As Nigeria’s main wealth creator and job generator, small businesses will form the bedrock of a knowledge driven economy. Since the late 1960s it has been based primarily on the petroleum industry. At end-1998, total oil reserves were estimated at 22.5bn barrels, sufficient to give close to another 30 years of output. NIIA Lecture Series. i) A public-sector led economy with a bloated government presence in every facet of national life; After independence, more than four national development plans have been initiated both in military and civilian regimes. 19.60 The unfavorable effect that the oil glut had on Nigeria's economy when the oil prices fell globally which was a big loss is an attestation to the humorous claim posited by Adiele (2009) that 'if the petroleum market sneezes, the Nigerian economy catches cold. A country that seeks to experience development must necessarily take into cognizance effective planning just as some scholars have postulated. 7. 1. Weiss (2011) submits that 'development is best seen as a process of growth, improvement in social indicators and structural economic change.' A better indicator of development disparities and rankings might be found by including health and education variables in a weighted welfare measure rather than by simply looking at income levels, and the HDI offers one very useful way to do this. ' Asides the reforms the government has made in curtailing corruption in the sector as well as improving infrastructure to help farmers in rural areas, the government has succeeded in decentralizing the Ministry of Agriculture and Rural Development to the states level in order to spur more effectiveness, where 36 new state Directors of Agriculture were appointed as well as 6 Regional Directors of Agriculture (Agriculture Revolution, 2014). The resource curse occurs as a country begins to focus all of its energies on a single industry, such as mining, and neglects other major sectors. The ATA has succeeded in achieving several feats that has made the diversification of the economy a fruitful effort. The Bank is already supporting state programs in governance, education, health and agriculture. 2009 The situation is critical in the country, especially in terms of socio-economic development where Eneh (2011) lamented that more than 95% of Nigerians re traumatized and dying of serious impoverishment and hunger, while the 5% privileged few of the huge populace have by 'fair or foul means cornered and monopolized Nigeria's economic, political, health and socio-cultural wealth.' Jinuh Okon in the Vanguard Newspaper (May 2, 2014) stated that the pathetic nature of the country's power infrastructure serves as a hindrance to economic development in the country and that for Nigeria to mount up to the level of South Africa's power generation, 50, 000 megawatts needs to be added to the present generation of power which is currently at 4, 000 megawatts. Thomson.Tsiakkiros A (2002) “Strategic planning and education: The case of Cyprus”, The International Journal of Educational Management Bradford 2002. According to Nnamani (2009), in strict economic terms, 'development means the capacity of a national economy which has been static for some time to generate and sustain an annual increase in its Gross National Income (GNI) at rates of 5% to 7% or more. This has been the trend since Nigeria came into being as a recognized national entity till the 4th republic Therefore, one can't but wonder if oil is a blessing or curse to a nation like Nigeria. It was noted that during the colonial times the agricultural sector encompassed the engagement of peasant farmers in the production of more cash crops for sale to be eventually exported to Western Europe, where various Nigerian communities had actively engaged in the production of diverse food and cash crops (Anyanwu et al, 1997). Access to communication in a knowledge economy however cannot be a privilege. It is conceivable that countries with rich supplies of natural resources should be able to increase their incomes, invest their wealth to fuel human development and build infrastructure, thus encouraging other industries to grow and thereby improving the quality of life of its citizens. The Transformation Agenda has been able to conceptualize and plan a creation of 700kv super grid to boost the capacity of the national grid that will handle an increase in the power generated beyond the next decade. For example as observed in the agricultural sector, there is an ongoing diversification via the production of cash and food crops such as rice, sorghum, cassava, cotton, cocoa and so on which are produced domestically and processed; which has contributed to the country's foreign reserves via their exports. DoubleGist (2013) in an analysis of the history of oil refining in Nigeria stated that the activities of oil refining in the country could have originated from the small clause inserted in the oil prospecting and mining license which was granted by the Federal Government of Nigeria to one of the prominent international oil companies Shell-BP in 1954 to the effect that as soon as production of oil hit an amount of 500,000 barrels per day, an oil refinery be built in Nigeria. The Foreign Direct Investment (FDI) according to the report had increased from $6 billion to $8.9 billion which showed a significant 46.07% increase which has been interpreted to be an indication of a positive investment climate that attracted foreign investment. It has been suggested that some critical ideas be incorporated into a privatization programme for the refineries to ensure the protection of vital national interests and guarantee efficiency and sustainability. differentiation through advertising and distribution; the 1980s was the database marketing company; the 1990s up till now has been customer focused company i.e. There has been a supply of over 1.3 million MT of high quality cassava flour policy in 2012. John (2010) avers that the idea behind the resource curse is that the situation of mineral and fuel abundance in less developed countries (LDCs) tends to generate negative developmental outcomes which include poor economic performance, growth collapses, high levels of corruption, ineffective governance and greater occurrence of political violence and that natural resources for most countries that are experiencing poverty or that are poor, are apparently consider to be more of a curse than a blessing to these countries. INCREASED STORAGE RESERVES OF OIL AND PRODUCED FOODS 2. While oil bunkering is the industry term used in describing the lifting of oil officially permitted by the authority, illegal oil bunkering is doing the same without any official authorization. 6.99 If it turns out well, he becomes celebrated' (Dangana, 2011). By 1976, however, the inflation rate stood at 23 per cent. Table 1.2 GDP PER CAPITA (PPP) According to Olayinka (2009), agriculture was the mainstay of the Nigerian economy in the 60's and early 70's. Retrieved on 08-04-2014. 26.4 The Transformation Agenda It has been argued that the desire and pursuit of social and... ...NIGERIAN ECONOMY/GDP AND PRODUCTION Some of the food and cash crops that were cultivated then include respectively, yam, cocoa yam, cassava (which was grown mostly in the South) as well as oil palm which came from the East, vast production of cocoa from the West, Cotton and Groundnuts from the North (Anyanwu et al, 1997).

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