National Differenc的es in political Economy.pptVIP

Multimedia Lecture Support Package to Accompany Basic Marketing Lecture Script 6-* Multimedia Lecture Support Package to Accompany Basic Marketing Lecture Script 6-* Multimedia Lecture Support Package to Accompany Basic Marketing Lecture Script 6-* Multimedia Lecture Support Package to Accompany Basic Marketing Lecture Script 6-* Country Focus: Corruption in Nigeria Summary This feature describes the corruption that has characterized Nigeria’s economy over the last 40 years. When the country initially gained its independence from Britain in 1960, expectations were high that Nigeria would become an economic heavyweight in Africa. With abundant natural resources and a large population, it seemed the stage was set for success. However, despite earnings of more than $500 billion from oil sales during the period 1970 to 2007, the country still suffered from extreme poverty, illiteracy, and high debt. Several factors have been blamed for Nigeria’s troubles including political instability and corruption. Furthermore, in 2007, Transparency International ranked Nigeria one of the most corrupt countries in the world, and the Human Development Index ranked the country a dismal 159 out of 177. Suggested Discussion Questions 1. What is meant by corruption? Explain how a corrupt political system affects the well being of a country. Discussion Points: Corruption in Nigeria involved open and systematic plundering of the nation’s state treasury. Bribery was also a regular part of business. In fact, the situation in Nigeria is so dismal that Transparency International ranked Nigeria one of the most corrupt countries in the world. When a country experiences this sort of activity, returns on business investments are lower, and there is less incentive for inward foreign direct investment. Most students will recognize that this then negatively affects economic growth. 2. With its huge oil reserves and large population, Nigeria was expected to emerge as a major player in