political economy, branch of social science that studies the relationships between individuals and society and between markets and the state, using a diverse set of tools and methods drawn largely from economics, political science, and sociology.
Which economic system is best for Nigeria?
Nigeria, some say is using a mixed economic system where the private and public sector contribute to the growth of the economy others are of the view that a capitalist economy will bode the country well as it will take some pressure off the government.
What is capitalist economy and socialist economy?
Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources.
What type of economic system does Nigeria have?
Nigeria operates a mixed economic system that is a blend of socialism and capitalism. The various private freedoms are still government regulated and are included in centralized economic planning. Nigeria is considered to have the biggest economy in Africa.
Is Nigeria’s Political Economy elitist and theist?
Nigeria’s political economy has always been predominantly elitist, patriarchal and theist. In terms of the ethnicity, the dominance rests with the WaZoBia group and to some extent, the peoples of the Niger-Delta.
Which country has the biggest economy in Africa?
Nigeria is considered to have the biggest economy in Africa. It is a country rich in resources, particularly oil. Over the past decade, the country’s average economic growth rate has been around 7 percent every year. Despite this, Nigeria is ranked 153rd in the UN’s Human Development Index, a comparison among 187 countries.
What is the size of the agriculture sector in Nigeria?
Nigeria ranks sixth worldwide and first in Africa in farm output. The sector accounts for about 18\% of GDP and almost one-third of employment. Nigeria has 19 million head of cattle, the largest in Africa.