Nigeria: Experience with Structural Adjustment

Occasional Papers, April 4, 1997

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Nigeria: Experience with Structural Adjustment

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Bibliographic details

• Published: April 4, 1997
• Series: Occasional Papers
• DOI: https://doi.org/10.5089/9781557756305.084

Summary and principal conclusion

• Over the past two decades, Nigeria has not reaped fully the benefits of its national wealth despite its efforts at structural adjustment.
• The paper concludes that the facts do not justify the negative image that structural adjustment has had in Nigeria.
• Vigorous market reforms and tight financial policies had resulted in economic growth and employment expansion, but they were abandoned too soon to have sustained benefits.

Findings and policy-relevant observations

• Vigorous market reforms and tight financial policies were associated with:
  • Economic growth.
  • Employment expansion.
• The premature abandonment of those reforms interrupted the realization of sustained benefits.
• The paper characterizes the prevailing public perception of structural adjustment in Nigeria as negative but finds that the empirical facts do not support that negative image.

Subject coverage and keywords

• Subject: Agricultural commodities, Commodities, Demand for money, Exchange rates, Expenditure, Exports, Foreign exchange, Inflation, International trade, Prices, Public investment spending
• Keywords: Agricultural commodities, demand equation, economy, Exchange rates, expansionary fiscal policy stance, Exports, Inflation, oil economy, OP, Public investment spending, reform effort, savings-investment balance, Sub-Saharan Africa, U.S. dollar, West Africa