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A Review of Recent Economic Management in Nigeria

A Review of Recent Economic Management in Nigeria

 

Abstract: Against the backdrop of several development challenges and policy goals, various development strategies and policies have been formulated and implemented in Nigeria since the return to democratic governance in 1999. In the light of this, this paper reviews the economic management experiences in the country from the commencement of the present democratic dispensation till towards the end of the twentieth century. Key
economic management strategies and initiatives are reviewed along with their outcomes for the economy. The review finds that against the backdrop of the poor macroeconomic performance of the economy in the 1980s and 1990s, with average GDP growth rates of 1.95 and 2.87 per cent respectively, the Nigerian economy achieved marked improvement in GDP growth and some other macroeconomic variables in the 2000s, thus suggesting a positive impact of the various economic management strategies and policies. But per capita income is still low, and the realized growth rates are very much below the economy's potential and the expected double digit growth that would make a significant dent on poverty. The structure of output is still dominated by primary production while social indicators and infrastructure are not inspiring. Based on the trends observed, Nigeria would not achieve most of the MDGs by 2015.

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