The Meaning Of Chow Yun-fat (its In His Mouth) :: essays research papers

The Meaning of Chow Yun-Fat (It's In His Mouth) Ultimately, it comes down to his mouth. Chow Yun-Fat is the coolest movie actor in the world today, and the only way I can explain this is to talk about his mouth. He does cool things with his mouth. Smoking cigarettes is no longer an emblem of cool in the USA, but Chow does wonders with cigarette smoke in Prison On Fire. Director Ringo Lam understands this; like most of the great Hong Kong directors, he loves using slow motion and freeze frames to pinpoint important moments in his movies, and he saves a few of the most elegant slow-motion sequences for Chow blowing smoke and looking cool. In John Woo's over-the-top classic, Hard Boiled (the rough literal translation of the Chinese title is Spicy-Handed Gun God), Chow plays with a toothpick. There are few movie moments more violently cool than the shot of Chow, a gun in each hand, sliding down a stair banister blasting a dozen bad guys while letting his toothpick hang just so from the side of his mouth. In God of Gamblers, Chow plays a gambler who gets a bump on his head that turns him into some quasi- autistic prodigy, like Dustin Hoffman in Rain Man. Chow retains his intuitive skill at playing cards, but now he must be pacified by constant pieces of chocolate that he scarfs greedily, goofy smile on his face. Blowing smoke, dangling his toothpick, eating chocolate, or just smiling ... ultimately, when trying to explain why Chow Yun-Fat is cool, it comes down to his mouth. Everything I have said so far describes a subjective reaction to watching Chow Yun-Fat on the screen. Fill in the name of your favorite actor or actress, change the specific references, and this could be your essay. We don't learn anything new from such subjective meanderings; we only identify taste preferences. I'm proud to be a Chow fan, but then, I am proud to be a fan in general. With other favorites of mine, though, I am able to get at least a little bit beyond subjectivity. Be it Murphy Brown or X-Ray Spex, Bruce Springsteen or NYPD Blue, at some point I can analyze my relationship to the cultural artifact in question, place it in some cultural context, and come to some hopefully useful conclusions about both the particular text and our interaction with that text. Chow Yun-Fat, however, seems to defy my attempts at analysis; ultimately, it all comes down to his mouth and nothing more. Try describing Chow Yun-Fat to someone who has never seen him on the screen.

The Scaffold Scenes in Nathaniel Hawthornes The Scarlet Letter Essay

The Scaffold Scenes in Nathaniel Hawthorne's The Scarlet Letter In Nathaniel Hawthorne?s The Scarlet Letter, the Puritans constantly look down upon sinners like Hester Prynne, both literally and symbolically. The use of the three scaffold scenes throughout the course of the novel proved to be an effective method in proving this theory and showing how Puritan society differs from that of today?s. In the first scaffold scene, Hester is being led from the prison where she has spent the last few months, towards the scaffold clutching her newborn baby to her bosom, covering the scarlet letter-the two symbols representing truth and her lost innocence. She stands on the scaffold, with the magistrates and ministers standing above her on the pulpit, symbolizing that they will always be closer to God than she will ever be, however, the reader is unaware that Hester?s minister, Arthur Dimmesdale, who also stands above her on the pulpit, which is a bit of dramatic irony, considering the fact that he is the father of the infant, and her accomplice in her sin. Also during this scene, the man the reader comes to know as Roger Chillingworth hides in the shadows, looking up at Hester, the evil already swelling within him, blackening his soul. The events leading up to the next scaffold scene, some years later, are some of the most significant scenes in the entire novel. The treatment of Dimmesdale by Chillingworth, who Dimmesdale had taken in as his physician, plays a key role, due to the fact that Chillingworth?s intentions are less than pure. Chillingworth is bent on revenge, and is willing to do anything necessary, even destroy another man?s life in order to soothe the savage beast within. However, deep inside Chillingworth?s... ...t and withdrawn, as if all the life and faith he had in the world had been drained out of him. It is in this scene that Dimmesdale finally recognizes Hester and Pearl publicly, he takes them up upon the scaffold with him, and announces to the world what he has done, and through this he feels that he has suffered enough and that his conscience is clear, and with this he dies and goes to Heaven, a soul that has been forgiven, leaving Hester and Pearl alone once again with their grief, and their sin. These three scaffold scenes display the rise of conflict, the climax, and the conclusion. All three tie together to show a common theme, truth. The scaffold and those who stood upon it stood for truth, while those above them judged and those below gawked. It serves as an important symbol throughout the novel setting apart the sinners and those who would judge them.

Economic growth in Botswana :: essays research papers

I recently had the pleasure of listening to Dr. Scott Beaulier speak on his research on the reasons why the small and desolate country of Botswana has had such drastic economic growth in the last 30 years. Dr. Beaulier partook in what is called an analytic narrative, which is the act of learning about a country by going there and totally immersing ones self in their economy and way of life as to experience it all first hand. This helped him with his research. Botswana is a small country roughly the size of Texas with 1.7 million inhabitants. Nearly 80 percent of Botswana is the Kalihari desert. This makes Botswana a sub-Saharan, land locked country. Many economists believe in the geography hypothesis, which states that countries that are northern and near water will prosper, while those that are southern and land locked will most likely struggle. Botswana broke this hypothesis, being both southern and land locked. Botswana, unlike many neighboring countries, pursued a sound economic policy, favoring free trade, a free market, and a limited government. There was no military presence in Botswana till 1976. With no military presence, Botswana could grow without the need of military spending. Botswana also relied on their traditional customs, even in post colonial periods. Botswana had a pre-colonial institution called the Kgotlas that consisted of chiefs from various regions of the country. These chiefs would hold basically what was consider ed a town council with all the tribesmen to discuss issues. The chiefs took complaints constructively and worked to better the situation. This form of government set Botswana aside from many other African countries. Botswana was colonized by Great Britain in the 1880’s in an attempt to prevent to German, who had colonized neighboring Namibia, from tapping into South Africa’s diamond source. Great Britain was reluctant to colonize Botswana, due to its lack of favorable geographic qualities. In 1965, Botswana was established as an independent state. A major leader that emerged to lead Botswana was a man by the name of Comma. He married a white woman by the name of Ruth Wilson. He was a very lenient ruler, and tried to establish a successful country. He allowed refugees in from neighboring countries. He believed that no defense was the best defense. He figured that if his country was invaded, one of the major world powers would come to his aid. Therefore he had no military to spend money on. Economic growth in Botswana :: essays research papers I recently had the pleasure of listening to Dr. Scott Beaulier speak on his research on the reasons why the small and desolate country of Botswana has had such drastic economic growth in the last 30 years. Dr. Beaulier partook in what is called an analytic narrative, which is the act of learning about a country by going there and totally immersing ones self in their economy and way of life as to experience it all first hand. This helped him with his research. Botswana is a small country roughly the size of Texas with 1.7 million inhabitants. Nearly 80 percent of Botswana is the Kalihari desert. This makes Botswana a sub-Saharan, land locked country. Many economists believe in the geography hypothesis, which states that countries that are northern and near water will prosper, while those that are southern and land locked will most likely struggle. Botswana broke this hypothesis, being both southern and land locked. Botswana, unlike many neighboring countries, pursued a sound economic policy, favoring free trade, a free market, and a limited government. There was no military presence in Botswana till 1976. With no military presence, Botswana could grow without the need of military spending. Botswana also relied on their traditional customs, even in post colonial periods. Botswana had a pre-colonial institution called the Kgotlas that consisted of chiefs from various regions of the country. These chiefs would hold basically what was consider ed a town council with all the tribesmen to discuss issues. The chiefs took complaints constructively and worked to better the situation. This form of government set Botswana aside from many other African countries. Botswana was colonized by Great Britain in the 1880’s in an attempt to prevent to German, who had colonized neighboring Namibia, from tapping into South Africa’s diamond source. Great Britain was reluctant to colonize Botswana, due to its lack of favorable geographic qualities. In 1965, Botswana was established as an independent state. A major leader that emerged to lead Botswana was a man by the name of Comma. He married a white woman by the name of Ruth Wilson. He was a very lenient ruler, and tried to establish a successful country. He allowed refugees in from neighboring countries. He believed that no defense was the best defense. He figured that if his country was invaded, one of the major world powers would come to his aid. Therefore he had no military to spend money on.

A new India

It is an undeniable fact that the youth constitute a vast reservoir of energy, especially in a country like India with a population of more than 100 crore. Out of this total, those falling in the 15-30 age group constitute 40 percent. This means that nearly 40 crore young men and women stupendous man power by all counts indeed, are available for handling various tasks of national reconstruction. History bears out the undesirable fact that all great movements of nationwide importance have succeeded on the strength of massive youth power.In India, the epoch-making Indian National Movement could gain momentum and shake the very roots of the British Raj only when the youth were harnessed in it. Over a decade ago, Mao Tse Tung, the famous Chairman of the Chinese Communist Party, relied upon youth power to usher in a great Cultural. Revolution. The Chinese youth enacted a memorable drama of national reconstruction. The same is the story of the French Revolution. Large parts of West Europe and North America were swept across by massive waves of youth and student power.In India several top-ranking leaders have paid homage to youth power and have regarded it as an inexhaustible reservoir of human resources. ‘Catch their young ‘ has been the motto. Mahatma Gandhi once saul, â€Å"Young man. claiming to be the fathers of tomorrow, should be the salt of the nation. If the salt loses its flavor, wherewith shall it be salted? † The elders, including statesmen, expect India ‘s youth to do vote their energies to the task of reconstructing India in accordance with the long accepted ideals.There is little doubt that given the right lead and guidance, India ‘s youth can create a new society by eliminating the evils, making good the flaws and deficiencies and facilitating the reinstatement of the highly cherished moral values of the East. In addition to this they can lay the basis for reconstruction in all spheres-social, economic and political. This begins with uplifting the rural masses in particular from the state, of stagnation as a result of the shackles of decayed traditions and superstitions senseless customs, ruthless exploitation by the greedy landlords and ineffective and retrograde official programmes.In the social arena, the youth can help the rural masses who are gripped by the wily village leaders, crafty priests and other religious men who revel in supper situations. They can do something to broaden the ‘horizon ‘, of the village-folk. Social emancipation and reconstruction involves tackling the dowry menace, illiteracy rumoring of caste and clan prejudices, checking corruption, elimination of untouchability and other discriminatory practices, besides child marriage and ill-treatment of widows.These tasks seem formidable and arc bound to meet with rebuffs. But a little patience and perse?verance on the part of the youth to make headway. The task of economic reconstruction of the country is admit?tedly complex and the enlightened youth can make a significant contribution in it. It includes expediting development by facilitating implementation of the various programmes drawn by the Central and the State Governments.They can introduce the modern outlook to agriculture and industry and bring about the ‘Green ‘ and the ‘White ‘ revolutions, India ‘s youth policy aims at promoting govern?mental and non-governmental effort in implementing various programmes. During the last forty years of India ‘s independence, various youth programmes have been started in the country with a view to involving the youth in national reconstruction. In 1948, the National Cadet Corps was launched to create awareness of the youth in nation?al defence and to ensure their active participation.In 1969, the National Service Scheme was started to promote social consciousness, a sense of responsibility as well as a sense of discipline and dignity of labour among youth. With thi s view special camps were organized; ‘Youth against Famine ‘, â€Å"Youth against Dirt and Disease ‘, ‘Youth for Afforestation and Tree Plantation ‘ and ‘Youth for Rural Reconstruc?tion ‘ etc. Since 1981-82 economic -development programmes have been taken by NSS volunteers. During 82-83 about 5. 5 lacs students participated in various commendable programmes.Parallel to the NSS are the Nehru Yuvak Kendras which are innovative multi purpose institutions. The basic purpose of this scheme is to enable such youth to help the process of rural deve?lopment and popularize national objectives. At these centres, voca?tional training is imparted for self-employment and social service. Then, there is the National Service Volunteer Scheme, laun?ched in 1977-78, which provides opportunities to graduate students to involve themselves on a voluntary basis in nation-building acti?vities for a specific period on a whole time basis.These volunteers are genera lly engaged in promoting adult educational programmes. In this connection, exchanges of visits by youth of different regions of the country have been helpful. In the political sphere too, the youth can help in cleansing the Eugean stables. The entire political system is infested with oppor?tunism, nepotism, corruption, deception, fraud, intrigues and shrewd tactics. Most of the political parties have no clear far-sighted goal and no well-thought-out programmes of national reconstruction.The leadership is in the hands of senile octogenarians, power-hungry and unwilling to make way for the younger generation. Fortunately, India now has a young Prime Minister in Shri Rajiv Gandhi. He is Anxious to clear up the mess that has accumulated over the years and to ensure an honest, credible regime. The youth can play a significant role by strengthening his hands. Admittedly, the young men and women of today are disgrunt?led and frustrated on many counts.The internal strife, graft all round, d ouble talk, frauds, chicanery, political opportunism, decep?tion, deep-rooted corruption and an air of distrust among the young and the old are among the causes of unrest among India ‘s youth. Several institutions, like joint-family system, are disintegrating before their eyes. To make matters worse, there are social injustices and the unwillingness of the old fossils to step down and make way for the young people. However, there is no room for frustration and giving up; they should be brought round by patient endeavour.The role of the youth for national reconstruction became even more relevant in 1985 which was celebrated as the ‘International Year of the Youth ‘ with the basic themes of ‘Participation, Develop?ment and Peace ‘. In the years to come, the role of the youth in India and other developing countries of Asia, Africa and Latin America, in the task of national reconstruction is going to become increasingly more significant. The challenges are immense, and the youth, as a well-regulated wave of power can sweep through the country and meet these challenges competently, and life the country to heights of progress.

Remedies – Contracts Act 1950

REMEDIES †¢ method by which an injured party enforces a right or corrects a loss. It will depend on the nature of breach and the result will be differ between parties. The remedies available for breach of contract are: 1) RESCISSION †¢ An equitable remedy available at the discretion of the judge. It is available where a contract is voidable as a result of a vitiating factor such as misrepresentation, undue influence or duress. It will not cover damages. Car &Universal Credit v Cadwell Norris had paid ? 10 cash deposit and left another car as security and gave a cheque for ? 65 to Cadwell for Jaguar car purchased. The next day, Caldwell went to cash the cheque and discovered it was fraudulent and the car left as deposit turned out to be stolen. The court held that Mr Caldwell had successfully rescinded the contract. He had taken all steps possible to demonstrate that he no longer wished to be bound by the contract. He should not be prejudiced by the fact that his endeavours failed to locate Norris. 2) RESTITUTION †¢ It is not contractual and does not rely on plaintiff damages (quasi-contract). One party knowingly has received a benefit to which party is not entitled.An arrangement imposed by judge to rectify an occurrence of unjust enrichment. Sinclair v Brougham The society became insolvent, and the question arose how to divide up assets. By the time of the action, the only live issue was between some of the â€Å"B† shareholders and the depositors in the bank, the position of the â€Å"A† shareholders and trade creditors having been settled by agreement. The court held that the bank’s actions had been ultra vires and void, and that there was no possibility for the depositors to recover under quasi-contract. 3) DAMAGES It is a legal remedy available for breach of contract. Damages are an award of money to compensate the innocent party. The primary purpose of damages is to place the injured party in the position they would hav e been in had the contract been performed. †¢ Types of Damages:  There are basically four broad categories of damages: ? Compensatory (to cover direct losses and costs). ? Consequential (to cover indirect and foreseeable losses). ? Punitive (to punish and deter wrongdoing). ? Nominal (to recognize wrongdoing when no monetary loss is shown) An award of damages is subject to the application of the rules on causation, remoteness and a duty to mitigate loss. †¢ Provision : Section 74 & 75 CA Heng Hang Khim v Sineo Enterprise Sdn Bhd The court held that where the defendant failed to deliver vacant possession of a condo unit before the 36-month period as stipulated in the S&P agreement. The plaintiff was entitled to a refund of the sum paid which was compensation for loss & damage caused by breach of contract. Selva Kumar a/l Murugiah v Thiagarajah a/l Retnasamy The court held that there is no distinction between liquidated damage and penalties.In view of section 75 which prov ides that in every case the court must determine what is the reasonable compensation. Any failure to prove the damages will result in refusal to award such damages. †¢ Remoteness A claimant may only recover losses which may reasonably be considered as arising naturally from the breach or those which may reasonably be supposed to be in the contemplation of the parties at the time the contract was made. Hadley v Baxendale Due to neglect of the Defendant, the crankshaft was returned 7 days late to the plaintiff.The plaintiff unable to use the mill during this time and claimed for loss of profit. The Defendant argued that he was unaware that the mill would have to be closed during the delay and therefore the loss of profit was too remote. The court held that Hadley would have been entitled to recover lost profits from the five extra days the mill was inoperable. However, the rule should be that the damages were those fairly and reasonably considered to have arisen naturally from th e breach itself, or such as may be reasonably supposed to have been in the contemplation of both parties at the time the contract was made. Mitigation of Loss The law imposes a duty upon the person claiming damages to take all reasonable steps to reduce or mitigate their loss. If the plaintiff is able to avoid loss, damages will not be recoverable for the potential loss that the plaintiff may have suffered. Payzu v Sauders The court held that the claimant was not entitled to damages. He was given the opportunity to purchase at the discounted price but rejected this. He was under a duty to take reasonable steps to mitigate his loss. The offer was a reasonable one and one which the claimant could easily have complied with. ) SPECIFIC PERFORMANCE It is a discretionary order granted by the courts directing a person to carry out their obligations under contract. It is not generally used in breach of contract actions unless damages prove to be inadequate. When the court cannot supervise t he implementation of contract, it will not generally grant specific performance. Ryan v Mutual Tontine Westminster Chamber Association The lessor agreed to provide porter who would be ‘constantly in attendance’ but the porter also works as a chef. In his absence while working as chef, other person will perform his duties.The issue was whether tenant could seek an order of specific performance against the porter that he carries out his obligations. The court was not prepared to order specific performance because it would have had to constantly supervise the porter’s attendance. Lamare v Dixon The plaintiff induced the defendant to agree to take a lease of cellars by orally promising they would be made dry. The promise had no effect as a misrepresentation as it related to the future. The court refused the plaintiff specific performance since he had made no attempt to perform his promise.Cohen v Roche The court refused the specific performance to a buyer of a set of Hepplewhite chairs saying that they were ‘ordinary articles of commerce and of no special value or interest'. The buyer was contracting with a view to resale and for personal use. 5) INJUNCTION †¢ It is a discretionary court order. Unlike specific performance, this is a court order restraining a party from breaking their contract or from committing a wrongful act and will not be awarded if damages are an adequate remedy. An injunction may be: ? Prohibitory – preventing the breach of contract. ? Mandatory – requiring a person to perform some contractual obligation. ? Interlocutory – where it freezes the status quo between the parties until the dispute can be heard by court. Neoh Siew Eng & Anor v Too Chee Kwang (mandatory example) The landlord had cut the water supply. An injunction was granted requiring the landlord to keep all communication pipes in proper repair so that water supply to the premises would not be disconnected.Broome (Selangor) Rubber Plantations v R H Whitley (prohibitory example) An injunction was granted restraining an employee from entering into employment as a manager or assistant of any plantation in the States of Selangor and Negeri Sembilan other than the estate of his employers until the expiry of his contract of service. This is equivalent to â€Å"the specific performance by the court of that negative bargain which the parties have made†. †¢ Mareva Injunction It prevents the defendant removing or disposing any assets in the jurisdiction until the court makes decision.Mareva Compania Naviera SA v International Bulk Carriers SA, The Mareva. The shipowner hired out their ship (Mareva) to the defendant with half-monthly in advance. The defendant were only able to meet the first two installments, Mareva sued for damages and unpaid hire. They also sought an injunction to stop hirer removing any monies received from the voyage. The issue whether an injunction was obtainable to prevent the removal before judgment. The court held that an injunction was granted to continue until the dispute came to trial to prevent the defendants from disposing any assets. ) ANTON PILLER ORDER May be made available in exceptional circumstances. It is a  court  order that provides the right to search premises and seize evidence without prior warning. This prevents destruction of relevant  evidence, particularly in cases of alleged trademark, copyright or patent infringements. Anton Piller v Manufacturing Processes Ltd The plaintiff was under the belief that one of its agents was supplying confidential information to one of their competitors. However, they are concerned that subpoena would give ample time for the agent to destroy evidence.The issue was whether the company could obtain an order enabling them to enter the agent’s premises to inspect the documents. The court granted the order as there was strong prima facie case of infringement which could cause damage to applicant and clear evidence that the defendants had incriminating the material in their possession which they could destroy. 7) QUANTUM MERUIT Quantum meruit means â€Å"as much as he deserved†. It is the determination of value of the services extended based on the amount of work and the rate of work existing there for similar work, when an agreement or contract is not existing between the parties.The contract may be discharge by breach but where the contract is for goods & services, there is a new implied contract imposed by law on the party taking benefit that they will pay reasonable amount of quantum. †¢ Can arise where: ? A defendant has prevented a plaintiff from carrying out their contractual duties. ? The parties cannot agree on payment ? The parties agree on payment for the part-performance but not the actual amount. Sumpter v Hedges The claimant agreed to build two houses and was agreed that ? 565 would be payable on completion.The claimant done a little more than half job and then ran out of money and was unable to complete. Then defendant completed the work himself. The issue was whether the claimant could recover payment for work done. The contract was entire and not divisible. So, the claimant could not recover under it. Furthermore, it is not defendants fault he could not complete the job and so there was no entitlement for quantum meruit. While the defendant obtained the benefit, it did not constitute acceptance of partial performance in this case.

How much aggressive behaviour is shown on television? Essay

The average American child sees 32,000 murders, 40,000 attempted murders, and 25,000 acts of violence on television before the age of 18 (Ahmed, 1998). Gerbner’s studies of violence on American television (Gerbner, 1972; Gerbner & Gross, 1976; Gerbner et al. , 1980, 1986) Defining violence as: ‘†¦ the overt expression of physical force against others or self, or the compelling of an action against one’s will on pain of being hurt or killed’, Gerbner’s team have found that since 1967 the percentage of television shows containing violent episodes has remained about the same, but the number of violent episodes per show has gradually increased. In 1986, there was an average of around five violent acts per hour on prime-time television. On children’s weekend shows, mostly consisting of cartoons, about 20 violent acts per hour occurred. British research by Halloran & Croll (1972) and the BBC’s Audience Research Department were both based around Gerbner’s analysis. Both studies found that violence was a common feature of programming, although it was not as prevalent on British as on American television. Cumberbatch (1987), commissioned by the BBC, analysed all programmes broadcast on the (then) four terrestrial channels in four separate weeks between May and September 1986. The main findings from Cumberbatch’s (1987) study: Cumberbatch found that 30% of programmes contained some violence, the overall frequency being 1. 14 violent acts per programme and 1. 68 violent acts per hour. Each act lasted around 25 seconds, so violence occupied just over 1% of total television time. These figures were lower if boxing and wrestling were excluded, but higher (at 1. 96 violent acts per hour) if verbal threats were included. Death resulted from violent acts in 26% of cases, but in 61% of acts no injuries were shown, and the victim was portrayed as being in pain or stunned. In 83% of cases, no blood was shown as a result of a violent act, and considerable blood and gore occurred in only 0. 2% of cases. Perpetrators of violent acts were much more likely to be portrayed as ‘baddies’ than ‘goodies’, and violence occurred twice as frequently in law-breaking than in law-upholding contexts. Cumberbatch argued that whilst violence, and concerns about it, had increased in society in the decade up to 1987, this was not reflected by a proportional increase on television, even in news broadcasts. He concluded that: ‘While broadcasters may take some comfort from our data on trends in television violence, they must expect to be continually reminded of their responsibilities in this area and be obliged to acknowledge that a significant minority of people will remain concerned about what’s on the box’. More recently, the BBC and ITV commissioned Gunter & Harrison (1998) to look at the frequency of violence on terrestrial and satellite channels. Some findings from Gunter & Harrison’s (1998) analysis of violence on British television: The researchers monitored 2084 programmes on eight channels over four weeks in October 1994 and January/February 1995. The findings include: On BBC 1 and 2, ITV and Channel 4, 28% of programmes contained violent acts, compared with 52% on Sky One, UK Gold, SKY Movies and the Movie Channel.   Violence occupied 0. 61% of time on the terrestrial channels and 1. 53% on the satellite stations.   The greatest proportions of violent acts (70%) occurred in dramas and films; 19% occurred in children’s programmes. Most violent acts occurred in contemporary settings in inner-city locations. The majority of perpetrators were young, white males. One per cent of programmes contained 19% of all violent acts. Double Impact, shown on the Movie Channel, for example, contained 105 violent acts, as against on average 9. 7. The United States was the most common location for violence (47%), followed by the United Kingdom (12%). The third most likely location was a cartoon setting (7%), and then science fiction locations (4%). On the basis of the finding that violent acts account for 1% of programme content on terrestrial channels and less than 2% on some satellite stations, and the fact that 1% of programmes contained 19% of all violent acts, Gunter and Harrison concluded that: ‘The picture that emerges is not one of a television system permeated by violence, but rather one in which violence represents only a tiny part of the output and where it tends to be concentrated principally in a relatively small number of programmes’ (cited in Frean, 1995). An almost identical conclusion was reached by the American Academy of Paediatrics (Murray & Whitworth, 1999). As well as television, violent behaviour can also be seen at the cinema or on video (and what is shown may or may not be subsequently screened on television). Evidence indicates that a large percentage of 9-11 year olds have watched 18-rated videos, including particularly violent Nightmare on Elm Street, The silence of the lambs, and Pulp Fiction (Ball & Nuki, 1996; Wark & Ball, 1996). The effects of television on Children’s behaviour: Research into the effects of television on Children’s behaviour began in America in the 1960’s, following the publication of the results of Bandura et al’s ‘Bobo doll experiments’. These ‘first generation’ (or ‘Phase one’: Baron, 1977) studies involved filmed or symbolic) models. Essentially, Bandura et al. showed that children can acquire new aggressive responses not previously in their behavioural repertoire merely through exposure to a filmed or televised model. If children could learn new ways of harming others through such experiences, then the implication was that media portrayals of violence might be contributing to increased levels of violence in society (Baron, 1977). However, Bandura (1965) warned against such an interpretation in the light of his new findings that the learning of aggressive responses does not necessarily mean that they will be displayed in a child’s behaviour. Nevertheless, the possibility that such effects could occur was sufficient to focus considerable public attention on Bandura et al. ‘s research.

Nigerian Economy: Macroeconomic Analysis

sisNigeria – Country Report 2012 61310039 Indian School of Business 7/6/2012 Contents Economic Overview3 Gross Domestic Product (GDP)3 GDP Composition4 Inflation4 Shadow Economy5 Trade Overview5 Foreign Debt7 Labor Market & Human Capital7 Population and Income Inequality8 Unemployment9 Currency10 Money Supply and Monetary Control10 Fiscal policy12 Exchange rates12 Interest Rates13 Foreign Direct Investment14 Globalization and Comparative Advantage14 Conclusion15 References16 Economic Overview Nigeria's economy is estimated to be worth about $262bn, making it one of the largest economies in Africa.The estimates and analysis of various indicators is discussed in the later sections. The country has fared better than many other countries during the global economic downturn, but systemic problems in infrastructure and the labor market mean that its position in the Economist Intelligence Unit's global rankings remains towards the bottom during the forecast period, at 75th out of 82 countries. Efforts to create a significantly more attractive business environment are likely to produce only modest results owing to the slow pace of more fundamental reforms. Nigeria has taken steps to simplify trade by working on its tariff structure.However, there is still a protectionist sentiment in the country. Cross border smuggling is still a major concern and is liable to remain an important feature of the Nigerian economy. The capacity and efficiency of Nigerian ports (Trade) have improved following the implementation of an ambitious concessioning program that transferred management of terminals to private operators. However, although the reforms have improved port operations and ship turnaround times, there remains the problem of corruption in the customs service, which can complicate and delay the clearance of goods. Gross Domestic Product (GDP)The latest GDP projection data as brought out by World Bank is $ 268. 5 billion (2013 F) and the country population is projected at 175 million translating into a GDP/Capita to 2,213. The Real GDP Growth for Nigeria has been at 6. 8 %. However, considering the disparity in the country’s infrastructure viz-a-viz other Asian developing nations the growth rate is not enough for substantial improvement. Nominal GDP| 2007| 2008| 2009| 2010| 2011| 2012(F)| 2013(F)| US$ bn| 166. 5| 208. 1| 169. 4| 196. 3| 244. 2| 262. 4| 268. 5| N bn| 20,941| 24,665| 25,225| 29,498| 37,590| 42,877| 46,720| Real GDP growth %| 6. | 6| 7| 7. 8| 7. 4| 6. 4| 6. 9| Source: Economic Intelligence Unit| GDP Composition In Nigeria, the Investment component of the GDP as compared to the private consumption and government is very low, hovering at 17 % approximately. A developing market is required to invest around 40 to 50% of GDP in capital investment for successive number of years. However that is not seen with Nigeria. Hence, the prospect of Nigeria as an investment destination appears to be grim in the near future. | 2007| 2008| 200 9| 2010| 2011| 2012 F| 2013 F| Private consumption| 6. 6| -34. 3| 6. 4| -26. 7| 11. 8| 9. | 10. 4| Government consumption| 90. 8| 4. 4| -8. 1| 17. 8| 12| 8. 5| 8| Gross fixed investment| 24. 5| -6. 8| 9. 1| -3. 6| 6. 5| 6| 6. 5| Exports of goods & services| -11. 7| 43. 4| -30| 11. 4| 11. 9| 10. 4| 12. 4| Source: Economic Intelligence Unit| The graph below gives the GDP contribution – Industry wise for Nigeria. Crude is one of the major contributors to the GDP. Hence, and rate fluctuations in the price of crude oil have added volatility in the Nigerian GDP. Inflation Despite monetary tightening carried out by the CBN in 2011, the forecast for inflation remains negative.Inflation is expected to increase to 12. 7% in 2012. Fiscal laxity by the states is one of the main reasons for this. In addition, the payment of the newly instituted minimum wages and the injection of funds into the bailed out banks, inflationary pressure is bound to continue for the rest of the year. It is exp ected moderate only in 2014 as a result of moderation in commodity prices. The April 2012 inflation data as obtained shows a Month-on-month inflation to be (0. 13%), Year-on-Year (12. 9%), 12-Month Avg. Chg. (11. 1%). The inflation rate is exceedingly high and is detrimental towards investment in the country.The Consumer Price Index and Nigerian Inflation rate is shown below. Source: Economic Intelligence Unit Shadow Economy The untaxed and unregulated revenues – by some estimates – account for between 40% and 45% of gross domestic product (GDP). Nigerians make most of their living, as street hawkers, minibus drivers, money changers or market traders. In spite of the abysmal performance of the country’s economy, poor infrastructure and unfriendly business environment Nigeria has huge potentials to be tapped because of its huge deposits of Natural Resources nd population that can be gainfully employed. The black economy accounts for a large part of the Nigerian e conomy. Trade Overview Nigeria has considerable natural resources such as oils, and the revenue from oil exports forms a major chunk of the Government fund. Nigeria has recently started a sovereign wealth fund and the excess returns from oil exports viz-a-viz projected returns is directed to this sovereign fund. This fund is building up at a slower pace as the revenue is being directed towards meeting government excess spending to meet the countries capital requirement.The country has been putting efforts to tighten the fiscal policy and the same has been reflected in their medium-term expenditure framework. The country has projected a year-on-year budget deficit of 1% of GDP. However, from the recent trends it appears that Nigeria will be able to sustain a year-on-year budget deficit of 2% given the prices of oil remain stable even though the current European turmoil and a slowdown in china can push oil prices down and lead to further increase in Nigeria’s Fiscal deficit.Nig eria intends borrowing from the international capital market for meeting its capital expenditure requirement in the near future. The total value of Nigeria's exports in the first quarter of 2012 is at about USD 30 billion, the exports to India has reached USD 4. 2 billion, compared to USD 3. 7 billion credited to the US in the period under review. Nigeria's export to India is mostly crude oil and cashew nuts while India exports pharmaceutical goods, machinery, electronics and rice. The US was trailed by the Netherlands with USD 2. billion, followed by Spain with USD 2. 4 billion and Brazil which recorded USD 2 billion. Nigeria is a member of the WTO and does not impose permanent import restrictions however it has a huge banned list of import goods which coupled with ad valorem tariffs have given rise to increase in smuggled goods. As such the restrictions do not seem to have benefited the local industries. There are specially designated export processing zones which provide benefits from tax, duties, foreign exchange restrictions and import-export restrictions.The Nigerian Export Credit Guarantee and insurance corporation (Nexim) provides insurance under the government’s export guarantee scheme. This has helped exporters in raising funds at subsidized rates for refinancing. Nigeria figures 133rd on the Doing Business in Index among 183 world economies and 15th among the 46 sub Saharan African economies. The trade balance of Nigeria for period 2007 to 2011 and forecasted data for 2012 and 2013 is given below. | 2007| 2008| 2009| 2010| 2011| 2012(F)| 2013(F)|Trade balance| 37,748| 45,885| 25,342| 20,237| 34,528| 34,131| 28,778| Goods: exports fob| 66,040| 85,729| 56,121| 73,698| 103,847| 114,068| 111,836| Goods: imports fob| -28,291| -39,844| -30,779| -53,461| -69,319| -79,937| -83,058| Services balance| -16,902| -22,113| -16,479| -19,231| -24,761| -24,278| -25,914| Income balance| -11,747| -15,059| -14,404| -18,623| -22,905| -20,913| -24,624| Current tra nsfers balance| 18,545| 19,366| 18,694| 20,092| 25,004| 27,387| 28,562| Current-account balance| 27,643| 28,079| 13,153| 2,476| 11,867| 16,327| 6,802| Source: Economic Intelligence Unit|Nigeria and its neighboring African nations have imposed strong continental Trade Barriers which is depriving the continent of new sources of economic growth, new jobs and leading to a sharp fall in poverty and other factors. However, many African countries are losing several billions of dollars in potential trade earnings every year, because of high trade barriers with neighboring countries. It is easier for Africa to trade with the rest of the world than with itself.The Policy progress in the nation has been restricted due to political instability and tussle between the presidency and senior economic team. Policies towards changes in exploiting the proceeds from fuel exports are always the concern restricting policy improvements. The country has huge limitation in the power sector and the governmen t has initiated privatization program focused mainly on the power sector, However the progress has been slow as a result of private-sector reluctance, the various vested interests involved and strong union opposition.This is limiting foreign investments in Nigeria. Nigeria urgently requires Tax reform for attracting investments in the country and this policy reform is high on the political agenda. However due to conflicting interests and the fragile nature of the Nigerian administration reforms are expected to be slow. Foreign Debt Due to the economic slowdown public sector revenue and expenditure has contracted in the past 3 years. As a result of the budget deficit, infrastructure is facing acute shortage which is mostly financed by internal public borrowing while also seeking access to external funding.The Nigerian government has set on the path of prudent reforms to reduce total spending while improving funding for capital requirements for efficient spending that will translate t o long term economic growth. The government also launched a Euro denominated bond in 2011 and expects to return to the international debt capital markets again in the next few years. Labor Market & Human Capital The education system of Nigeria is in a poor state unable to meet the educational requirement of the country. There are currently only 46 tertiary institutions in Nigeria providing education covering all functional areas.Out of the 42m Nigerian children who ought to be in primary school, less than 24m are in school. Out of the 33. 9m children of secondary school age, only 6. 4m are in secondary schools. The pass rate for JAMB examinations is about 20% – indicates poor quality of secondary school graduates. The educational system has not been tailored to meet developmental needs of the nation. Any foreign investment has to transfer both funds and human capital to the country. There are no improvements visible in the near vicinity.The Nigerian Labor market is marred wit h constraints and there appears little prospect in the near future of resolving many of the key constraints to improving the labor market in Nigeria. Most of the talented Nigerians prefer to move out of the country and the country is suffering from a ‘brain drain’. Nigeria has a large number of very capable professional and highly skilled workers in a range of sectors. Unfortunately for the country, large numbers, particularly in the medical profession, live and work overseas, and the restoration of civilian rule in 1999 has failed to bring an end to the brain drain’. Although labor law reform in 2005 weakened the capacity of the unions to organize political or sympathy strikes, the labor movement remains powerful, capable of organizing paralyzing national strikes. Value of indexa| | Global rankb| | Regional rankc| | 2006-10| 2011-15| 2006-10| 2011-15| 2006-10| 2011-15| 4. 4| 4. 6| 80| 80| 16| 15| a Out of 10. b  Out of 82 countries. c  Out of 17 countries: A lgeria, Bahrain, Egypt, Iran, Israel, Jordan, Kuwait, Libya, Morocco, Qatar, Saudi Arabia, Tunisia, UAE, Angola, Kenya, Nigeria and South Africa. Source: Economic Intelligence Unit| Population and Income Inequality The population in Nigeria is growing at a very fast pace, but given the poor state of the countries health care and educational system, this is only constraining the already dismal state of the country the growth rate is presented below, the high rate of population growth and the deteriorating state of infrastructure is not conducive enough for enticing foreign investment. Population (Million)| 2006| 2010| 2015| Total| 140. 4| 152. 2| 166. 7|Period averages (%)|   | 2006-10| 2011-15| Population growth|   | 2. 1| 1. 8| Labor force growth|   | 2. 4| 1. 9| Source: Economic Intelligence Unit| Poverty in Nigeria remains significant despite high economic growth. Nigeria retains a high level of poverty, with 63% living on below $1 daily, implying a decline in equity. There have been attempts at poverty alleviation, but the inequality has been rising. Income inequality worsened from 0. 43 to 0. 49 between 2004 and 2009. This is correlated with differential access to infrastructure and amenities.In particular, there are more rural poor than urban poor. This primarily results from the composition of Nigeria's economy. Oil exports contribute significantly to government revenues and about 15% of GDP, despite employing only a fraction of the population. Agriculture, however, contributes to about 45% of GDP, and employs close to 90% of the rural population. This incongruence is compounded by the fact that oil revenue is poorly distributed among the population, with higher government spending in urban areas than rurally.High unemployment rates have rendered personal incomes even more divergent. The graph below gives a comparison of the population below poverty line in relation to the total  Nigerian population. Data Source: Economic Intelligence Unit Unemp loyment According to the ‘2011 Annual Socio-Economic Report' released by the Nigerian Bureau of Statistics, the total number of unemployed people have increased from approximately 7 million in 2006 to 16 million in 2011. In 2011, approximately 2. 1 million people were newly unemployed.The report has also predicted the new entrants into the unemployed pool to be around 8. 5 million in 2015. The increase is also interestingly explained by the tendency of Nigerian university graduates to stay away from labor intensive work. They are now ready to wait for a white collar job thus resulting in the entry of new university graduates into the unemployment pool. The total number of employed labor force has remained fairly constant from 2006 to 2011 at around 51 million. However, 10 million new people have been added to the labor force during 2006-2011.The increase in labor force could be explained by the steady increase in the number of universities, polytechnics and colleges of educati on. While the enrollment in universities and polytechnics has decreased from around 460,000 in 2006 to 340,000 to 2011, enrollment in colleges of education has increased during the same period. Whereas the enrollment in state and federal institutions has decreased during 2006-2011, enrollment in private institutions has increased steadily. According to the report, the increase in unemployment rate has been kept in check by Nigerian government's employment policies.The unemployment rate in rural areas was 25. 6% and 17. 1% in urban areas. The total national unemployment rate was 23. 9% in 2011. Total unemployment rate amongst males was 23. 5% in 2011 while the same rate amongst females was 24. 3%. The report explains that married women who previously stayed out of the labor force have now started entering the market for jobs due to a raise in claim for financial independence. More women are also now forced to enter the labor market because of the need to supplement the income of male s in families.The unemployment rate has been consistently growing in Nigeria due to lack of industries, political stability and a myriad of other reasons. Unemployment is leading to crime and shadow economy which is further hindering investments in the country. Data Source: Economic Intelligence Unit Currency The Legal Tender followed in Nigeria is the Naira (sign:  ? ;  code:  NGN). The Central Bank of Nigeria referred as CBN is the sole authority responsible for issuing and maintaining the volume of the currency in the Nigerian economy.The currency was adopted by Nigeria on 1st Jan 1973 replacing the pound that was being followed since the colonial days. Money Supply and Monetary Control The Central Bank of Nigeria (CBN) is the central bank of Nigeria. Since the global financial crisis of 2008-09, maintaining adequate liquidity and averting a total collapse of the banking system has been the main focus of the CBN. The CBN uses the Monetary Policy Rate (MPR) to anchor short t erm money market rates and other interest rates in the economy.Open market operations conducted through the Treasury Bills auction is the major instrument of monetary policy. The CBN also uses discount window operations (including standing lending and deposit facilities, repo and reverse repo operations) and Cash Reserve Ratio (CRR) in monetary management. The banking crisis of 2009 and the subsequent reform initiated in the banking sector has complicated the monetary policy. The central bank also ensures that there is sufficient lending in key sectors such as agriculture.Since 1977, Nigeria has had an Agric Credit Guarantee Scheme (ACGS) under the management of the central bank. The Central Bank of Nigeria (CBN) is responsible for maintaining a balance between its objective of managing inflation and the government's aim of reducing the cost of borrowing by the private sector to encourage investment in productive activities. The CBN is currently pursuing the former objective, having increased its prime interest rate six times during 2011: the Central Bank is attempting to counter what it sees as high inflationary expectations embedded in the system.As the forecast period progresses and the inflation outlook improves, the focus of the CBN will return to easing monetary policy and boosting lending to productive sectors. Nevertheless, this has been complicated by the banking crisis of 2009 and the subsequent reform program put in place by the Central Bank, which is likely to mean that risk aversion among the banks persists into the first part of the forecast period at least. Below is the summary of the key Monetary Indicators for Nigeria. Monetary indicators| 2007a| 2008a| 2009a| 2010a| 2011a| 2012b| 2013b| 2014b| 2015b| 2016b| |Exchange rate N:US$ (av)| 125. 8| 118. 5| 148. 9| 150. 3| 153. 9| 160. 7| 174. 0| 172. 0| 174. 0| 176. 0| Exchange rate N:US$ (year-end)| 118. 0| 132. 6| 149. 6| 150. 7| 158. 3| 170. 8| 173. 0| 173. 0| 175. 0| 177. 0| Exchange rate N:↚ ¬ (av)| 172. 44| 174. 33| 207. 46| 199. 42| 214. 19| 209. 71| 224. 46| 217. 58| 215. 33| 221. 76| Exchange rate N:â‚ ¬ (year-end)| 173. 66| 184. 49| 215. 49| 201. 31| 210. 42| 221. 23| 222. 31| 215. 39| 219. 63| 223. 02| Real effective exchange rate, CPI-based (av)| 38. 05| 42. 32| 38. 59| 42. 11| 42. 74c| 46. 39| 46. 44| 50. 42| 53. 60| 56. 5| Purchasing power parity N:US$ (av)| 71. 31| 80. 30| 88. 60| 99. 68| 115. 8c| 120. 9| 121. 0| 123. 9| 129. 2| 136. 3| Money supply (M2) growth (%)| 58. 1| 53. 6| 20. 6| 3. 7| -0. 5| 8. 7| 20. 5| 19. 6| 17. 5| 18. 5| Domestic credit growth (%)| 358. 3| 55. 9| 41. 1| 14. 1| 28. 1| 7. 9| 21. 5| 20. 7| 18. 2| 17. 7| Commercial banks' prime rate (av; %)| 16. 9| 15. 5| 18. 4| 17. 6| 16. 0| 16. 0| 14. 0| 13. 0| 13. 5| 13. 8| Deposit rate (av; %)| 10. 3| 12. 0| 13. 3| 6. 5| 5. 7| 6. 0| 5. 8| 5. 8| 5. 8| 5. 5| Money-market rate (av; %)| 6. 9| 8. 2| 3. 8| 3. 8| 8. 5c| 8. 8| 7. 0| 6. 5| 6. | 6. 0| a  Actual. b  Economist Intelligence Unit foreca sts. c  Economist Intelligence Unit estimates. Source: EIU| Fiscal policy While Nigeria’s fiscal policy during the last half of the decade has been favoring expansive expenditure in the productive sectors, there is growing pressure to introduce tough, unpopular market reforms to tighten the fiscal policy. However it will be difficult to do so considering the different interest groups that the government needs to placate and wider legislature that favors greater government expenditure to counter the crippling infrastructure deficit.Even as investment in infrastructure remains critical, how the government manages to bring down the share of recurrent expenditures while improving the quality of capital expenditure is the key challenge. Another challenge for the government will be how it manages its dependence on oil prices, the key component of its revenue. A return to recession in Europe or a less than expected growth in China could bring down the oil prices. Exchange rates Th e Central Bank of Nigeria (CBN) has been responsible for managing the exchange rate and this was being done by auctioning of foreign currencies.The CBN sets the exchange rate. However, Nigeria’s currency fluctuations is correlated to fluctuations in the oil prices. In 2007, the Naira saw significant appreciation viz-a-viz the dollar due to increase in Global crude prices. Nigeria’s central Bank intends making the Naira exchange rates floating and policy decisions are being formulated towards this objective. The CBN also intends to make the exchange rate independent to the extent possible and aims at intervening only to meet defined policy objectives.The country has seen a huge depreciation of the Naira in the past 3 Decades, presently owing to the stable and strong crude prices the currency is considerably stable but is forecasted to slip further if the Global Economic crisis continues to deter. Source: http://www. exchangerates. org. uk/ Interest Rates The CBN kept it s benchmark interest rate at 12%. The CBN will find it hard to balance its objective of managing inflation and the government’s aim of reducing the cost of borrowing by the private sector to boost investment.Nigeria has seen a slowdown in economic growth in its economy as a result of slackening in global economic activities. As the tight liquidity condition persists, short term interest rates have been rising for the past couple of years. Another cause of concern for the CBN was the slowdown in interbank lending, which prompted the CBN to guarantee placements in the interbank market. This also helped bring down the interest rates in the short term money markets, such as the interbank call rates.The above table indicates the Monetary Aggregates and Interest Rates as obtained in 2010. Foreign Direct Investment Although the government will continue to welcome foreign direct investment (FDI), the level of FDI outside the oil and gas sector will remain low in relation to the poten tial size of the market. This reflects the complexities of the local business environment, together with the bureaucracy, corruption, low productivity, poor infrastructure and low income levels that restrict the potential market.The salient feature of the policy is enumerated. Full foreign ownership is allowed in all sectors apart from banking, although the Central Bank of Nigeria (CBN) has been more relaxed on the issue since the 2009 crisis in the sector and the subsequent need to recapitalize the affected banks. A new bill proposes to outlaw discretionary awards of oil and gas contracts, and stipulates that licenses must be given through â€Å"open, transparent and competitive† bidding processes.Nevertheless, a number of Asian investors, from China, India and South Korea in particular, who have shown keen interest in entering Nigeria on the basis that they concurrently develop local infrastructure, may still find themselves the preferred bidder on new acreage. There is als o likely to be a continued bias towards policy favoring local business, as evidenced by the recent local content bill for the oil industry that gives indigenous firms priority in the awarding of oil concessions and requires foreign companies to employ more local staff.As a result, and with other countries set to improve more rapidly, Nigeria will slip in the global rankings from 67th to 71st out of 82  countries, and from 12th to 13th in the Middle East and Africa region. Value of indexa| | Global rankb| | Regional rankc| | 2006-10| 2011-15| 2006-10| 2011-15| 2006-10| 2011-15| 5. 1| 4. 6| 67| 71| 12| 13| a Out of 10. b  Out of 82 countries. c  Out of 17 countries: Algeria, Bahrain, Egypt, Iran, Israel, Jordan, Kuwait, Libya, Morocco, Qatar, Saudi Arabia, Tunisia, UAE, Angola, Kenya, Nigeria and South Africa.Source: Economic Intelligence Unit| Foreign direct investment, net inflows (% of GDP) in Nigeria was 2. 99 as of 2010. Its highest value over the past 40 years was 8. 28 in 1994, while its lowest value was -1. 15 in 1980. The below outlines the Annual inflows of FDI along with its percentage composition of the gross fixed investment. (US$ m)| 2006| 2007| 2008| 2009| 2010| 2011| 2012| 2013| 2014| 2015| Annual inflows of FDI| 4,854| 6,035| 5,487| 5,787| 3,000| 3,500| 6,000| 7,500| 7,250| 7,250| % of gross fixed investment| 40. 4| 39. 7| 32. 1| 35. 3| 13. 7| 14. | 20. 5| 20. 9| 16. 8| 14. 2| Source: Economic Intelligence Unit| Globalization and Comparative Advantage Nigeria has not benefited considerably from globalization due to mono-cultural export, inability to attract increased foreign investments and huge indebtedness. And the way forward for Nigeria is to focus towards diversification of exports, debt reduction and expand developmental cooperation. Nigeria got connected to the rest of the world with the arrival of British in the Year 1539 and by the 1800’s Nigeria was under complete control of the British Empire.And since then Nigeriaâ€℠¢s trade has been heavily dependent on British trade. Nigeria has been a country rich in natural resources and traded these resources for weapons and tools. This asymmetric trade is the reason for the wide variance in the distribution of the nation’s wealth. The country received its independence in 1960 and during that time the Farm products was its major export. Post-independence, farm products constituted the major portion of Nigeria’s Trade. The six major agricultural products then were cocoa, rubber, palm oil, groundnut, cotton and palm kernel.And this constituted 69. 4% of its total GDP for the year 1963/64. The other contributor to exports was oil. However, during that period oil was priced low at $3. 8 per barrel and thus was not much lucrative. The 1970’s saw Nigeria’s fortune turn with the jump in fuel price by almost 4 times. Nigeria had high grade petroleum reserves and these reserves were easier to extract. The petroleum price rose to $14. 7 p er barrel by January 1974 and rates continued to soar reaching a high of $38. 77 per barrel in 1981.Within the same period, total revenue from oil rose correspondingly. By 1978, oil contributed 89. 1% of Nigeria’s export and in the same year contribution from agriculture plummeted to 6. 8% of exports. The overdependence of the country’s economy on oil exports has seriously hindered the development in other spheres. Globalization poses a multitude of challenges on Nigeria. The countries very poorly on education, health, agriculture and industrial development and therefore it is imperative that Nigeria focuses on these area to fundamentally transform the nation.The country requires focusing on technological development and science and Technology are required to be central theme of their Developmental Strategy. The Country also requires focusing on basic Infrastructure such as power supply and telecommunications and these must exist regularly and uninterruptedly. Also, in dustrialization, including manufacturing and fabrication must be brought in at the center place. There is a need to revitalize agriculture by utilizing the technologies in the field and shifting to mechanized farming. ConclusionThere is an element of risk of doing business in Nigeria even though the debt of the country is in a manageable state. A prolonged European crisis and a slowdown in China will lead to dip in oil prices and Nigeria will face difficulties in meeting its deficit requirements. The currency of Nigeria-Naira is currently seen stable and after depreciating by an average of 6. 3% per year in 2012-13 to N174:US$1, the naira is expected to moderate more gently in subsequent years, to N176:US$1 in 2016, though the currency has seen a continuous downslide when data is compared for the last three decades.After the Banking crisis of 2009, the banking sector is skeptical on lending to private sector, however the confidence is returning. The political risk of the country is seen as high due to factions in the government and the rise in Islamist fundamentalism. Piracy is also a major phenomenon in the Gulf of Guinea which makes Nigeria’s coastline a risky shipping port. Nigeria declared a state of emergency in January 2012 in the northern parts due to a recent spate of terror attacks; however no civil war or major instability is expected in the short run.The government has been accused of largely ignoring public grievances like unemployment, poverty, inequality in wealth and corruption. Unless the government steps up to address these issues and establish credibility there is risk of escalation. The President Mr. Good luck Jonathan has recently commissioned investigations into allegations of corruptions in the oil subsidies and replaced the Chief of the Police for failing to root out infiltration by the insurgents into the government offices.However the effectiveness of these measures will depend on their enforcement. The future of the Nigerian ec onomy therefore depends on stabilizing governance and enabling the parliament to unlock major reforms in the Oil and Gas sector. References 1. Economic Intelligence Unit – (http://country. eiu. com/Nigeria) 2. CBN Monetary Survey 3. Exchange Rates – (http://www. exchangerates. org. uk/) 4. Shadow Economy Reference – (http://news. bbc. co. uk/) 5. Currency Reference – (http://www. cenbank. org/)