The Factors Affecting Economic Development
The purpose of this work is to find out some factors that hinder economic development in the state. From this study a questionnaire was designed and distributed directly to the respondents to test the followings hypothesis (political instability, inconsistent economic policy, unpatriotic behavior of some Nigerians poor educational standard, high rate of illiteracy and lack of social amenities) as well as of poor remuneration of civil servant affect economic development in the state.
1.1 Background of the Study
Economic is a science which studies human behavior as a relationship between ends and scare means, which have alternative uses and development which is the increasing capacity of man to understand nature.
It implies the growing capacity of man regulate or control this internal and external environment.
In a nutshell economic development is a process that transforms a stagnate society with the low average real income in one in which income rise more or less continuously as technology is embodied in accumulating capacity.
Economic development takes effect when a qualitative transformation of the mode of production has been brought into sustained existence.
The process of economic development economic encompasses change in the quality and composition of production inputs, the technology by which the inputs are combined and final goods and services (output) produced. The development must mean the development of man and man remain the central of development through his potentials
Economics development could also be viewed when national income per capital as the conventional criteria of economic development.
These criteria may be applied to the level or to rate growth of per capital income. The factor that hinder economic development in Edo State are back up by may reasons of which this ranges from political leadership, government, economic policy, unpatriotic behavior of some Nigeria low technological base tribal inclination, low exportable goods that is a part from oil etc.
The Nigeria economy witnessed a rapid depletion of huge external Reserves. In 1980, the sudan collapse of crude oil prices and the embarrassing accumulation of large external debt by June 1986, the economy was plunged from its own economic base to a devastating down ward trend due to evaluation of the currency as a result of IMT and world bank gross conditionality.
That was the two-year structural adjustment program (SAP) introduced by the federal military government under General Babamosi Ibrahim Babagida. It was expected to have terminated by June 1988. But this crisis has been protected aggravated to this day with the two years of SAP tuning into nine years with no end sight. The political impasses since 1992 has virtually put on hold major aspect of economic programs growth and development in Nigeria.
The insincerity of the federal military government establishes and enduring democracy by many would be investors. The political situation has distilled major alter from the economic down turn to solving political problems. Under the dismal weight of the fatalism may have migrated out of the country especially highly qualified technical personal in what is regarded as brain.
There has been massive capital flight from the country and loss of other economic variables due to mismanagement of resources and high rate of consumption.
The economics situation has led to the collapsing of social services government hospital becoming mere consulting clinic, public schools virtually becoming a social gathering for students, government services such as Power Holding, Telecom, postal agency etc. are becoming inefficient and corrupts, even the court and justice civil servant are all living in their past glory.
The embarrassing low and falling valve of the naira, low and falling rate income massive and rising unemployment and increasing infliction is serious affecting economic development in the state and nation.
Economic development is a universal problem; various nations have at different time attempted to solve this problem, suing various approaches. This research work will them be of useful purpose at it tends to indicate the factors responsible and other useful suggestion to improve the situation.
1.2 Statement of the Problem
The major problems to be investigated in this research work are the factors that hinder economic development in Edo State vis-à-vis the nation how do these problems affect economic development in Edo State and how do the problem affect the citizens.
1.3 Significance of the Study
The research work will be useful to government at all level tertiary institution, students and the general public since the state has been enumerated and identified it is hope that the state government will undoubly tackle it and accelerate economic development in the state.
1.4 Research Question
The research question to the tested in this research work is:
- The economic development is been hampered by the political instability of the country and the economic under development of the state?
- The unpatriotic attitude of some Nigeria act as set back to economic development?
- Sole dependence on oil export contribution to low level of economic development?
1.5 Scope of the Study
The scope of this project work embraces the whole nation but for the purpose of being specific, it is narrow as one of the oil producing state in the federation with potentials for economic development that could equally affect the nation economically.
1.6 Limitation of the Study
Many factors constitute as battle next to the success of the whole exercise such factors as finance has affected the exercise as one would have purchase some relevant literature and journals to enhance the output of the research.
Also information and data collection posses some problem as the researcher would have obtain more direct information in teammate areas and these are some of the problems encountered in the process of economic development.
However, with several constraints not withstanding it is sincere hope that this material serves a useful purpose for any interested or reader.
Summary and Finding Conclusion and Recommendation
5.1 Summary and Finding
The objective of the study is the researcher discovers the problems of factor affecting economic development in Oredo Local Government Area of Edo State. So, the research postulated pure hypothesis, which was tested by designing a questionnaire which was distributed randomly among various wards of the inhabitants of Ovia North East Local Government Area in the State.
Therefore, the total result from the data collected and findings shows that lack of consistent economics policies instability, solely dependent, on oil export, poor baking system, Niger Delta crisis poor remuneration and some at the factors that grossly affect economic development in the state.
The result of the study still enable the research to advise the government of Edo State on the ways to handle the problem arising from lack of economic development in our state, due to the factors that has been enumerated above and having subjected some of the various categories of individual such as workers, traders, applicants who are old resident and familiar with the trend of economic activities in the Local Government Area.
The following recommendations should between into consideration to avoid low economic development in the local government.
- The government should Endeavour to improve in communication amenities road network research and other educational facilities that will lead to economic development. Rural development programmes should be spending up in Edo State.
- In addition the government should put more effort to improve upon banking activities so that potential investors can get loan to improve their business.
- Government should diversity its economic base by improving on agricultural industries, palm produce, farming etc.
- Government should improve the living standard of its citizens especially the civil servant by paying them adequate salaries to enable them participate more fully in the economic development through saving and other means that will better the overall development of the state.
- The government should create job opportunities for the unemployment youths and adequate provision for infrastructures to the people, low life in communities, how have been neglected by past government peaceful campaign and dialogue should be used in resolving issues in Edo State.
- True democracy should be practice in Nigeria our leaders should be faithful to their work at all time as this will be of great benefit and help in economic development of our state.
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