Political Economy - Nigeria Flashcards
(6 cards)
1
Q
What factors led to the downfall of Nigeria’s agricultural sector?
A
1) Biafran War
2) Drought
3) Development of oil industry
2
Q
What is an SAP?
A
It is a structural adjustment program (third world countries must change their economic system in exchange for international loans)
3
Q
What are IFI’s?
A
International financial institutions like the World Bank and International Monetary Fund
4
Q
What are balance of payments?
A
They are indicators that show the excess of deficit of total payments
5
Q
What is privatization?
A
It is the selling of state owned enterprises to private owners and investors
6
Q
What is the NESG?
A
Nigerian Economic Summit Group
