Because it was under strict military rule.
Formerly a socialist command economy, now Russian-style crony capitalism
What is nigeria's economic system? What is nigeria's economic system?
traditional economic system command economic system market economic system
traditional economic system command economic system market economic system
planned or command economic system
Formerly a socialist command economy, now Russian-style crony capitalism
Under military rule, Nigeria's economic system was characterized by state control and intervention, often favoring a command economy approach. The government heavily regulated key industries, especially oil, which became the backbone of the economy. Corruption and mismanagement were prevalent, leading to economic instability and limited private sector growth. Additionally, military regimes often prioritized short-term gains over sustainable development, impacting long-term economic health.
What is nigeria's economic system? What is nigeria's economic system?
traditional economic system command economic system market economic system
traditional economic system command economic system market economic system
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planned or command economic system
The government owns most economic resources with a command system.
It is very corrupt and dysfunctional.
A Market command system
Command
command economy