MONEY SUPPLY EFFECTS ON THE NIGERIAN ECONOMY FROM 1987 TO 2013

📄 Project Abstract

The Nigerian economy has not fared as well as expected despite its rich human and natural endowments and its claim to be the 'giant' of Africa. When compared with the emerging Asian economies, particularly, Thailand, Malaysia, China, India and Indonesia that were far behind Nigeria in terms of GDP per capita in 1970, these economies have been transformed and are not only miles ahead of Nigeria, but are also major players on the global economic arena. Indeed, Nigeria's poor economic performance, especially in the last forty years, is better illustrated when compared with China which now occupies an enviable position as the second largest economy in the world. In 1970, while Nigeria had a GDP per capita of US$233.35 and was ranked 88th in the world, China was ranked 114th with a GDP per capita of US$111.82 (Sanusi, 2010). By 2013, Nigeria's GDP per capita was US$1,555 as against China's US$6,188 (World Bank, 2013). Available data have variously put the percentage of the population fal...