The Factors Affecting Economic Development in Nigeria
CHAPTER ONE
PREAMBLE TO THE STUDY
Economic is a science which studies human behavior as a relationship between ends and scare means, which have alternative uses and development which is the increasing capacity of man to understand nature.
It implies the growing capacity of man regulate or control this internal and external environment.
In a nutshell economic development is a process that transforms a stagnate society with the low average real income in one in which income rise more or less continuously as technology is embodied in accumulating capacity.
CHAPTER TWO
LITERATURE REVIEW
MEANING OF ECONOMIC DEVELOPMENT
Economic development according to Crowell (1981) is processes that transform a stagnant society with a low average real income one in which income rises less continuously as technology is embodies in accumulating capital. Typically, economic development is defined as2 growth plus other changes that judge to constitute progress and make life better for all citizens.
Brown Fenbrener 1991 clearly define the concept of economic development raises many questions that involves valve judgment about whether a particular changes or life style is good or bad.
Economic development according to Shuabu (1992) as the process whereby the real per capital income of a country increases over a long period of time this definition of development as2 a process implies that development involves casual relationship.
Therefore economic development means growth plus improvement in the quality of life and distribution of goods and services, development in the standard of living of the people to a better and well improved situation determines how a country can be said to have developed economically.
According to the Basic Human needs approaches a country is developing if and only if more and more of its people are taking adequate diets, clean water, decent shelter, basic healthcare and a peaceful means of making their views to the government.
Measuring Economic development:-
Economic development is measured in four ways:-
GNP
One of the methods to measure economic development is in terms of an increase in the country’s real national income over a long period of time. But this in unsatisfactory due to the following reasons:-
“Real national income” refers to a country’s total output of final goods and services in real terms rather than in money terms. Thus price changes have to be ruled out while calculating real national income.
The measure fails to take into account changes in the growth of population. Thus if a rise in real national income is followed by faster growth in population, there would be no economic growth.
The GNP figure does not reveal the cost to the society of environmental pollution, urbanization, industrialization and population growth.
It tells nothing about the distribution of income in the economy.
There are other factors which pose difficulties in measuring GNP:
Some goods and services cannot be assessed in money terms, example, painting as a hobby and bringing up children by a mother.
GNP is associated with double counting.
Illegal activities like gambling are not costed and included.
Transfer payments on pension and unemployment allowance, interest on public loans are not included in GNP.
The GNP as an index of economic development has not been successful in combating poverty, unemployment, inequalities and raising living standards in developing countries. Robert McNamara, the then Governor of World Bank, admitted in February, 1970 on the failure of GNP growth rate as an index of economic development.
CHAPTER THREE
RESEARCH METHODOLOGY
RESEARCH DESIGN
According to Sendel (2017) defines research design as the overall strategy to answer the research questions. Kervin (2008) indicates that the research design is the model for the researcher to achieve its objectives and answer questions (Kervin, 2008). A research design generally understand how to be discarded data, what are the instruments, how the instruments and the means for analyzing the collected data will be used.
POPULATION SIZE
During the course of study, sample of about 100 persons is proposed through the use of random sampling techniques. The 100 persons of will be selected from different place, such as market, school, library and other economic activities areas in Oredo and its environment.
CHAPTER FOUR
DATA ANALYSIS AND INTERPRETATION
In this study, an attempt has been made in this chapter to evaluate and analyzed all the data obtained from respondents. A total of 100 questionnaires were distributed to different categories of people both of which result were gotten.
CHAPTER FIVE
CONCLUSION AND RECOMMENDATION
SUMMARY AND FINDING
The objective of the study is the researcher discovers the problems of factor affecting economic development in Oredo Local Government Area of Edo State. So, the research postulated pure hypothesis, which was tested by designing a questionnaire which was distributed randomly among various wards of the inhabitants of Ovia North East Local Government Area in the State.
Therefore, the total result from the data collected and findings shows that lack of consistent economics policies instability, solely dependent, on oil export, poor baking system, Niger Delta crisis poor remuneration and some at the factors that grossly affect economic development in the state.
CONCLUSION
The result of the study still enable the research to advise the government of Edo State on the ways to handle the problem arising from lack of economic development in our state, due to the factors that has been enumerated above and having subjected some of the various categories of individual such as workers, traders, applicants who are old resident and familiar with the trend of economic activities in the Local Government Area.
RECOMMENDATION
The following recommendations should between into consideration to avoid low economic development in the local government.
- The government should Endeavour to improve in communication amenities road network research and other educational facilities that will lead to economic development. Rural development programmes should be spending up in Edo State.
- In addition the government should put more effort to improve upon banking activities so that potential investors can get loan to improve their business.
- Government should diversity its economic base by improving on agricultural industries, palm produce, farming etc.
- Government should improve the living standard of its citizens especially the civil servant by paying them adequate salaries to enable them participate more fully in the economic development through saving and other means that will better the overall development of the state.
REFERENCE
- Aipsey R.G (1980) A Introduction to Positive Economic London ELBS.
- Aderinjo and S.H Abdulahi (1988) Comprehensive Certificate Economic for Senior Secondary Schools Printed by Meg-Comm. Network.
- Bonnell G (1991) A Foundation in Economic Chatedum, Staley Thomes.
- Bertany S.M (1964) Intermediate Economic Analysis, Aromolarum Publishing.
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- Honder B.W. (1980) Economics Development in the Tropics Meltuem.
- Kyida A.A (1967) Reflection on Nigeria Development, Nigeria Mallhois Press Planned.
- Mahan E.J (1967) The Cost of Economic Youth, London Staples Press.
- Marray R.S (1972) Shaumus Outline Series Statistic Mc Graw Hill Publishing Co-Limited.
