In the chapters of this book which was first published in 1999, an attempt has been made to examine several aspects of the Nigerian banking and financial systems, capital market, economic development planning, budget and fiscal policy as well as the role of private sector in development. 32 chapters are included in seven parts which are entitled: The Way Forward; Planning and Economic Development; The Private Sector in Development; Issues on Budget and Fiscal Policy; The Nigerian Financial System; The Nigerian Banking System; and The Nigerian Capital Market.
The inadequacies of many past studies that have tried to highlight the causes of the persistent underdevelopment in developing countries—such as Nigeria—have been noted to derive mainly from the focus and, in some cases, the methodologies adopted by the researchers. It has been suggested that, although many researchers recognize the inability to reproduce sufficient profit as undermining the capitalist accumulation process (and as a result the development of an economy), they have nevertheless often tended to ignore the importance of the political-economic arrangement and historical factors in the formation of expectations about the rate of profit. Indeed, in some cases, they have failed to provide a substantive account of these critical variables. This book highlights how the inherent contradictions of the contemporary political-economic arrangement and some historical factors undermined the peculiar capital accumulation processes in Nigeria, which, in turn, has slowed economic development in the country. This book contributes to the field of Nigeria studies by filling gaps that exist in both theoretical and empirical literature on growth and development in the country, deviating from the orthodox approach of analysing the nation’s problems purely based on the factors internal to the country and by imposing ready-made theoretical logics on history. Rather, it studies Nigeria’s problems in juxtaposition with the world system and imposes historical evidence on theoretical logics. This book represents a good resource for both undergraduate and postgraduate courses on area studies. Researchers and policy-makers will also find it useful as a reference.
Nigeria has experienced significant economic progress since publication in 1999 of the first edition of Perspectives on Nigerian Economic Development. Two main drivers of this progress have been the beneficial return to democratic rule and the implementation of key economic reforms, particularly in pursuing external debt relief, implementing excess crude account to stabilize revenue volatility, introducing contributory pension schemes and taking steps to privatize key sectors such as telecommunications. This volume is focused on issues relating to good political and corporate governance and national development; budget and fiscal policy; the Nigerian financial and capital markets and banking. Part one deals with the issues of globalisation and how Nigeria can play in the emergent environment. Part two (Managing the Nigerian Economy), Part three (Strengthening the Nigerian Banking Sector and Part Four (Entrepreneurship and Corporate Governance) proffers ways and means of handling these intertwined aspects of national challenges. The final part - Key Sector Issues deals with three vital areas - Education, Transportation, and Oil and Gas.
Our Continent, Our Future presents the emerging African perspective on this complex issue. The authors use as background their own extensive experience and a collection of 30 individual studies, 25 of which were from African economists, to summarize this African perspective and articulate a path for the future. They underscore the need to be sensitive to each country's unique history and current condition. They argue for a broader policy agenda and for a much more active role for the state within what is largely a market economy. Finally, they stress that Africa must, and can, compete in an increasingly globalized world and, perhaps most importantly, that Africans must assume the leading role in defining the continent's development agenda.
This book maps the process and political economy of policy making in Africa. It's focus on trade and industrial policy makes it unique and it will appeal to students and academics in economics, political economy, political science and African studies. Detailed case studies help the reader to understand how the process and motivation behind policy decisions can vary from country to country depending on the form of government, ethnicity and nationality and other social factors.
This book examines the problem of accountability in two African political systems, South Africa and Nigeria. Despite the principle of separation of powers and the doctrine of checks and balances among the institutions of governance, a burgeoning governance crisis stifles the potential of accountability and good governance. Legislative oversight in the two countries remains largely ineffective while citizens are left to face the consequences of the mismanagement of public resources by political elites. This book critically assesses how the legislative institutions in South Africa and Nigeria have been unable to harness the requisite constitutional powers to ensure accountability in government and explores the feasibility of their effectiveness. The book begins with a comparative analysis of the principles, tradition, and powers associated with legislative capability in South Africa and Nigeria. The chapters explore constitutional provisions and analyze the capacity of each legislature to function within its respective political environment. The book also examines the process and challenges associated with the various measures and mechanisms available for legislatures to ensure accountability in the two countries. Researchers, scholars and students of African politics will find this book useful in their understanding of the problems associated with the simmering governance crisis in South Africa and Nigeria.
Discover Nigeria, Africa's most populous country, in this thematic encyclopedia that covers everything from geography and economics to etiquette and pop culture. Part of Bloomsbury's Understanding Modern Nations series, this volume takes readers on a tour of contemporary Nigeria, helping them better understand the country and the many cultures, religions, and ethnicities that call it home. Chapters are organized thematically, examining a variety of topics, including geography, history, government, economics, religion, ethnic and social groups, gender, education, language, etiquette, food, literature and the arts, and pop culture. Each chapter begins with an overview essay, followed by a selection of encyclopedic entries that provide a more nuanced look at that facet of modern Nigeria. The main text is supplemented with sidebars that highlight additional high-interest topics. A collection of appendices rounds out the volume, offering short vignettes of daily life in the country, a glossary of key terms, statistical data, and a list of state holidays. Once a pawn of British colonialism, today Nigeria is a sovereign nation and key player on the world stage. Its vast oil resources have made it an international powerhouse and the wealthiest country on the African continent, yet political unrest and corruption, and ethnic and religious violence continue to threaten this prosperity. Nigeria is equally rich culturally, a nation where time-honored traditions mix with contemporary influences. Explore the diversity of modern Nigeria in this concise and accessible volume.
A report on development economics in action, by a crucial player in Nigeria's recent reforms. Corrupt, mismanaged, and seemingly hopeless: that's how the international community viewed Nigeria in the early 2000s. Then Nigeria implemented a sweeping set of economic and political changes and began to reform the unreformable. This book tells the story of how a dedicated and politically committed team of reformers set out to fix a series of broken institutions, and in the process repositioned Nigeria's economy in ways that helped create a more diversified springboard for steadier long-term growth. The author, Harvard- and MIT-trained economist Ngozi Okonjo-Iweala, currently Nigeria's Coordinating Minister for the Economy and Minister of Finance and formerly Managing Director of the World Bank, played a crucial part in her country's economic reforms. In Nigeria's Debt Management Office, and later as Minister of Finance, she spearheaded negotiations with the Paris Club that led to the wiping out of $30 billion of Nigeria's external debt, 60 percent of which was outright cancellation. Reforming the Unreformable offers an insider's view of those debt negotiations; it also details the fight against corruption and the struggle to implement a series of macroeconomic and structural reforms. This story of development economics in action, written from the front lines of economic reform in Africa, offers a unique perspective on the complex and uncertain global economic environment.
Despite being Africa’s largest economy and most populous country, with abundant natural resources, Nigeria still faces substantial development challenges. This book argues that corruption lies at the heart of many of the country’s problems. Drawing on a range of different disciplinary perspectives, this volume explores the relationship between corruption and development, investigating the causes, contexts, and consequences of corruption, and the pathways for addressing it. As well as covering the wider background and theory surrounding corruption in the country, the book will investigate different sectors: the media, the judiciary, the health sector, industry, the criminal justice system, and of course politics and governance. The book concludes by considering attitudes and perceptions to corruption within Nigeria, current approaches to countering corruption, and future pathways to addressing the problem. This book’s critical investigation of the links between corruption and development in Nigeria will be of interest to researchers of corruption, development and African Studies, as well as to policy makers, practitioners, and local stakeholders.
