The Debt Crisis of Nigeria and Greece - 5186 Words

The debt crisis of Nigeria and Greece Introduction National debt is a problem that can inflict any country including the developed countries. Almost all countries go into budget deficit one way or the other and end up borrowing money. The most direct effect of the government debt is to place a burden on future generations of taxpayers. When these debts and accumulated interest come due, future taxpayers will face a difficult choice. Inheriting such a large debt cannot help but lower the living standard of future generations. In the 1960s and 1970 some developing countries were encouraged to borrow money to service old debts and also to finance development projects in their country like infrastructure. This has been necessitated by the†¦show more content†¦Due to this fact of rising poverty levels, the UNDP Human Development assessment reported that infant mortality per 1000 live births was as high as 112. Life expectancy was 50.1 year. About 43% of Nigerians lack access to safe drinking water and 37% of Nigerians lack access to sanitation; 40% lack access to public health and the gross enrolment ratio for combined primary, secondary and tertiary education was 43%, 37% for females and 48% for males (http://www.antiessays.com). It may be necessary to give a brief history of politics in Nigeria. On October 1, 1960, Nigeria gained its independence from the United Kingdom. Newly independent, Nigerias government was a coalition of conservative parties. The disequilibrium and perceived corruption of the electoral and political process led in 1966 to several back-to-back military coups. By May 1967, the Eastern Region had declared itself an independent state called the Republic of Biafra under the leadership of Lt Colonel Emeka Ojukwu in line with the wishes of the people. During the oil boom of the 1970s, Nigeria joined OPEC, and billions of dollars generated by production in the oil-rich Niger Delta flowed into the coffers of the Nigerian state. The northern military cliqueShow MoreRelatedCorruption Of The Silent Killer Essay1533 Words   |  7 PagesAnd corrupt practices did not begin today; the history is as old as the world. Ancient civilizations have traces of widespread illegality and corruption. Thus, co rruption has been ubiquitous in complex societies from ancient Egypt, Israel, Rome, and Greece down to the present (African economic analysis), but why choose corruption, something so diminishing to the nations economy, tarnishing to the nations name. People rise up today and say that there is a reason for corruption. They believe it is theRead MoreWhy Nigeria Should Be Able For Build A Prosperous Economy2438 Words   |  10 PagesNigeria has a current GDP of 568.5 billion and a population of 178.5 million. It is the largest country in Africa with approximately 47% of West Africa’s population. It is the main oil exporter in the continent, has around 44 solid minerals in commercial quantity, and is a leading global player in a variety of commodities. Neoclassical Exogenous Growth theory argues that technology enables persistent increase in growth rate. Neoclassical Endogenous Growth argues growth comes by investing in key areasRead MoreGermany Market : The Market For Growth Expansion1307 Words   |  6 Pagesthan the Nigeria currency this means more money will be brought into the country which makes it a good business location for Bel Implex. Nevertheless, from the indicators of business environment in 2014 Germany in the 21th position at of 189 in the business rank for firms who is seeking to have international presence (euro monitor 2014).Germany is the most populous state of west and central Europe which is also an opportunity for Bel implex.Germans have investment treaties with Nigeria as a sovereignRead MoreLibrary Information / Literacy Project : Human Trafficking And Slavery1117 Words   |  5 Pageschild labor in America does not going to solve the global crisis affecting millions men and women; the best alternative solution for this will be an international presidential committee to create a campaign to destroy this inhumane crime and illicit trade across the world. Background: According to the article, human trafficking is an ancient practice because Slavery certainly existed in ancient civilization in Mesopotamia and ancient Greece, China, India, Africa and pre-Columbian American. TheRead MorePolitical Risk Analysis - Portugal6520 Words   |  27 PagesDevelopment of Imports amp; Exports†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦... 17 4.2 Major Trading Partners†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 19 4.3 International Trade Products†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 20 4.4 Currency†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 21 4.5 External Debt†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 22 4.6 IMF’s Attitudes†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 23 4.7 Developments of IMF, EU, Portugal amp; Reform Plans†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 25 4.8 Payment Morale†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦... 26 4.9 Legal decisionsRead MoreEuropean Colonialism: Civilizations Ruined1491 Words   |  6 PagesEuropean Colonialism has been around since the late 15th century and their model for colonialism will exist for many years to come. Colonization could be considered to start as far back as the ancient civilizations of Egypt, Greece, and Rome. However, this colonization model was not near as deadly as the European model (Louis). The ancient civilizations educated, advanced, and motivated their colonies to succeed. The European model falls far short of the standard set in past years. This model forRead MoreDomestic and External International Factors on African Macroeconomic Formulation.4066 Words   |  16 PagesAfrican governments. Since 1980s, African debt has grown tremendously and increased from $93 billions in 1980 to $281 billions in 1991. In 1993, the African total debts increased to $285.4 billions. Magnitude of African debt crisis becomes clear when relating the debts to the key economic variables. For example, the debt-GDP ratio equaled to 73.3% for North African countries and 123.1% for the Sub-Sahara African countries revealing that the value of African debts exceeded the total value of goods andRead MoreBrief History Of Bel Implex Nigeria Limited1804 Words   |  8 Pages PART TWO 2.1 BRIEF HISTORY OF BEL IMPLEX NIGERIA LIMITED Bel Implex Limited, the converting arm of Bel Papyrus Limited, the group’s paper mill operation was incorporated by Group Boulos in 2001. Bel Implex is equipped with the best European converting machines. However, Bel is currently producing and distributing several lines and sub-brands of tissue paper such as: facial tissue, toilet tissue, baby wipes, table napkins, kitchen towel, handkerchiefs and diapers. Due to the quality of its productsRead MoreBel Implex Nigeria Limited Management1821 Words   |  8 Pages PART TWO 2.1 BRIEF OVERVIEW OF BEL IMPLEX NIGERIA LIMITED Bel Implex Limited, the converting arm of Bel Papyrus Limited, the group’s paper mill operation was incorporated by Group Boulos in 2001. Bel Implex is equipped with the best European converting machines. However, Bel is currently producing and distributing several lines and sub-brands of tissue paper such as: facial tissue, toilet tissue, baby wipes, table napkins, kitchen towel, handkerchiefs and diapers. Due to the quality of its productsRead MoreEconomic Union : A Type Of Trade Bloc2033 Words   |  9 Pagesmy evidence. Economic Community of West African States is headquartered in Abuja (Nigeria) and is a major economic bloc. Community is a regional group of fifteen countries, founded in Lagos on May 28, 1975 and include Benin countries, Burkina Faso, Cape Verde, Cote d Ivoire, Gambia, Ghana, Gurnee, Gurnee Bissau, the Republic of Liberia, the Republic of Mali, the Republic of Niger, the Federal Republic of Nigeria, Senegal, Sierra Leone, and Togo. Its general goal is to promote cooperation and integration