ROSTOW'S GROWTH THEORY, STRUCTURAL TRANSFORMATION AND ECONOMIC DEVELOPMENT: THE NIGERIAN EXPERIENCE

[...]oil GDP contracted by 13.6 percent throughout 2016 while the oil sector represented only 8.4 per cent of GDP in 2016 (National Bureau of Statistics,2018 & Nevin et al) The lower foreign exchange earnings from oil exports had significant spillover effects on non-oil sectors dependent on impo...

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Bibliographic Details
Published inInternational journal of arts & sciences Vol. 12; no. 1; pp. 199 - 212
Main Author Omolara, Campbell
Format Journal Article
LanguageEnglish
Published Cumberland International Journal of Arts and Sciences LLC 01.01.2019
Subjects
Economic development
Economic growth
Growth rate
Imports
International trade
Manufacturing
Oil
Poverty
Productivity
Raw materials
Recessions
Africa
Nigeria
Niger Delta
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Summary:[...]oil GDP contracted by 13.6 percent throughout 2016 while the oil sector represented only 8.4 per cent of GDP in 2016 (National Bureau of Statistics,2018 & Nevin et al) The lower foreign exchange earnings from oil exports had significant spillover effects on non-oil sectors dependent on imports of inputs and raw materials, in particular manufacturing and trade. The share of the population living below USD 1.9 Purchasing Power Parity poverty line increased from 49.4 percent in 2015 to about 50.2 percent in 2016. [...]if there is any time to identify, formulate and implement policies that will ensure the existence of a productive labor force and the attainment of inclusive growth in the country, it is now. Against this backdrop, this paper sets out to: (i) assess the sectoral contribution of the three major sectors of the Nigerian economy to GDP between 1991 and 2017, (ii) proceed to identify, present and compare the annual GDP growth rates in Nigeria with other comparator countries between 1991 and 2017, (iii)ascertain whether Nigeria has reasonably met the sufficient condition for economic development as presented by Rostow.
ISSN:1557-718X
2326-7372