Monday, April 15, 2019

Economic Growth in Nigeria Essay Example for Free

economical Growth in Nigeria EssayThe agriculture sector was the focus of intense development interest during the 1990s, with food self-sufficiency the goal. In 1990, agriculture was the subject of a separate three-year development plan involving public and confidential spending targets concentrating on the family farmer. The programincluded price stabilization plans and schemes to revitalize the palm oil, cocoa, and rubber subsectors. The untaught growth Projects continued through the decade, but implementation of goals was difficult. The country still imports most of its wheat from the linked States. An integrated petrochemical industry was also a priority. Using the output of the nations refineries, Nigeria produced benzene, carbon black, and polypropylene. The development of liquid rude(a) gas facilities was expected to lead to the production of methanol, fertilizer, and domestic gas. Nigerias refineries operated at less than optimal rates end-to-end the 1990s.In the manufacturing sector, the government was backing a policy of local sourcing whereby locally produced raw materials were converted into immaculate products. By 1999, manufacturing accounted for less than 1% of gross domestic product (GDP).By the beginning of the 2000s, the government was much concerned about halting corruption and reigning in the state budget than economic development. Nevertheless, the Niger Delta Development Commission (NDDC) was created to coordinate economic and social development in the oil-producing region.Nigerias foreign debt stood at around $28.5 zillion in 2001, a large portion of which was interest and payment arrears. The Obasanjo administration in the early 2000s was documentation private-sector-led, market-oriented economic growth, and had begun economic reform programs. Privatization of state-owned enterprises continued. A Stand-By Arrangement with the International Monetary Fund (IMF), approved in 2000, lapsed in 2001 as the governments economic r eform program went off track. There were indications a hot IMF program for the country would be negotiated in 200304.Read more http//

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