Problems of Economic Development In Nigeria - SS3 Economics Past Questions and Answers - page 1
What is the primary cause of economic instability in Nigeria?
Overdependence on oil
High poverty rates
Political instability
Limited access to credit
Which of the following is a result of Nigeria's poor infrastructure?
Increased economic growth
Reduced transportation costs
Limited movement of goods and people
Access to basic services
What is a major challenge facing Nigeria's education system?
A lack of skilled workers
High tuition fees
Limited access to education
Overcrowded classrooms
What is the consequence of political instability in Nigeria?
Increased investment
Reduced corruption
Economic growth
Discouraged investment
What is a contributing factor to high poverty rates in Nigeria?
Low unemployment rates
Income equality
Access to basic services
Lack of economic diversification
Explain one consequence of limited access to credit in Nigeria.
Limited access to credit in Nigeria can limit investment and business growth, particularly for small and medium-sized enterprises. This can hinder economic development and limit opportunities for job creation and poverty reduction.
Describe one challenge in diversifying Nigeria's economy away from oil dependence.
One challenge in diversifying Nigeria's economy away from oil dependence is developing new industries that can compete with the existing oil industry. This requires significant investment in infrastructure, education and training, and policy reforms to promote non-oil sectors such as agriculture and manufacturing.