Question

What are the lesson the nigeria will need to learn from the tiggess economice

Answer 1

Answer:

The research is a study of the economic development policies of the Asian tigers and the lessons for Africa's most populous nation, Nigeria. The place of the Asian tigers in 21 st century development studies have become important because as recently as the early 1960s the economies of these Asian Tigers were considered to be a part of the third world. Since then however, the four tigers of South Korea, Taiwan, Singapore, and Hong Kong have consistently maintained high levels of economic growth, fuelled by exports and rapid industrialization, which enabled these economies to join the ranks of the world's richest nations. South Korea and Taiwan in particular have become important hubs of global manufacturing in automobile/electronic components and information technology. This is termed the 'Asian Miracle. Interestingly, this research tries to unveil this puzzle. Indeed, many other developing economies since the 1960s have remained where they are or are even worse off. The research aimed to answer the pertinent question which is 'how did they achieve it?' While many scholars have tagged this feat a miracle, this study found out that there were some similar features about all the tigers in their transition from underdeveloped states to wealthy-developed states in just a span of three or four decades. The research discovered that large-scale agriculture, trade export, educational reforms, establishment of heavy and hi-tech industries, limited budget deficits and limited external debt all contributed to the rapid growth of the tigers. The research concluded that Nigeria has a lot to learn as she continually grapples with development. She must diversify her economy beyond oil and expand her scale of agriculture to increase agricultural exports, improved micro-economic policies that will limit external borrowing and budget deficits, avert capital flight and ensure proper re-investment of funds into the economy.

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Answer 2

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What are the lesson the nigeria will need to learn from the tiggess economice?

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Nigeria's economic transformation: good naira management can build competitiveness

Briefing papersFebruary 2017Phyllis Papadavid

Key messages

• Improved competitiveness, in part through the real effective exchange rate, can transform the structure of a country’s domestic production.
• An overvalued naira is functioning as an export tax and challenging Nigeria’s economic transformation and diversification away from the oil sector.
• Learning from Indonesia and other countries, devaluations can be an effective currency intervention to allow diversification for economic transformation.