AN EVALUATION OF EXTERNAL ENVIRONMENT AND THE ECONOMIC DEVELOPMENT OF A NATION: THE NIGERIAN PERSPECTIVE.

Abstract

This research evaluated external environment and the economic development of a nation: the Nigerian perspective. The objectives were to analyze the key factors in the external environment that impact the economic development of Nigeria and identify the challenges and opportunities for economic development in Nigeria's external environment. This paper conceptualized the variables and factors of external environment as it affects economic development in Nigeria and carried out empirical analyzes of previous works by other authors. By employing a multifaceted approach, including economic indicators, political dynamics, and global market trends, this research offered a distinct understanding of the complex web of factors shaping Nigeria's economic landscape. It explored issues such as trade policies, foreign investment, geopolitical relations, and global economic trends to shed light on the hurdles that must be overcome, as well as the pathways to prosperity that lie ahead. It concluded that, the external environment from a national economy’s perspective encompasses various factors such as political, economic, social, technological, legal, and environmental aspects. Understanding these factors is essential for policymakers, economists, and businesses to analyze and anticipate changes that may affect the economy.