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Nigeria no doubt has enjoyed fast economic growth over the past decade but, compared with other large oil exporters and many other African countries, it has experienced little economic transformation and has seen low-quality growth. Now, with oil prices down significantly, and weak growth, new areas of economic growth need to be identified. Business-as-usual will not safeguard productive jobs for the future and will not reduce poverty significantly. This is a cul-de-sac. Promoting quality growth and economic transformation is crucial. But how can this be done? This paper addresses that question, drawing on a combination of economic analysis, to identify potential areas for action, and political-economy assessment, to clarify the conditions under which such action may be able to succeed. We draw on relevant international experience, especially from large countries that have managed to transform the structure of their economies, as well as on the record of economic policy reform in Nigeria to date.
This is an excerpt from:A detailed report recently published by Supporting Economic Transformation Programme which gives a great analysis on Nigeria’s economic potentials,the challenges at the moment and how best to navigate through the times.It is a report for DFID Nigeria and put together by Dirk Willem te Velde (ODI, Director of the Supporting Economic Transformation Programme,) David Booth (ODI), Danny Leipziger (Managing Director of the Growth Dialogue) and Ebere Uneze (formerly Executive Director, CSEA).