Economic Growth in Nigeria Essay

The agriculture sector was the focus of wild outgrowth interest during the 1990s, with food self-sufficiency the goal. In 1990, agriculture was the subject of a separate three-year development plan involving public and private spending targets concentrating on the family farmer. The designincluded price stabilization plans and schemes to meliorate the palm oil, cocoa, and rubber subsectors. The Agricultural Development Projects continued through the decade, but implementation of goals was difficult. The country dumb imports most of its wheat from the United States.An integrated petrochemical industry was also a priority. Using the output of the republics refineries, Nigeria produced benzene, carbon black, and polypropylene. The development of liquid natural gas facilities was expected to lead to the production of methanol, fertilizer, and interior(prenominal) gas. Nigerias refineries operated at less than optimal rates throughout the 1990s.In the manufacturing sector, the gove rnment 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 rank domestic product (GDP).By the beginning of the 2000s, the government was more concerned about halting rottenness and reigning in the state budget than economic development. Nevertheless, the Niger Delta Development Commission (NDDC) was created to coordinate economic and fond development in the oil-producing region.Nigerias foreign debt stood at around $28.5 billion in 2001, a walloping 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 better programs. Privatization of state-owned enterprises continued. A Stand-By Arrangement with the International Monetary Fund (IMF), approved in 2000, lapsed in 2001 as the governments economic reform program went off track. The re 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