Discuss The Role Of Money In Economic Development Of Nigeria?


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Connor Sephton answered
Money is vital to national economic development, particularly in a third world country, such as the African nation of Nigeria. Since the GDP (Gross Domestic Product) of a country indicates exactly what is being produced, monetarily, by a nation, the GDP of Nigeria can be an important indication as to exactly where the country is headed. Obviously, a higher GDP will indicate a period of real prosperity; however, less Gross Domestic Product will indicate the opposite.

In order to develop economically, Nigeria needs cash infusions from international relief agencies, as well as in-country business ventures (factories, farms, etc.) that lead to more jobs and income for everyday Nigerians.  This African nation must grapple with the socioeconomic consequences of years of poverty; many people in Nigeria do not have sufficient money to pursue education, proper healthcare, and business opportunities that will allow them to reach their full potential in life. For this reason, economic development in Nigeria will be largely dependent on the amount of money the country's leaders (in industry and politics) decide to funnel back into the communities of the country. This money should be used to help Nigerians with:

• Education
• Food and shelter
• Disease protection, diagnosis, and  treatment

Money doesn't solve everything; however, it's safe to say that most citizens of the world's richest countries, such as Germany, Japan, and the United States Of America, do enjoy more developed national economies that, in turn, offer more social safety nets and opportunities to citizens. The role of money in the economic development of Nigeria can be likened to the role of bricks and mortar in a building; without money, there is no substance, strength or protection. However, conversely, more money and progress will offer the brick-by-brick establishment of new systems that benefit everyone in the African nation of Nigeria.

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