Hi, need to submit a 750 words essay on the topic Growth and development in Developing countries.Download file to see previous pages... It is admissible that the current economic situation appears eve

Hi, need to submit a 750 words essay on the topic Growth and development in Developing countries.

Download file to see previous pages...

It is admissible that the current economic situation appears even more uncertain. The Government has repeatedly stated that the country is experiencing a Gross Domestic Product (GDP) expansion of 7% annually. However, the economy appears to be struggling thus presenting challenges to the development of the country (Diejomaoh, 2005. p. 77). It appears that with these predicaments the country is still realizing some level of growth and development. Much as Nigeria continues to record growth in some sectors amid the economic challenges, questions emerge as to whether there is a proportional rate of development (AfDB, 2012. p. 157). This research proposal seeks to assess the relationship between growth and development in Nigeria while factoring in the economic crisis that appears to have persisted. Aims 1. To assess the relationship between growth and development in Nigeria and determine whether the current economic crisis has positive impact in the development of the country. Objectives 1. To assess the level of growth and development in Nigeria 2. To determine whether the economic crisis facing Nigeria has any impact on growth and development 3. To determine the source of growth and development in Nigeria apart from the government 4. To recommend ways of achieving growth and development even amid economic challenges Research Questions 1. ...

There are concerns that the country is recording growth without development and economy appears to be on the downturn. Nigeria presently faces diverse challenges to the expansion of her economy including religious hostility, kidnappings, violence, fraud, and poverty (Oxford Business Group, 2010. p. 58). Considered one of the best growing economies globally, Nigeria’s development is paradoxical (Adediji, 2012. 79). This is because most of the people who qualify for employment are jobless thus making meaningless contribution to the economic development (Robinson, 2012) and (Johnson, 2011). Nigeria has a poverty index of 60 percent and the exchange rates are Naira (N) 162 against the dollar. Furthermore, the country has low foreign reserves approximating to $38 billion (NBS. 2012). According to 2011 financial reports, Nigeria inflation stood at 10.3 percent while in 2012 it soared to 12.7 percent (CBN, 2012. p. 57). This is an indication that the country is not doing better economically and as more of her citizens continue to become jobless, the growth and development may just be a myriad (Nwosi, 2011. p. 47). It is apparent that these challenges are stifling the development of Nigeria (Akinpelu, 2011. p. 31). It appears that the notable growth in the sectors is driven by other factors. The business community in Nigeria is accumulating massive financial resources that they also invest in the country (IBRU, 2007). The investors in the country are conducting business activities in the oil industry, the agriculture sector, and the real estate industry. Therefore, the growth observed relate to the efforts of the investors engaging in the expansion of their businesses (Menjah and Abor, 2012. p. 68).