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The Economic Revolution in British West Africa (1926). Martin, Susan M. Palm oil and protest: an economic history of the Ngwa region, south-eastern Nigeria, 1800-1980 (Cambridge University Press, 2006). Robinson, Ronald, and Jack Gallagher. Africa and the Victorians (1961).
During the mid and late 1980's, Nigeria experienced a prolonged and severe economic downturn. Nigeria suffered a rapid plummet of its foreign reserves from $10 billion in early 1980s to approximately $1 billion in the mid 1980s due to overvalued currency, inflated imports, and international decline of oil prices. [ 4 ]
Nigeria's goal under the National Economic Empowerment Development Strategy (NEEDS) program is to reduce inflation to the single digits. [56] By 2015, Nigeria's inflation stood at 9%. In 2005, the federal government had expenditures of US$13.54 billion but revenues of only US$12.86 billion, resulting in a budget deficit of 5%.
The government was able to pay them until the economic downturn and an IMF-mandated structural adjustment program. Austerity measures which were imposed led to a downturn in funding of the educational sector. This led to significant student uprisings and a mass exodus of the expatriates as well as a net export of Nigerian skilled workers. [3]
It was drafted in Lagos, Nigeria in April 1980, during a conference which included a variety of African leaders. [2] The plan blamed Africa's economic crisis on the Structural Adjustment Programs of the World Bank and International Monetary Fund and the vulnerability of African economies to worldwide economic shocks, such as the 1973 oil crisis. [3]
A labour strike is a work stoppage caused by the mass refusal of employees to work. This can include wildcat strikes, which are done without union authorisation, and slowdown strikes, where workers reduce their productivity while still carrying out minimal working duties.
History of transport in Nigeria (2 C, 1 P) L. Labour disputes in Nigeria (6 P) N. Nigerian inventions (1 C, 3 P) Pages in category "Economic history of Nigeria"
Nigeria and her important dates, 1900-1966. 1966. Day to day events in Nigeria : a diary of important happenings in Nigeria from 1960-1970. 1982. Twenty-one years of independence : a calendar of major political and economic events in Nigeria, 1960-1981. 1982. Institut für Afrika-Kunde; Rolf Hofmeier, eds. (1990). "Nigeria".