Binding Constraints to Growth in Nigeria

Victoria Kwakwa, Adeola Adenikinju, Peter Mousley and Mavis Owusu-Gyamfi

Chapter 1 in Economic Policy Options for a Prosperous Nigeria, 2008, pp 13-43 from Palgrave Macmillan

Abstract: Abstract In the 1970s, Nigeria appeared to have successfully leveraged two oil booms for economic progress. Growth was rapid in both industry and services, the economy grew 7.4 per cent on average annually and as high as 27 per cent in 1970. Per capita GDP increased 4 per cent annually. This growth episode was, however, short-lived and by the late 1970s had begun to slow. When oil prices crashed in the 1980s, the economy went through several years of contraction. Stagnation continued in the 1990s. Per capita GDP in Purchasing Power Parity (PPP) terms fell 40 per cent, from $1215 in 1980 to $706 in 2000 (CSAE, 2003). Income poverty level rose from 28.1 per cent to 65.6 per cent, and other indicators of welfare — notably access to education and health — also declined. The economy became more dependent on oil while productivity and competitiveness of the non-oil sector declined.

Keywords: Real Exchange Rate; External Debt; World Economic Forum; Binding Constraint; Trade Facilitation (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-58319-1_2

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DOI: 10.1057/9780230583191_2

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