Nigeria: Economic and Human Health
Lending Institutions, Healthcare, and Human Capital
Nigeria is the largest country in Africa and is home to 47% of the continent's population (World Bank, 2013). Nigeria is the largest oil exporter and holds the most natural gas reserves of any African country. According to the World Bank, these human and natural resources gives Nigeria the necessary ingredients for becoming one of the more prosperous nations in Africa and globally. Fueled primarily by oil exports, the Nigerian economy seems to be meeting this expectation by growing an average of 7.6% between 2003 and 2010; however, a recent softening of the oil market, which represents 75% of state revenues, has restricted the ability of the government to stabilize economic growth. Yet, foreign debt represents only 3% of the nation's gross domestic product (GDP).
Despite the apparent success of Nigeria's economy the levels of poverty and unemployment remain high (World Bank, 2013). For example, an estimated 50 million youth are underemployed in a country of 158 million people (World Bank, 2013) and child labor, including slave labor, is not uncommon (Kim, Muntaner, Chung, Benach, and EMCONET Network, 2010). Nigerian leaders have invested in infrastructure, improved agricultural productivity, and are creating more relevant post-secondary training and educational opportunities (World Bank, 2013). The World Bank, however, views the decentralized form of governance in the country, along with the diverse ethnic, cultural, and religious communities, as a significant barrier to improving the quality of the labor market. In Nigeria, there are 36 states and 774 local governments enjoying a large measure of official autonomy. These state and local governments are also responsible for spending 50% of federal revenues and delivering most public services.
Nigeria's relatively low external indebtedness is a recent...
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