Economic Growth in Nigeria Essay

The agriculture sector was the focus of longing festering interest during the 1990s, with food self-sufficiency the goal. In 1990, agriculture was the unresolved of a separate three-year development plan involving public and private disbursal targets concentrating on the family farmer. The programincluded price stabilization plans and schemes to revitalize the thread oil, cocoa, and rubber subsectors. The Agricultural Development Projects continued through the decade, but writ of execution of goals was difficult. The country still imports most of its wheat from the United States.An integrated petrochemical perseverance was also a priority. Using the output of the nations refineries, Nigeria produced benzene, degree Celsius black, and polypropylene. The development of liquid natural gas facilities was expected to lead to the output signal of methanol, fertilizer, and domestic gas. Nigerias refineries operated at less than optimal rates end-to-end the 1990s.In the manufacturi ng sector, the government was backing a policy of local sourcing whereby locally produced raw materials were converted into finished products. By 1999, manufacturing accounted for less than 1% of plebeian domestic product (GDP).By the beginning of the 2000s, the government was more touch about halting corruption and reigning in the state work out than economic development. Nevertheless, the Niger Delta Development Commission (NDDC) was created to coordinate economic and social development in the oil-producing region.Nigerias foreign debt stood at around $28.5 billion in 2001, a large portion of which was interest and payment arrears. The Obasanjo administration in the early 2000s was supporting private-sector-led, market-oriented economic growth, and had begun economic reform programs. Privatization of state-owned enterprises continued. A Stand-By parade with the International Monetary Fund (IMF), approved in 2000, lapsed in 2001 as the governments economic reform program went eat up track. There were indications a new IMF program for the country would be negotiated in 200304.Read more http//www.nationsencyclopedia.com/Africa/Nigeria-ECONOMIC-DEVELOPMENT.htmlixzz2HUrqN4ZB