The unification was done for economic reasons rather than political—Northern Nigeria Protectorate had a budget deficit; and the colonial administration sought to use the budget surpluses in Southern Nigeria to offset this deficit.
What are the reasons for amalgamation?
Amalgamation is a way to acquire cash resources, eliminate competition, save on taxes, or influence the economies of large-scale operations. Amalgamation may also increase shareholder value, reduce risk by diversification, improve managerial effectiveness, and help achieve company growth and financial gain.
Why did British colonize Nigeria?
The British took an interest in Nigeria because of its resources. … Britain gained power by the use of its military. “Britain maintained it’s economic hegemony [rule] over the colonies through military power, Strategic alliances and the collaboration of indigenous rulers” (The Colonial Economic Legacy).
What is amalgamation of Nigeria?
On January 1, 1914, Lord Frederick Lugard, the governor of both the Northern Nigeria Protectorate and the Colony and Protectorate of Southern Nigeria, signed a document consolidating the two, thereby creating the Colony and Protectorate of Nigeria. Forty-six years later in 1960, Nigeria became an independent state.
Who named the country Nigeria?
The name Nigeria was taken from the Niger River running through the country. This name was coined on January 8, 1897, by British journalist Flora Shaw, who later married Lord Lugard, a British colonial administrator.
Why is a merger important?
A merger occurs when two firms join together to form one. The new firm will have an increased market share, which helps the firm gain economies of scale and become more profitable. The merger will also reduce competition and could lead to higher prices for consumers.
What are the reasons for acquisition?
Why Make an Acquisition? Companies acquire other companies for various reasons. They may seek economies of scale, diversification, greater market share, increased synergy, cost reductions, or new niche offerings. Other reasons for acquisitions include those listed below.
Who sold Nigeria to British?
The Royal Niger Company sold its territory (Nigeria) to the British government for £865,000. In 1914, the Southern protectorate and Northern protectorate were amalgamated by Lord Lugard. Royal Niger Company changed its name to The Niger Company Ltd.
What are 3 reasons for colonization?
Historians generally recognize three motives for European exploration and colonization in the New World: God, gold, and glory.
How did Britain buy Nigeria?
Following the revoking of its charter, the the Royal Niger Company sold its holdings to the British government for £865,000 (£46,407,250 today). That amount, £46,407,250 (NGN12,550,427,783.81 at today’s exchange rate) was effectively the price Britain paid, to buy the territory which was to become known as Nigeria.
Why was Nigeria Amalgamated 1914?
The unification was done for economic reasons rather than political—Northern Nigeria Protectorate had a budget deficit; and the colonial administration sought to use the budget surpluses in Southern Nigeria to offset this deficit.
Why do Igbo hate Yoruba?
If you were Hausa/Igbo you’d be wondering why there’s so much hatred towards Yorubas. It comes from ignorance and jealousy at Igbo ambition and prosperity. … Igbos also want to form their own nation but Nigeria is too scared to let them because they own so many businesses and have so many educated people.
What was Nigeria called before independence?
The entire territory of the Royal Niger Company came into the hands of the British government. On 1 January 1900, the British Empire created the Southern Nigeria Protectorate and the Northern Nigeria Protectorate. In 1914, the area was formally united as the Colony and Protectorate of Nigeria.
Is Nigeria still the giant of Africa?
Nigeria, Africa’s most populous country, is appropriately nicknamed the “Giant of Africa.” But a big population can mean big problems, including human trafficking, being ranked the 8th worst country internationally, and 67 percent of the population living in poverty.
What was the first name given to Nigeria?
The former name for Nigeria was the Royal Niger Company Territories. It does not sound like a country name at all! The name Nigeria was replaced and preserved up until today. Still, it was not a name for a nation, but merely a name of the territory.
What are Nigerians known for?
Welcome to Nigeria
Nigeria is the most populous black nation on Earth. It is home to the second largest film industry on the globe whilst also being the fashion, technological and creative hub in Africa. Nigerians are known for their vibrant and friendly energy expressed through diverse creative expressions.