Question

Discuss any four ways in which specialization has improved the economic development of Nigeria.

Answer 1

Explanation:

Specialization can lead to economies of scale because it allows for increased output and better efficiencies. Specialization has also brought drastic improvements in Nigeria.

Answer 2

four ways in which specialization has improved the economic development of Nigeria are -

1. population growth - this affects the economy in both positive and negative way so the relation is ambiguous.
2. 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.
3. foreign investment - it is acting as an economic growth promoter facilitating better tax rate and export - import.
4. inflation - it is indirectly increasing the economy by creating a hike in prices of commodities and thus lowering the rate of interest.