Nigeria - Macro-economic policies for structural change
Scott Wilson Kirkpatrick & Co. Ltd. / | Associated Consulting Engineers | ARCADIS Euroconsult, the Netherlands | MakerereUniversity Institute of | Environmental and Natural Resources, Uganda | Roughton International / U-Group Consult
The crucial issue facing Nigeria today is the stimulation of the commodity producing sectors which have been put at a distinct disadvantage vis-a-vis the non-traded sectors as a result of the oil syndrome. Although the policy measures of the April 1982 Package are needed to restore financial stability, more vigorous and consistent policies are required for structural change. The requirements include: (i) development of efficient export and import substitution sectors, particularly agriculture and industry, through an appropriate incentive structure including appropriate exchange rate and tariff policies; (ii) complementary steps to strengthen the balance of payments through judicious management of foreign borrowing and external reserves; (iii) continued control of aggregate demand through public expenditure policies while restructuring the composition of public investment and increasing the domestic resource base of public revenues; and (iv) a more flexible use of monetary and interest rate policies to stimulate the productive sectors.
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