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Student Research Conference
Within Africa: Factors Influencing the Economic Development of Nigeria and The Democratic Republic of Congo
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Student Research Conference
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Title
Within Africa: Factors Influencing the Economic Development of Nigeria and The Democratic Republic of Congo
Usage & Reproduction Rights
http://rightsstatements.org/vocab/InC/1.0/
Type
Video recordings
URI / Handle
http://hdl.handle.net/1961/muislandora:2976
Geographic Subject
Democratic Republic of Congo Nigeria
Created
2015-01-01T00:00:00Z
Abstract
The purpose of this research project is to investigate the underlying causes of poverty in the developing world. This paper examines the economic development of Nigeria and the Democratic Republic of Congo (DRC), two countries with similar histories. Comparing the differences in development of two countries with similar histories gives an important reference point for determining why one country experiences poor economic development while the other experiences higher rates of growth. This comparison is important because it focuses on the economic growth of two countries with relatively similar backgrounds, rather than comparing countries with little resemblance. The insights gained from this comparison can help policy makers to develop better strategies for growth that incorporate unique attributes of developing countries rather than trying to copy the paths of developed countries that have significantly different histories and institutions from the developing world. Nigeria and the Democratic Republic of Congo are African countries that in various ways model the typical African country. Nigeria has one of Africa’s fastest rising economies while the DRC remains the poorest country in the world. One may wonder why a gap of over $2000 in GDP per capita of countries that gained their independence in the same year exists? This research paper analyzes and compares the political, economic and social activities of both Nigeria and The Democratic Republic of Congo from 1800-2014. It addresses how events such as colonization, independence and inter/outer state wars have affected the political stability and economic growth of both countries. It looks into how the natural resources of these two resource rich countries have influenced the disposition of these countries over the decades, while examining the political and economic institutions present. Both countries have experienced a different range of government systems that have had almost similar but different influences on the state politically and economically. This research is based on the economic development work of economists Daron Acemoglu, James Robinson, Paul Collier and others and incorporates econometric analysis using data from international institutions including The World Bank and United Nations, along with economic theories of growth and development. This paper analyzes factors contributing to differences in economic growth between Nigeria and the DRC and explains how these factors have interacted with each other and contributed to these countries growing and failing economically. This research is significant to the field of economics because it gives policy makers in developing countries a different perspective of analysis and future policies to purse in attempt to stimulate growth. Rather than comparing these countries to the highly developed countries, we can analyze these countries internally and guide growth gradually and from within just like the developed world. This research shows how economic development can occur gradually and efficiently, preventing the excessive waste of resources. A look into the economic development of developing countries brings to center stage the economic growth and decline these countries have experienced whilst putting forth policies that have the ability to stimulate economic growth and place these countries in the realm of developed countries.
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