Structural Reform in Nigeria

Structural Reform in Nigeria had been adopted as a part of the economic reform. Previously Nigeria was an agriculture based economy, but after independence in 1960, the oil business had been booming. Based on the oil business the Nigerian economy was growing rapidly. In the 1980s, the price of oil decreases sharply which abstained Nigeria’s economic growth.
So the government of Nigeria introduced structural reform in this country. Nigeria got the support from World Bank through an export diversification loan.

Reasons Behind Reform
The agriculture sector had been neglected by the government for a long time due to the high rise in the oil business.
Revenues from the oil export business decreased rapidly, so the government had to pay its attention on the development of the other sectors.
Fiscal crisis, debt crisis, low foreign exchange, high rate of unemployment were some of the problems from which the Nigerian economy was suffering.
Objectives of the Reform:

The aim of the government was to:
Achieve payment balance viability and fiscal stability over a long term,
Secure a non-inflationary economic growth,
Minimize the oil dependency.
Reform Process:
The Nigerian government introduced a Structural Adjustment Program (SAP) to initiate the reform process. It also revised the demand management policies and set a Second Tier Foreign Exchange Market (SFEM) for realistic exchange of rates.
The government took some measures to increase the domestic production. Several measures were taken to expand the supply base of the country’s economy as well.
The government of Nigeria eliminated the price controls and so was the case for the commodity boards.
In order to provide industrial diversification the government restructured the taxes and tariffs and decontrolled the interest rates.
Reform in the public sector enterprises had been introduced to rebuild their administrative structure.
Lot of stress had been given by the government on the human resource development.

 

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Last Updated on : 26th June 2013

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