Economic Challenges and Opportunities in Nigeria

Economic Challenges and Opportunities in Nigeria

Assessment

Interactive Video

Business, Social Studies, Economics

9th - 12th Grade

Hard

Created by

Patricia Brown

FREE Resource

The video discusses the importance of foreign reserves, highlighting China's success in building them through exports. It contrasts this with Nigeria's challenges, including import dependency due to production issues. Key factors affecting Nigeria's economy are infrastructure deficiencies, labor skill gaps, financial constraints, land ownership issues, and policy inconsistencies. The video emphasizes the need for Nigeria to address these challenges by supporting local businesses to produce competitive substitutes, rather than relying on import bans.

Read more

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which country is known for having the largest foreign currency reserves due to its export activities?

United States

China

Germany

India

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why does Nigeria import items from China that it can produce locally?

Because of government policies favoring imports

Because it is cheaper to import than to produce locally

Due to better quality of Chinese products

Due to lack of local demand

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the typical factors of production mentioned in the transcript?

Land, labor, capital, and entrepreneurship

Labor, capital, innovation, and resources

Technology, labor, capital, and innovation

Land, technology, capital, and management

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a major consequence of infrastructure deficiencies in Nigeria?

Higher logistics costs and delays

Lower operational costs

Increased foreign investments

Improved power supply

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a significant challenge for businesses in Nigeria regarding labor?

Low wages

Overqualified workforce

Excess of skilled workers

High unemployment and skill gaps

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What financial issue do Nigerian businesses face?

High interest rates and strict collateral requirements

Abundant venture capital

Easy access to loans

Low interest rates

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a major challenge in the agricultural sector in Nigeria?

Lack of demand for agricultural products

Land ownership system

Overproduction of crops

Excessive rainfall

Create a free account and access millions of resources

Create resources
Host any resource
Get auto-graded reports
or continue with
Microsoft
Apple
Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?