Discuss any four ways in which socialization has improved the economic development in Nigeria
Answers
Answer:
People who specialize in a field develop new techniques that lead to a huge increase in productivity.
Explanation:
From the above question,
Specialization can lead to economies of scale because it allows for increased output and better efficiencies.
Specialization has also brought drastic improvements in Nigeria.
Major impact can be seen in agriculture. Agriculture contributes 40% of the Gross Domestic Product (GDP) and employs about 70% of the working population in Nigeria
Another specialization was done in terms to reduce imports and use local products to make Nigerian economy more sustainable
Other than this specialization has helped in improving the law and order situation in Nigeria and has fixed several electricity issues in the country.
Four ways in which specialization has improved the economic development of Nigeria are
- population growth - this affects the economy in both positive and negative way so the relation is ambiguous.
- public and private investment - it acts like a catalyst to the economy of a country by promoting small and large businesses,industries and start-ups.
- foreign investment - it is acting as an economic growth promoter facilitating better tax rate and export - import.
- inflation - it is indirectly increasing the economy by creating a hike in prices of commodities and thus lowering the rate of interest.
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