Nigerias Economic Reforms

Covers the period from 2003-2006.

"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.

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.

First Published in 1985. In the early morning hours of 31 December 1984, the Nigerian military once again removed an elected head of state. A coup carried out by senior military officers ended the Second Republic which had been ushered in by elections at the end of 1979. Political Conflict and Economic Change in Nigeria is based on articles and essays written between 1978 and 1983.

The central thesis of this book challenges the view that Nigeria's economic and politcal crises are functions of a self-imposed paralytic political framework; rather they stem from unfavourably fashioned economic reforms. By extension, the military quashing of the 1998 elections was not the cause, but the trigger of the ensuing political crisis, which was rooted in externally imposed economic strategies. This is supported by a review of official data from the World Bank, and the IMF's interventions and structural adjustment during the period. The conclusions are intended to inform policy-makers and professionals in the search for more focused economic strategies. Futher, the findings can be extrapolated to better inform other structurally adjusted African countries.