Structural Adjustment Programs: the Impact on Nigerians
Structural Adjustment Programs: The Impact on Nigerians
Abstract
Word Count: 8,590
Nigeria’s economy for many decades thrived under agricultural exports until the government shifted its focus to crude oil exports. The repercussion of abandoning this sector was later felt in the early 1980s when the world crude oil prices fell and the production quota of Nigeria to the Organization of the Petroleum Exporting Countries (OPEC) dipped. This made the government incur debts which led to balance of payment crisis in the global market that could only be offset with immediate economic reforms. The fiscal burden led the Babangida Administration in 1986 to acquire the International Monetary Fund (IMF) Loan which came with conditional economic policies known as Structural Adjustment Programs (SAPs), targeted at resuscitating ailing economies. The conditions required the state to privatize its enterprises, liberalize its economy and devalue its currency. The implementation of these economic policies made a significant impact on citizens. SAPs have been widely controversial especially among developing states but this research will seek to examine its impact on Nigerians. The resources for this research will be collected from books, journals and other relevant publications.
Chapter One
1. Introduction
1.1 Statement of Research Problem
Despite the ambitious objectives of Structural Adjustment Programs to provide relief, the stringent economic policies made a significant impact on the livelihood of Nigerians. For instance, the removal of oil subsidies discouraged local production because the local industries could not afford to sustain production due to the rise in prices of lubricants, diesel, heavy duty oil and fuel; this also affected the cost of transportation, which translated to the rise in food prices. The commercialization of Schools produced a lot of drop – outs because they cannot afford fees, the commercialization of hospitals increased death rate
Abstract
Word Count: 8,590
Nigeria’s economy for many decades thrived under agricultural exports until the government shifted its focus to crude oil exports. The repercussion of abandoning this sector was later felt in the early 1980s when the world crude oil prices fell and the production quota of Nigeria to the Organization of the Petroleum Exporting Countries (OPEC) dipped. This made the government incur debts which led to balance of payment crisis in the global market that could only be offset with immediate economic reforms. The fiscal burden led the Babangida Administration in 1986 to acquire the International Monetary Fund (IMF) Loan which came with conditional economic policies known as Structural Adjustment Programs (SAPs), targeted at resuscitating ailing economies. The conditions required the state to privatize its enterprises, liberalize its economy and devalue its currency. The implementation of these economic policies made a significant impact on citizens. SAPs have been widely controversial especially among developing states but this research will seek to examine its impact on Nigerians. The resources for this research will be collected from books, journals and other relevant publications.
Chapter One
1. Introduction
1.1 Statement of Research Problem
Despite the ambitious objectives of Structural Adjustment Programs to provide relief, the stringent economic policies made a significant impact on the livelihood of Nigerians. For instance, the removal of oil subsidies discouraged local production because the local industries could not afford to sustain production due to the rise in prices of lubricants, diesel, heavy duty oil and fuel; this also affected the cost of transportation, which translated to the rise in food prices. The commercialization of Schools produced a lot of drop – outs because they cannot afford fees, the commercialization of hospitals increased death rate
Bibliography: Adamolekun, Kincaid. (1991). Federalism in Nigeria: Toward Federal Democracy. The Federal Solution: Assessment and Prognosis for Nigeria and Africa , 21 (4), 187. Adamolekun, Kincaid. (2002). Productivity, Market Structure and Trade Liberalization in Nigeria. The African Economic Research Consortium , 17 (4), 4. Adenikinju, Chete. (2002). Productivity, Market Structure and Trade Liberalization in Nigeria. The African Economic Research Consortium , 3 (9), 4. Ariyo, Jerome. (2004). Utility, Privatization and the Poor: Nigeria in Focus. Global Issues Papers , 2 (9), 3. Barbato, P. (1985). The Multinational Corporation in the Less Developed Country: Economic Development Model versus the North-South Briggs, N. I. (2007). Nigeria: Mainstreaming Trade Policy into National Development Strategies. Economic Commission for Africa, 52(2), 4 - 54. Cooper, C. L., & Cunha, R. C. (2002). Does privatization affect corporate culture and employee wellbeing? Journal of Managerial Psychology, 17(1). De Jonge, A. (2011). Transnational corporations and international law: bringing TNCs out of the accountability vacuum. critical perspectives on international business, 7(1), pp. 66 - 89. Ezeala-Harrison, F. (1993). Structural Re-Adjustment in Nigeria. American Journal of Economics and Sociology , 52 (2), 193-208. Giles, M. (1996). SAPs and Development in West Africa. Geographical Association , 81 (4), 364. González-Garibay, M. (2011). The trade-labour and trade-environment linkages: together or apart? Journal of International Trade Law and Policy, 10(2), pp. 165 - 184. Hardin, Russell. (1982). Exchange Theory on Strategic Bases. Social Sciences Information , 21 (2), 8. Levi-Faur, D., & Bachar, Z. R. (2011). Corporate regulatory strategies in context: Telecoms and electricity reforms and the new order of regulatory capitalism. International Journal of Organizational Analysis, 19(3), pp. 235 - 255. Luqmani, M., & Quraeshi, Z. (2011). Privatizing state-owned enterprises: a model for developing countries. International Journal of Commerce and Management, 21(3), pp. 256 - 272. Monica, D., & Allen, J. (2011). Food and drink – the basic requirements of life. Journal of Adult Protection, pp. 167 - 173. Nir, A. E., & Naphcha, M. (2007). Teachers ' salaries in public education: between myth and fact. International Journal of Educational Management, 21(4), pp. 315 - 328. Nwankwo, S. (2000). Assessing the marketing environment in sub-Saharan Africa: opportunities and threats analysis Marketing Intelligence & Planning. Marketing Intelligence & Planning , pp. 144 - 153. Okpara, J. O. (2011). Factors constraining the growth and survival of SMEs in Nigeria: Implications for poverty alleviation. Management Research Review, 34(2), pp. 156 - 171. Okpara, J. O., & Wynn, P. (2008). The impact of ethical climate on job satisfaction, and commitment in Nigeria: Implications for management development. Journal of Management Development, 27(9), pp. 935 - 950. Otegbulu, A. C. (2011). A Contingent Valuation Model for Assessing Electricity Demand. Journal of Financial Management of Property and Construction, 16(2), pp. 126 - 146. Ozoemenam, M. (1991). Strains and Economic Demand of Structural Adjustment Programme in Nigeria: Some Implications Padriag, Carmody;. (1998). Constructing Alternatives to Structural Adjustment in Africa. Review of African Political Economy , 25 (75), 27. Wu, Y. (2011). Chemical fertilizer use efficiency and its determinants in China 's farming sector: Implications for environmental protection. China Agricultural Economic Review, pp. 117 - 130. Zayyad (1992) Privatization and Commercialization in Nigeria, Competition and Regulation in Infrastructure, p. 204.