THE IMPACT OF FEDERAL GOVERNMENT’S ECONOMIC POLICY MEASURES ON NIGERIA’S BALANCE OF PAYMENTS A CASE STUDY OF SELECTED MINISTRY IN ENUGU STATE POSITION (1999–2002)
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THE IMPACT OF FEDERAL
GOVERNMENT’S ECONOMIC POLICY MEASURES ON NIGERIA’S BALANCE OF PAYMENTS A CASE
STUDY OF SELECTED MINISTRY IN ENUGU STATE POSITION (1999–2002)
ABSTRACT
This topic
“The Impact of the Federal Governments Economic Policy Measures on Nigeria’s
Balance of Payments: Position (1999 – 2002)” was aimed at studying the economy
of Nigeria.
The work
covered the balance of payments summary statements from 1999 – 2002 and various
economic policy measures for the same period.
Analysis was
made and observations recorded. Contrary to my speculations, the economy faired
well in 2002 and 2001 when the balance of payments recorded favourable balances
arising from oil fortunes.
However there
were unfavourable balances in 1999 and 2002. Worthy of note was the significant
contribution of agriculture in the 2001 balance of payment figure.
In the study,
the opinion poll was that the economic problems in Nigeria were not in policy
formulations but in implementation.
In the end,
some doses of economic Panacea were put forward for the improvement of our
economy. They include investment in non-oil sectors like agriculture and
industry, security of the nation’s borders to cub the excesses of smugglers,
foreign exchange budgeting and management to match with the available foreign
exchange, manpower development, extensive and intensive re-orientation of
Nigeria, etc all aimed at adding life to the economy.
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