Brookings papers on economic activity spring 2013

Subprime mortgage crisis The s were the decade of subprime borrowers; no longer was this a segment left to fringe lenders. The relaxing of credit lending standards by investment banks and commercial banks drove this about-face. Subprime did not become magically less risky; Wall Street just accepted this higher risk. However, as market power shifted from securitizers to originators and as intense competition from private securitizers undermined GSE power, mortgage standards declined and risky loans proliferated.

Brookings papers on economic activity spring 2013

No elephant is burdened by the weight of its tusks. The current economic problem in our nation is often lamented and cursed as unendurable, as if it is peculiar to the nation alone. Similarly, the fiscal measures introduced by the government are looked upon as hindrances or impediments, which a few may consider as irrelevant and unnecessary impositions.

Yet, to look back at our growing up problems as if they are burdens, which we must cast off immediately, or run away from, is to be superficial and incapable of understanding ourselves, an offshoot of our character.

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The Nigerian economy, whether advancing or otherwise, is the weight that we must bear in our growth towards maturity, and in coming into full being as adults and as a nation.

A mother does not complain of the weight of the child she carries on her back. The child is part of the process — the route towards her self-fulfillment. The indicators to buttress this fact are untold and can be gleaned from our advancement in different sectors including but not limited to the economic development in agriculture, manufacturing, transportation, foreign trade and investment, urbanization, communication and information technology and of course oil and gas.

This paper seeks to unearth the progression of economic development of Nigeria from to The emancipation of the Nigerian economy from the regions of Nigeria Nigeria has always played a major economic role in the world.

Being referred to as the largest black nation, The Nigerian economy is one of the most developed economies in Africa.

Brookings papers on economic activity spring 2013

Administratively, Nigeria remained divided into the northern and southern provinces and Lagos Colony. The people of the South, with more interaction with the British and other Europeans due to the coastal economy, adopted Western education and developed a modern economy more rapidly than in the north.

For instance, northern Nigeria did not outlaw slavery until They were food Brookings papers on economic activity spring 2013 and produced a variety of commodities that were exported overseas.

During the 19th century, the abolition of the slave trade cleared the way for expansion of trade in agricultural produce from Africa to Europe, particularly palm oil from the West African coastal areas. The coastal enclave of Lagos became a British colony ina center for expansion of British trade, missions, and political influence.

Martin Feldstein

Late 19th century and early 20th century Lagos was also a center for educated West African elites who were to play prominent roles in the development of Pan-Africanism as well as Nigerian nationalism.

In northern Nigeria, Muslim reformer and empire builder Uthman dan Fodio established the Sokoto Caliphate in the early 19th century over the Hausa trading states.

A predominantly Fulani aristocracy ruled over the majority of Hausa-speaking commoners, including both merchants and peasants. Expansion of agriculture, trade, and crafts made this area probably the most prosperous in tropical Africa in the 19th century, engaged in trade both to the coast and through the traditional routes over the desert to North Africa.

At the end of the 19th century, Britain began aggressive military expansion in the region, in part to counter competition from other Western countries and to break down monopolies which local traders had established in commodities such as palm-oil, cocoa, and peanuts.

Britain declared a protectorate in the Niger delta in and sponsored creation of the Royal Niger Company in A protectorate was declared over northern Nigeria in Despite the loss of sovereignty, however, the strong political and cultural traditions of these societies initially enabled many to accommodate nominal British rule with little change in their way of life [7] British colonial administrator joined together the nationality groups in into a larger economy for the benefit of British industrial classes.

Under colonial rule, Nigeria remained an agricultural country, exporting raw materials to Britain and importing from it finished goods.

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Therein lay the argument to the origins of the dependence of Nigerian economy on commodity markets of the industrialized Western world for its foreign exchange. While the industrialization of the country was discouraged, rudimentary foundations for a modern Nigerian economy, however, were laid.

Between andthe major political parties played leading roles in unifying and locally mobilizing the economic elites. The period of the colonial administration in Nigeria was punctuated by rather ad hoc attention to agricultural development.

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During the era, considerable emphasis was placed on research and extension services. The first notable activity of the era was the establishment of a botanical research station in Lagos by Sir Claude Mcdonald in This was followed by the acquisition of Ina Department of Agriculture was established in each of the then Southern and Northern Nigeria, but the activities of the Department were virtually suspended between and as a result of the First World War and its aftermath.

Faulkner, who devised a statistical design for experimental trials in green manuring, fertilizer projects, rotational cropping systems and livestock feeding.

From the late s to the mids, there were significant intensification and expansion of research activities, and extension and training programmes of the Agricultural Departments. Additional facilities for training of junior staff in agriculture were provided, as well as scholarships for agricultural students in Yaba Higher College and Imperial College of Tropical Agriculture in Trinidad [9].

The intensification of hostilities during the Second World War led to the slowing down of agricultural activities and the call to Departments of Agriculture to play increasing roles in the production of food for the army and civilians in the country and the Empire.

Production of export crops like palm products and rubber which could not be obtained from Malaysia as a result of Japanese war activities in South-East Asia, and such food items as sugar, wheat, milk, eggs, vegetables, Irish potatoes and rice whose importation was prevented by naval blockade of the high seas increased.Nov 17,  · Spring Songs for Children - Spring is Here with Lyrics - Kids Songs by The Learning Station Shaun the Sheep Season 02 Episode 44 - Spring Lamb - Watch Shaun the Sheep Season 02 Episode 44 - Spring Lamb online in high quality.

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1. Introduction. Do high levels of public debt reduce economic growth? This is an important policy question. A positive answer would imply that, even if effective in the short-run, expansionary fiscal policies that increase the level of debt may reduce long-run growth, and thus partly (or fully) negate the positive effects of the fiscal stimulus.

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The Economic Development of Nigeria from to Okechukwu Effoduh Introduction There is a common Igbo1 proverb that says: No elephant is burdened by the weight of its tusks.2 The current economic problem in our nation is often lamented and cursed as unendurable, as if .

Brookings Papers on Economic Activity (BPEA) provides academic and business economists, government officials, and members of the financial and business communities with timely research on current economic David H.


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