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Periodical article | Leiden University catalogue | WorldCat |
Title: | Macroeconomic policy management of Nigeria's external sector in the post-SAP period |
Author: | Iyoha, Milton A. |
Year: | 1996 |
Periodical: | The Nigerian Journal of Economic and Social Studies |
Volume: | 38 |
Issue: | 1 |
Pages: | 1-18 |
Language: | English |
Geographic term: | Nigeria |
Subjects: | economic policy international trade |
Abstract: | Given the importance of international trade and capital flows to the Nigerian economy, effective management of the external sector is a prerequisite for rapid and self-sustained growth of the economy. This article analyses measures, policies and strategies for the effective management of Nigeria's external sector during the post-SAP era. It summarizes the circumstances that brought about the adoption of the SAP in 1986, analyses SAP policies which relate to the external sector, notably exchange rate determination, and assesses their impact on external sector performance up to 1994. The author finds that the SAP has not had any significant impact on diversifying the structure of exports and imports. Nor has it had any significant effect on reducing the nation's extreme dependency on oil exports and the importation of capital goods and raw materials. The balance of payments has been consistently weak and the balance of payments deficits have worsened since 1991. Nor has the external debt situation improved significantly. In light of Nigeria's experience during the 1988-1994 period, the final section of the article discusses measures and strategies in the areas of exchange rate policy, trade and commercial policy, external debt management, and foreign exchange management as a means of improving the macroeconomic policy management of Nigeria's external sector. Bibliogr., sum. |