Nigeria's Economic Reforms

Nigeria's Economic Reforms
Author: Ngozi Okonjo-Iweala
Publisher:
Total Pages: 28
Release: 2007-06-01
Genre: Nigeria
ISBN: 9780979037658

"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.

Economic Reforms and Modernization in Nigeria, 1945-1965

Economic Reforms and Modernization in Nigeria, 1945-1965
Author: Toyin Falola
Publisher: Kent State University Press
Total Pages: 294
Release: 2004
Genre: Business & Economics
ISBN: 9780873388016

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.

Reforming the Unreformable

Reforming the Unreformable
Author: Ngozi Okonjo-Iweala
Publisher: MIT Press
Total Pages: 211
Release: 2014-08-29
Genre: Business & Economics
ISBN: 0262526875

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.

Economic Diversification in Nigeria

Economic Diversification in Nigeria
Author: Zainab Usman
Publisher: Zed Books
Total Pages: 0
Release: 2023-12-28
Genre: Business & Economics
ISBN: 1786993953

Nigeria has for long been regarded as the poster child for the 'curse' of oil wealth. Yet despite this, Nigeria achieved strong economic growth for over a decade in the 21st century, driven largely by policy reforms in non-oil sectors. This open access book argues that Nigeria's major development challenge is not the 'oil curse', but rather one of achieving economic diversification beyond oil, subsistence agriculture, informal activities, and across its subnational entities. Through analysis drawing on economic data, policy documents, and interviews, Usman argues that Nigeria's challenge of economic diversification is situated within the political setting of an unstable distribution of power among individual, group, and institutional actors. Since the turn of the century, policymaking by successive Nigerian governments has, despite superficial partisan differences, been oriented towards short-term crisis management of macroeconomic stabilization, restoring growth and selective public sector reforms. To diversify Nigeria's economy, this book argues that successive governments must reorient towards a consistent focus on pro-productivity and pro-poor policies, alongside comprehensive civil service and security sector overhaul. These policy priorities, Nigeria's ruling elites are belatedly acknowledging, are crucial to achieving economic transformation; a policy shift that requires a confrontation with the roots of perpetual political crisis, and an attempt to stabilize the balance of power towards equity and inclusion. The eBook editions of this book are available open access under a CC BY-NC-ND 4.0 licence on bloomsburycollections.com. Open access was funded by The Carnegie Endowment for International Peace.

An Assessment of the Investment Climate in Nigeria

An Assessment of the Investment Climate in Nigeria
Author: Giuseppe Iarossi
Publisher: World Bank Publications
Total Pages: 146
Release: 2009
Genre: Business & Economics
ISBN: 0821378112

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.

Structural Reforms and Economic Performance in Advanced and Developing Countries

Structural Reforms and Economic Performance in Advanced and Developing Countries
Author: Mr.Jonathan David Ostry
Publisher: International Monetary Fund
Total Pages: 62
Release: 2009-10-15
Genre: Business & Economics
ISBN: 1589068181

This volume examines the impact on economic performance of structural policies-policies that increase the role of market forces and competition in the economy, while maintaining appropriate regulatory frameworks. The results reflect a new dataset covering reforms of domestic product markets, international trade, the domestic financial sector, and the external capital account, in 91 developed and developing countries. Among the key results of this study, the authors find that real and financial reforms (and, in particular, domestic financial liberalization, trade liberalization, and agricultural liberalization) boost income growth. However, growth effects differ significantly across alternative reform sequencing strategies: a trade-before-capital-account strategy achieves better outcomes than the reverse, or even than a "big bang"; also, liberalizing the domestic financial sector together with the external capital account is growth-enhancing, provided the economy is relatively open to international trade. Finally, relatively liberalized domestic financial sectors enhance the economy's resilience, reducing output costs from adverse terms-of-trade and interest-rate shocks; increased credit availability is one of the key mechanisms.

Economic Policy Reforms 2018

Economic Policy Reforms 2018
Author: Collectif
Publisher: OECD
Total Pages: 109
Release: 2018-03-19
Genre: Business & Economics
ISBN: 9264298657

Going for Growth is the OECD’s regular report on structural reforms in policy areas that have been identified as priorities to boost incomes in OECD and selected non-OECD countries (Argentina, Brazil, the People's Republic of China, Colombia, Costa Rica, India, Indonesia, Lithuania, the Russian Federation and South Africa). Policy priorities are updated every two years and presented in a full report, which includes individual country notes with detailed policy recommendations to address the priorities as well as a follow-up on actions taken. The next full report will be published in 2019. The interim report takes stock of the actions taken by governments over the past year in the policy areas identified as priorities for growth. This stocktaking is supported by internationally comparable indicators that enable countries to assess their economic performance and structural policies in a wide range of areas.

Multinationals, the State and Control of the Nigerian Economy

Multinationals, the State and Control of the Nigerian Economy
Author: Thomas J. Biersteker
Publisher: Princeton University Press
Total Pages: 366
Release: 2014-07-14
Genre: Business & Economics
ISBN: 140085850X

Thomas Biersteker evaluates the sources of Third World economic nationalism and assesses the significance of the changes that have taken place between North and South since the early 1970s. Neo-classical and neo-Marxist approaches to international and comparative political economy are explored to develop methods and select criteria for the assessment of major change. Originally published in 1987. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Economic Policy Reforms 2021 Going for Growth: Shaping a Vibrant Recovery

Economic Policy Reforms 2021 Going for Growth: Shaping a Vibrant Recovery
Author: OECD
Publisher: OECD Publishing
Total Pages: 247
Release: 2021-04-14
Genre:
ISBN: 9264911375

Going for Growth 2021 identifies country-specific structural policy priorities for the recovery across OECD and key non-member countries (Argentina, Brazil, The People’s Republic of China, Costa Rica, India, Indonesia and South Africa). It frames the main policy challenges of the current juncture along three main areas: building resilience; facilitating reallocation and boosting productivity growth for all; and supporting people in transition.