STRATEGY OF DEVELOPING AGRICULTURAL AND OTHER SECTORS OF THE NIGERIAN ECONOMY

• Main Author: Kenneth Chebawaza Baba
• Format: Article
• Language: English
• Published: Russian Journal of Agricultural and Socio-Economic Sciences 2013-09-01
• Series: Russian Journal of Agricultural and Socio-Economic Sciences
• Subjects: Agriculture; Economy; Oil sector strategy; Nigeria; Policy
• Online Access: http://www.rjoas.com/issue-2013-09/article_01.pdf

Nigeria as a nation has made progress with economic reforms that are delivering strong economic fundamentals. The macroeconomic policies undertaken by the government to strengthened financial institutions is slow and uneven, is undertaking reforms to transform the economy structurally. The reform has been supported by revenue from high oil prices, has led to significantly improved macroeconomic outcomes, including weaker inflation and strong GDP growth. Real GDP growth rose from 7.0% in 2009 to an estimated 8.1% in 2010 and further rise in the future. Not considering the pro developments and improvement of the Nigerian economy, the economy is still confronted by many serious con challenges. Structural imbalance and lack of diversification, infrastructure, lack of strategic management and enforcement of policies, instability of power supply - with the economy excessively dependent on oil - is preventing the domestic economy from reaching its climax. High youth unemployment, poor infrastructure facilities and widespread insecurity are the key challenges the government will have to take on.