JAMB - Economics (2014 - No. 25)
A major obstacle to the development of Nigeria economy is
low capital formation
rural-urban migration
over dependence on oil
poor developmental policies
Explanation
Nigeria's economic potential is constrained by many structural issues, including inadequate infrastructure, tariff and non-tariff barriers to trade, obstacles to investment, poor developmental policies, lack of confidence in currency valuation, and limited foreign exchange capacity.