Test: Economic Growth and Development - 2 - JAMB MCQ

Nigeria is known for its abundant natural resources such as oil, gas, and minerals. The main problems of development in Nigeria include high unemployment rate, widespread poverty, and inadequate infrastructure.

In Nigeria, an inefficient bureaucracy contributes to the problem of corruption by creating opportunities for bribery, embezzlement, and other forms of dishonest practices. It is important to address the issue of corruption to promote development.

Development planning in Nigeria aims to achieve sustainable economic growth by implementing policies and strategies that foster long-term economic development while considering social and environmental factors.

Supply-side measures focus on improving the production capacity of an economy. Enhancing access to credit for small businesses is a supply-side measure as it helps to promote entrepreneurship and investment, thereby boosting economic development.

Human capital development, which includes education, training, and skill development, plays a crucial role in enhancing labor productivity and promoting innovation, leading to overall economic development.

The NPC is the government agency responsible for formulating and implementing development plans in Nigeria. It plays a crucial role in coordinating economic policies and strategies for sustainable development.

Poverty alleviation programs in Nigeria aim to reduce income inequality by providing support and assistance to individuals and communities facing extreme poverty. These programs help improve living standards and promote inclusive development.

Schools and hospitals are examples of social infrastructure projects as they cater to the social needs of the population and contribute to human capital development, which is vital for overall development.

Diversification in Nigeria's economy aims to reduce overdependence on sectors such as oil and gas. By diversifying into other sectors, the economy becomes more resilient, less vulnerable to external shocks, and can foster balanced and sustainable development.

Development planning in Nigeria takes into account environmental sustainability and social considerations to ensure that economic development is achieved in a balanced and inclusive manner, fostering long-term sustainable development.