Structural change is a necessary part of economic growth and development. It is the change in the relative importance of the three main sectors of any economy (agriculture, industry and services). As countries grow, they move from having larger shares of resources in the agriculture sector towards the industrial and then the service sector. In … Continue reading Structural Change in Africa
Most of the research done on the resource rich developing country, Nigeria, places a lot of focus on the country’s apparent extreme dependence on it’s most lucrative natural resource (crude oil) for income. They rightly note that this dependence on crude oil has caused harm to the economy of Nigeria. Since discovering crude oil in … Continue reading Is the over dependence on oil really Nigeria’s biggest socio economic problem?