Aspects of Economic Reforms in the Nigerian Fourth Republic

5141 WordsNov 13, 201021 Pages
ASPECTS OF ECONOMIC REFORMS IN THE NIGERIAN FOURTH REPUBLIC BY ADEBAYO, A. ADEKUNLE E-mail : mayowa2000ng@yahoo.com & YUSUF M.0 (MRS) DEPARTMENT OF ECONOMICS MICHAEL OTEDOLA COLLEGE OF PRIMARY EDUCATION, NOFORIJA, P.M.B. 1028, EPE, LAGOS STATE, NIGERIA. ASPECTS OF ECONOMIC REFORMS IN THE NIGERIAN FOURTH REPUBLIC ABSTRACT In Nigeria, the return to democratic rule in 1999 led to a myriad of programmes and strategies that were aimed at refocusing the face of the economy so as to resolve the difficulties which years of military rule had placed on it. This reform was, conceptualized principally in the form of a medium term development strategy called the National Economic…show more content…
The goals were four viz, poverty reduction, wealth creation, employment generation and value re-orientation. Its main strategies were public sector reforms; privatization/liberalization; transparency, accountability, efficiency, waste reduction and service delivery in governance; anti-corruption; infrastructure development in key sectors; coherent and consistent trade policy; explicit sectoral strategies for agriculture and SMEs; social charter for human development in education, health, housing, employment and youth development; gender and geo-political balance adjustment; safety nets such as pension reform; etc (Nigerian Economic Society, 2004: 8 -11). The key feature of the programme was the promotion of the private sector as the engine for economic growth in terms of wealth creation, employment generation and poverty reduction while government acts as a facilitator / regulator, and the re-orientation of people towards hard work / efficiency, transparency and accountability and selfless service to the nation. NEEDS proposed a 5% - 7% growth in GDP within 3 years, 5% reduction in poverty rate per year between 2003 and 3007, single digit inflation, 70% capacity utilization and increase in power generation from 6000 megawatts to 10000 megawatts. As a development policy document, NEEDS was commended by many. The document is all embracing. It gave consideration to the vital policy areas of the national life and is multi-sectoral

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