IMPACT OF SOCIAL MEDIA ON NIGERIAN ECONOMY 2010-2015

ABSTRACT

Nigeria as a highly populated country has among it is citizens that urge to communicate. Before the advent of technology in the country, people only communicated on physical contact with friends and loved ones. This was not that effective as this old form of communication was not flexible as one might think of. Also, interaction always do take longer time as chances of meeting with the person again soon was low. This form of interaction was no doubt pleasing but ineffective as more and more people lost contact due to long distance relocations. However, the emergence of social media brought about a new form of communication with so much impact on all aspect of the Nigerian society. On this note, this study examines the Impact of Social Media on the Nigerian Economy 2010 to 2015, it discusses the emergence and Growth of Social Media in Nigeria, the nature and problem of Nigeria Economy, and the Economic Contribution of the Social Media Industry. The study reveal that the Nigerian economy is bedeviled with so much challenges such as over dependence on crude oil as a major source of revenue for the government. With the uncertainty in the prices of crude oil, it becomes very difficult for government to finance the nation’s budget comfortably and to live up to expectations of the masses. The study also found that another causes of the economic problems in the country is the level of corruptions and greediness among some people. Corruption has eaten deep into the nations fabric. Nigeria has at various time been rated as number 27th most corrupt 61 country in the world, but that number has recent changed to a worse case in terms of corruption, this shows that the acclaimed fight against corruption in the country is not yielding any reasonable result. Presently, so many corrupt practices by some of our leaders in various capacities have been making wave over the air, especially the most recent statement of the Senate president of sending tokens to the accounts of the senators.