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ABSTRACT
The study is a comparative analysis of SAP and NEEDS in economic planning and management in Nigeria. It seeks to understand if there is any relationship between SAD and NEED in economic planning and management and the prospect that NEEDS will succeed were SAP failed. Documentary data sources of textbooks, journals, newspapers and magazines among other secondary sources were used extensively in the study. Anchoring analysis on the depending theory, the study noted that NEEDS is an oil wine in a new wine skin. That is to say that the fundamental assumptions, strategies and principles of SAP are all embedded or rather replicated in NEEDS. The study also revealed that there is no possibility that NEEDS will succeed were SAP failed since external finding, corruption and the lack of recognition of social realities of Nigeria state are the man kinds of NEEDS. Hence, for NEEDS to succeed, good governance and the recognition that economic planning and management is for the poor must be made to be imperative.
CHAPTER ONE
INTRODUCTION
Nigeria, with a population of 120 million, is Africa’s most populous
country and the continent’s third largest economy. Oil dominates the
economy, accounting for about 80 percent of federal government revenues,
and 95 percent of foreign exchange earnings. With a continuously
declining per capita income and comparatively unfavourable social
indicators, Nigeria is one of the poorest oil producing countries, since
its independence in 1960, the country has undergone major political and
economic changes. It
attempted to forge a unified nation out of diverse regional, ethnic, and
religious groups through a federal structure of government, whose
leadership has changed no less than eleven times, mostly through
military coups. During the 1970s, Nigeria evolved from a poor
agricultural economy into a relatively rich, oil-dominated one. In 1969
the oil sector accounted for less than 3 percent of GDP and a modest
US$130; and more than half of GDP was generated in the agricultural
sector. By 1980, the oil sector had come to
account for nearly 30 per cent of GDP, oil exports totaled US$25billion
(96 percent of total exports), and per capital income exceeded US$1,100.
Following the discovery and exploration of oil, the economy
experienced many symptoms of the “Dutch disease”, with the real
effective exchange rate appreciating steadily during the 1970s. The
steady erosion of competitiveness of the non-oil tradable goods sector
was reflected in the substantial decline of agricultural exports, which
began in the mid-1960s, and continued through 1976, when oil production
reached its peak. Notwithstanding the dramatic rise in oil revenue in
the 1970 the Government failed to strengthen public finances. The
excessive expansion of public expenditure, from an average of 13percent
of GDP during 1970-73 to 25 percent in 1974-80, moved the fiscal balance
from a small surplus to a
deficit, averaging 2/2 percent of GDP a year. The monetary financing of
these deficits contributed to a rapid growth in broad money and a sharp
acceleration in inflation. The real effective appreciation of the naira
that followed the surge in oil prices towards the end of 1973 eroded
Nigeria’s competitiveness, and growth of real GDP slowed markedly. A
buoyant oil sector sustained an average external current account surplus
of ½ percent of GDP during this period, while gross international
reserves averaged the equivalent of about seven months of imports. By
1980, the country’s external debt was only US$4.1billion, or 5 percent
of GDP, and the debtservice ratio was a modest 3.7 percent.
The economic policy orientation during the 1970s left the country ill
prepared for the eventual collapse of oil prices in the first half of
the 1980s. Public investment was concentrated in costly, and often
inappropriate, infrastructure projects with questionable rates of return
and sizeable recurrent cost implications, while the agricultural sector
was largely neglected. Nigeria’s industrial policy was inward-looking,
with a heavy emphasis on protection and government controls, which bread
an uncompetitive manufacturing sector. Nonetheless, Nigeria’s economy
has remained dominant in Africa.
To reverse the worsening economic fortunes ill terms of declining
growth, increasing unemployment, galloping inflation, high incidence of
poverty, worsening balance of payment conditions, debilitating debt
burden and increasing sustainable fiscal deficits, among others,
government embarked on austerity measures in 1982. Arising from the
minimal impacts of these measures, an extensive structural adjustment
programme was put in place in 1986 with emphasis on expenditure reducing
and expenditure switching policies as well as using the private sector
as the engine of growth of the economy via commercialization and
privatization of government owned enterprises. Though some benefits were
achieved at the initial stage, such benefits could not trickle down to
the poor. Rather, the incidence of
poverty keeps on increasing. As such, resistance came up from many
stakeholders, particularly the civil society, the labour unions and the
organized private sector. Even the economic reform programmes of the
present democratic government were not spared from this resistance. In
fact, it is increasingly becoming difficult to implement any credible
economic reform programmes given people’s experiences with the previous
ones. In this analysis, two economic policies have been put in place to
ensure the efficiency and effectiveness of economic planning. The
National economic empowerment and development strategy can be regarded
as an economic reform which was put in place to draw Nigeria out of
stagnation and place her among the leading economics in the world. The
faults of NEEDS transcended beyond the national level and also
applicable in the state levels that transit to NEEDS. Further advances
were made during the military junta of General Ibrahim Babangida who
accounted the SAP economic policies into the country. The activities of
SAP are initiative of the economic reformist whose intention is to
subject the control of the economy on private sectors.
Imperative in the policy of SAP is that its orientation of the western
like which negates national approach to the development of the economy.
Finally, in this research, we are entering into the intercourse behind
the planning of an economy and the management of the economy using
certain economy and the management of the economy using certain economic
policies (SAP and NEEDS) is repelling policies i.e. one seek to achieve
certain positive strategies while the other was atavistic in nature
having led to degradation of certain sector. NEEDS in its own components
sought to revamp the economy.
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