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"Following years of economic stagnation, Nigeria embarked on a comprehensive reform program during the second term of the Obasanjo administration. The program was based on the National Economic Empowerment and Development Strategy (NEEDS) and focused on four main areas: improving the macroeconomic environment, pursuing structural reforms, strengthening public expenditure management, and implementing institutional and governance reforms. This paper reviews Nigeria's recent experience with economic reforms and outlines major policy measures that have been implemented. Although there have been notable achievements under the program, significant challenges exist, particularly in translating the benefits of reforms into welfare improvements for citizens, in improving the domestic business environment, and in extending reform policies to states and local governments." The authors argue that the reform program must be considered as 'initial steps on a long journey'; consequently, they have outlined a number of outstanding issues that need to be addressed by future Nigerian administrations.
This book examines the politics and economics of infrastructure development in Nigeria from Independence in 1960 up to 2015, and the role of good governance in promoting the socioeconomic wellbeing of citizens. Arguing for the need for transformational leadership in infrastructure development, the chapters examine policy issues and survey the various administrative, economic, and social-political reforms that have impacted infrastructure development in Nigeria. The author also discusses current national development plans and Vision 20:2020; challenges to infrastructure development, including corruption; and the future potential of a strong infrastructure network for the economy and citizens. Drawing upon his experience within government departments, as well as existing models of leadership and governance, the author explores the role of infrastructure development in promoting the wellbeing and growth of Nigeria. Combining theory with practical examples of good governance, this book will be of interest for students and researchers of political science and infrastructure development in Africa.
Created as a result of British colonialism, Nigeria emerged as a nation-state during the mid-20th century. Toyin Falola presents statistical data on Nigeria's economy that illustrate the nature of the changes made throughout the mid-20th century.
This title was first published in 2000: Economic development has become one of the popular public policies in many developing and economic-transforming countries for the past few decades. Public policy makers and researchers have recognized that an effective administrative system is critical to the success of economic development and administrative reform is necessary to promote economic development. This book studies economic development policy by focusing on the relationship between administrative reform and economic development.
If not addressed in time, climate change is expected to exacerbate Nigeria’s current vulnerability to weather swings and limit its ability to achieve and sustain the objectives of Vision 20:2020 [as defined in http://www.npc.gov.ng /home/doc.aspx?mCatID=68253]. The likely impacts include: • A long-term reduction in crop yields of 20–30 percent • Declining productivity of livestock, with adverse consequences on livelihoods • Increase in food imports (up to 40 percent for rice long term) • Worsening prospects for food security, particularly in the north and the southwest • A long-term decline in GDP of up to 4.5 percent The impacts may be worse if the economy diversifies away from agriculture more slowly than Vision 20:2020 anticipates, or if there is too little irrigation to counter the effects of rising temperatures on rain-fed yields. Equally important, investment decisions made on the basis of historical climate may be wrong: projects ignoring climate change might be either under- or over-designed, with losses (in terms of excess capital costs or foregone revenues) of 20–40 percent of initial capital in the case of irrigation or hydropower. Fortunately, there is a range of technological and management options that make sense, both to better handle current climate variability and to build resilience against a harsher climate: • By 2020 sustainable land management practices applied to 1 million hectares can offset most of the expected shorter-term yield decline; gradual extension of these practices to 50 percent of cropland, possibly combined with extra irrigation, can also counter-balance longer-term climate change impacts. • Climate-smart planning and design of irrigation and hydropower can more than halve the risks and related costs of making the wrong investment decision. The Federal Government could consider 10 short-term priority responses to build resilience to both current climate variability and future change through actions to improve climate governance across sectors, research and extension in agriculture, hydro-meteorological systems; integration of climate factors into the design of irrigation and hydropower projects, and mainstreaming climate concerns into priority programs, such as the Agriculture Transformation Agenda.
This Poverty Reduction Strategy Paper for Nigeria highlights the National Economic Empowerment and Development Strategy (NEEDS). NEEDS gives special support to agriculture, industry, small and medium-scale enterprises, and oil and gas. Under the plan, the government will seek long-term capital for investment. Trade policy will be modified to unburden business of the red tape and complex procedures that hinder it from flourishing. NEEDS envisages forging stronger links between educational institutions and industry to stimulate rapid industrial growth and efficient exploitation of resources.
A report on development economics in action, by a crucial player in Nigeria's recent reforms. Corrupt, mismanaged, and seemingly hopeless: that's how the international community viewed Nigeria in the early 2000s. Then Nigeria implemented a sweeping set of economic and political changes and began to reform the unreformable. This book tells the story of how a dedicated and politically committed team of reformers set out to fix a series of broken institutions, and in the process repositioned Nigeria's economy in ways that helped create a more diversified springboard for steadier long-term growth. The author, Harvard- and MIT-trained economist Ngozi Okonjo-Iweala, currently Nigeria's Coordinating Minister for the Economy and Minister of Finance and formerly Managing Director of the World Bank, played a crucial part in her country's economic reforms. In Nigeria's Debt Management Office, and later as Minister of Finance, she spearheaded negotiations with the Paris Club that led to the wiping out of $30 billion of Nigeria's external debt, 60 percent of which was outright cancellation. Reforming the Unreformable offers an insider's view of those debt negotiations; it also details the fight against corruption and the struggle to implement a series of macroeconomic and structural reforms. This story of development economics in action, written from the front lines of economic reform in Africa, offers a unique perspective on the complex and uncertain global economic environment.
This book sheds light on some of the most important policy issues required to put Nigeria on a higher growth path. It highlights the challenges that Nigeria's businesses face today and what government can do to overcome such obstacles.