Swot analysis of nigeria economy

To put it more precisely, the dominance of the oil and gas industry leads to the underdevelopment of other industries. Basically, the existing strengths and weaknesses of Swot analysis of nigeria economy national economies define its opportunities and threats.

The SVOR table provides an intricate understanding of the elements at play in a given project: When these assessments are done and data has been collected, an analysis of the community can be made that informs the SWOT analysis.

Further, a SWOT analysis should be developed as a collaborative with a variety of contributions made by participants including community members.

Speaking about opportunities of the Nigerian economy, it should be pointed out that its important position as one of the major exporters of crude oil provides the country with an opportunity to have a stable source of income. Often, a city will spend a year weighing the Risk-benefits [14] [15] of a project before they even vote on it.

Share in social networks. Another strong point of the Swot analysis of nigeria economy economy is the existing natural potential for the development of the Nigerian agriculture.

Local, national, or international events Although the SWOT analysis was originally designed as an organizational method for business and industries, it has been replicated in various community work as a tool for identifying external and internal support to combat internal and external opposition.

What is meant here is the dominance of oil and gas industry. This is why the leading countries of the world, being dependent, in a way, on the import of the Nigerian oil, are interested in the support ofNigeriain order to maintain stability in the country and its steady development.

The Nigerian Economy and SWOT analysis

At the same time, it should be pointed out that the Nigerian economy is a typical representative of developing economies which general level of development is quite low.

Another and probably the most serious weakness of the Nigerian economy is the problem of corruption. The design of a SWOT analysis by one or two community workers is limiting to the realities of the forces, specifically external factors, and devalues the possible contributions of community members.

Elements to consider[ edit ] Elements to consider in a SWOT analysis include understanding the community that a particular organization is working with. This means that the national agricultural production is, to a significant extent, insufficient thatNigerianeeds to import food from other countries, while in the past it was one of the major exporters of agricultural products in the region.

It takes into account the mathematical link that exists between these various elements, considering also the role of infrastructures. A SWOT analysis can be used to: After a SWOT analysis is completed, a social change organization can turn the SWOT list into a series of recommendations to consider before developing a strategic plan.

A needs and assets assessment is tooling that can be used to identify the needs and existing resources of the community.

As for the national agriculture, it is also insufficiently developed andNigeriahas become importer of food products instead of exporter as it used to be in the past. In actuality, the current development of the Nigerian economy and its progress is, to a significant extent, defined by the development of its fossil fuel industry.

The country remains among the leaders in the continent in the agricultural production and there exists enormous potential for the development of the Nigerian agriculture that means that the country may increase further the production of food and other agricultural products.

Paradoxically, but, in spite of the great potential of the national economy, in spite of the fact that Nigeria is one of the major supplier of fossil fuels in the international markets, Nigeria still remains among developing countries with a poorly developed economy, which is almost entirely focused on the output and export of fossil fuels, while other industries are either underdeveloped or in a very poor condition.

In actuality, the potential of the Nigerian economy is really significant since the country has rich natural resources, its agriculture occupies the leading position among agricultures of African countries, the demographic situation is characterized by the domination of young people that creates ample opportunities to have a constant supply of the national labor force.

Data collection will help inform the community members and workers when developing the SWOT analysis. Application in community organization[ edit ] As mentioned aboveSWOT can be crucial to determining the success of a project, while factoring in funding, as well as accessibility and logic.

This is why it is extremely important to analyze the situation and basic trends in the Nigerian economy, define its perspectives and assess the competitive position ofNigeriain the world economy.

This can be done via public forums, listening campaigns, and informational interviews. SWOT analysis In order to objectively the current situation in the Nigerian economy, assess the existing strengths and weaknesses as well as threats and opportunities, it is necessary to apply the SWOT analysis.

On the other hand, the strong points of the Nigerian economy are practically outweighed by its weaknesses. On the other hand, the dependence ofNigeriaon the export of fossil fuels makes the country and the entire national economy totally dependent on the situation in the international markets.

This means that any economic crisis leading to the fall of oil prices, for instance, will lead to the economic disaster inNigeriaor, at any rate, it will result in the deterioration of the general situation in the national economy.SWOT Analysis of the Nigerian Agricultural Sector Nigeria’s economy was largely driven by Agriculture in the 50s, 60s and early 70s.

The country’s Nigeria, will be to do a SWOT analysis. This analysis will help in developing a strategic plan to make the sector.

ultimedescente.com Analysis of the Nigerian Business Environment 4 SWOT Analysis External ValueCreating (Destroying) Factors Internal Value-Creating (Destroying) Factors Opportunities Threats Strengths Weaknesses SWOT Analysis Nigeria.

has been making long strides towards improving the political as well as economical aspects of the country. SWOT Analysis of various sectors of Indian Economy.

The India economy, which is the 9th largest in the world in terms of nominal GDP, can be broadly classified into three sectors: 1) Primary Sector or Agriculture Sector, which contributes about 15% to the GDP and employs around 57% of.

SWOT analysis In order to objectively the current situation in the Nigerian economy, assess the existing strengths and weaknesses as well as threats and opportunities, it. As far as the economy and business of Nigeria is concerned, the country has a fastest growing economy and is an attractive business location.

SWOT analysis

Nigeria has been one of the most prominent members of the SWOT Analysis of the Commonwealth Nations and is listed among the other countries considered the “Next Eleven” economies. SWOT analysis (or SWOT matrix) is a strategic planning technique used to help a person or organization identify strengths, weaknesses, opportunities, and threats related to .

Download
Swot analysis of nigeria economy
Rated 3/5 based on 74 review