Publication:
Leadership, Policy Making, and Economic Growth in African Countries: The Case of Nigeria

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dc.contributor.authorIyoha, Milton A.
dc.date.accessioned2017-08-28T21:15:05Z
dc.date.available2017-08-28T21:15:05Z
dc.date.issued2008
dc.description.abstractNigeria's long-run growth performance has been extremely poor. Between 1960 and 2000, real income per capita grew at only 0.43 percent per year. The situation improved between 2001 and 2006 when real per capita Gross Domestic Product (GDP) grew at an average annual rate of 4.2 percent. This paper demonstrates that the superior growth performance during 2001-06 is largely attributable to the impact of better leadership and economic policy making. The improved performance of the economy after 2003 arose from implementing a comprehensive economic reform program focusing on four main areas: macroeconomic reform; structural reform; governance and institutional reform; and public sector reform. The reforms, backstopped by improved oil revenue management, monetary policy implementation, and debt management, improved overall macroeconomic policy making. This resulted in real GDP growth averaging 7.1 percent per year between 2003 and 2006, an inflation rate of 10 percent in 2006, foreign exchange reserves of US$45 billion in 2006, and total external debt of only US$5 billion in 2006. Clearly, between 1960 and 2000, Nigeria's policy choices were poor, and the reforms that sought to correct them were plagued by inconsistencies, policy reversals, and lack of coherence. In contrast, due to good leadership, the reforms adopted in 2003 were consistent and have been implemented in a coherent manner.en
dc.identifierhttp://documents.worldbank.org/curated/en/257751468288951249/Leadership-policy-making-and-economic-growth-in-African-countries-the-case-of-Nigeria
dc.identifier.doi10.1596/28049
dc.identifier.urihttps://hdl.handle.net/10986/28049
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesCommission on Growth and Development Working Paper;No. 17
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectACCOUNTABILITY
dc.subjectAGGREGATE DEMAND
dc.subjectAGRICULTURAL BANK
dc.subjectAGRICULTURAL COMMODITIES
dc.subjectAGRICULTURE
dc.subjectAVERAGE INCOME
dc.subjectBALANCE OF PAYMENTS
dc.subjectBANK ACCOUNTS
dc.subjectBANK CREDIT
dc.subjectBANK CREDIT CEILINGS
dc.subjectBANK CUSTOMERS
dc.subjectBANKING INDUSTRY
dc.subjectBANKING SYSTEM
dc.subjectBRAIN DRAIN
dc.subjectBRIBERY
dc.subjectBUREAUCRATIC EFFICIENCY
dc.subjectBUSINESS CYCLES
dc.subjectCAPITAL FLIGHT
dc.subjectCAPITAL MARKET
dc.subjectCD
dc.subjectCENTRAL BANK
dc.subjectCIVIL SOCIETY
dc.subjectCIVIL WAR
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMODITIES
dc.subjectCOMMODITY
dc.subjectCOMMODITY EXPORT
dc.subjectCOMPARATIVE ADVANTAGE
dc.subjectCOMPETITIVENESS
dc.subjectCONSUMER GOODS
dc.subjectCORRUPT PRACTICES
dc.subjectCORRUPTION
dc.subjectDEBT
dc.subjectDEBT MANAGEMENT
dc.subjectDEBT SERVICE
dc.subjectDEMOCRACY
dc.subjectDEPOSIT
dc.subjectDEPOSIT INSURANCE
dc.subjectDEREGULATION
dc.subjectDERIVATIVES
dc.subjectDEVALUATION
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING ECONOMY
dc.subjectDEVELOPMENT STRATEGY
dc.subjectDIRECT GOVERNMENT INTERVENTION
dc.subjectDISEQUILIBRIUM
dc.subjectDIVIDENDS
dc.subjectDOMESTIC ECONOMY
dc.subjectDOMESTIC PRICES
dc.subjectDONOR AGENCIES
dc.subjectECONOMIC CRISIS
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC EFFICIENCY
dc.subjectECONOMIC EMPOWERMENT
dc.subjectECONOMIC GEOGRAPHY
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC LIBERALIZATION
dc.subjectECONOMIC OUTCOMES
dc.subjectECONOMIC OUTLOOK
dc.subjectECONOMIC PERFORMANCE
dc.subjectECONOMIC POLICY
dc.subjectECONOMIC REFORMS
dc.subjectECONOMIC THEORY
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET ECONOMIES
dc.subjectENVIRONMENTAL BENEFITS
dc.subjectEQUIPMENT
dc.subjectEXCHANGE COMMISSION
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATES
dc.subjectEXCHANGE TRANSACTIONS
dc.subjectEXPORT BASE
dc.subjectEXPORTERS
dc.subjectEXPORTS
dc.subjectEXTERNAL DEBT
dc.subjectFINANCE COMPANIES
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTOR POLICIES
dc.subjectFINANCIAL SECTOR REFORMS
dc.subjectFINANCIAL SECTORS
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL SYSTEM
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL POLICIES
dc.subjectFOOD PRICES
dc.subjectFORECASTS
dc.subjectFOREIGN BANK
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE MARKET
dc.subjectFOREIGN EXCHANGE RESERVES
dc.subjectFOREIGN INVESTMENT
dc.subjectGDP
dc.subjectGDP PER CAPITA
dc.subjectGLOBAL ECONOMY
dc.subjectGOOD GOVERNANCE
dc.subjectGOVERNANCE REFORMS
dc.subjectGOVERNMENT BUDGET
dc.subjectGOVERNMENT EXPENDITURES
dc.subjectGOVERNMENT REVENUES
dc.subjectGROSS NATIONAL SAVINGS
dc.subjectGROWTH PERFORMANCE
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectINCOME GROWTH
dc.subjectINCOMES
dc.subjectINDUSTRIAL COUNTRIES
dc.subjectINDUSTRIALIZATION
dc.subjectINEFFICIENCY
dc.subjectINEQUALITY
dc.subjectINFLATION
dc.subjectINFLATION RATE
dc.subjectINFORMAL ECONOMY
dc.subjectINSTITUTION BUILDING
dc.subjectINSTITUTIONAL FRAMEWORK
dc.subjectINSTITUTIONAL REFORM
dc.subjectINSTITUTIONAL REFORMS
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL COMMUNITY
dc.subjectINTERNATIONAL DEVELOPMENT
dc.subjectINTERNATIONAL RESERVES
dc.subjectINVESTMENT PROJECTS
dc.subjectINVESTMENT RATE
dc.subjectINVESTMENT RATES
dc.subjectINVESTMENT STRATEGY
dc.subjectLACK OF TRANSPARENCY
dc.subjectLEVEL PLAYING FIELD
dc.subjectLIFE EXPECTANCY
dc.subjectLOCAL CURRENCY
dc.subjectLOCAL GOVERNMENT
dc.subjectMACROECONOMIC ADJUSTMENT
dc.subjectMACROECONOMIC MANAGEMENT
dc.subjectMACROECONOMIC POLICIES
dc.subjectMACROECONOMIC POLICY
dc.subjectMACROECONOMIC REFORM
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARKET FAILURES
dc.subjectMONETARY POLICIES
dc.subjectMONETARY POLICY
dc.subjectMONEY LAUNDERING
dc.subjectMORTGAGE
dc.subjectMULTILATERAL INSTITUTIONS
dc.subjectNATIONAL DEVELOPMENT
dc.subjectNATIONAL LEVEL
dc.subjectNATURAL RESOURCE
dc.subjectNATURAL RESOURCES
dc.subjectNONGOVERNMENTAL ORGANIZATIONS
dc.subjectOIL BOOM
dc.subjectOIL PRICES
dc.subjectOIL RESOURCES
dc.subjectOPEN ECONOMY
dc.subjectOPEN MARKET
dc.subjectOPEN MARKET OPERATIONS
dc.subjectOUTPUT
dc.subjectPER CAPITA INCOME
dc.subjectPERFORMANCE INDICATORS
dc.subjectPOLITICAL COMPETITION
dc.subjectPOLITICAL ECONOMY
dc.subjectPOLITICAL INSTABILITY
dc.subjectPOLITICAL INSTITUTIONS
dc.subjectPOLITICAL LEADERS
dc.subjectPOLITICAL RIGHTS
dc.subjectPOLITICAL STABILITY
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO FLOWS
dc.subjectPORTFOLIO INVESTMENT
dc.subjectPOWER OUTAGES
dc.subjectPRICE DISTORTIONS
dc.subjectPRIMARY EDUCATION
dc.subjectPRIVATE INVESTMENT
dc.subjectPRIVATIZATION
dc.subjectPROPERTY RIGHTS
dc.subjectPROPORTIONAL REPRESENTATION
dc.subjectPUBLIC EXPENDITURES
dc.subjectPUBLIC INVESTMENT
dc.subjectPUBLIC PROCUREMENT
dc.subjectRAPID ECONOMIC GROWTH
dc.subjectRAPID GROWTH
dc.subjectRATE OF GROWTH
dc.subjectRATE OF RETURN
dc.subjectREAL ESTATE
dc.subjectREAL GDP
dc.subjectREAL INCOME
dc.subjectREFORM PROGRAM
dc.subjectREFORM PROGRAMS
dc.subjectREGULATORY AGENCIES
dc.subjectRENT SEEKING
dc.subjectREPUDIATION
dc.subjectRULE OF LAW
dc.subjectRURAL INFRASTRUCTURE
dc.subjectSECURITIES
dc.subjectSERVICE DELIVERY
dc.subjectSUSTAINABLE ECONOMIC GROWTH
dc.subjectSUSTAINABLE GROWTH
dc.subjectTAX
dc.subjectTAX CONCESSIONS
dc.subjectTELECOMMUNICATIONS
dc.subjectTRADE LIBERALIZATION
dc.subjectTRADING
dc.subjectTRANSPARENCY
dc.subjectTRANSPARENCY INITIATIVE
dc.subjectTREASURY
dc.subjectUNEMPLOYMENT
dc.subjectURBANIZATION
dc.subjectVESTED INTERESTS
dc.subjectVOLATILITY
dc.subjectWEALTH
dc.subjectWORLD DEVELOPMENT INDICATORS
dc.subjectWORLD MARKETS
dc.subjectYOUTH
dc.subjectYOUTH DEVELOPMENT
dc.titleLeadership, Policy Making, and Economic Growth in African Countriesen
dc.title.subtitleThe Case of Nigeriaen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.date.disclosure2010-11-25
okr.date.doiregistration2025-04-15T10:59:01.011295Z
okr.doctypePublications & Research::Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/257751468288951249/Leadership-policy-making-and-economic-growth-in-African-countries-the-case-of-Nigeria
okr.guid257751468288951249
okr.identifier.externaldocumentum000333037_20101125232813
okr.identifier.internaldocumentum13162517
okr.identifier.report57717
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/257751468288951249/pdf/577170NWP0Box353766B01PUBLIC10gcwp017web.pdfen
okr.region.administrativeAfrica
okr.region.countryNigeria
okr.topicMacroeconomics and Economic Growth::Economic Theory & Research
okr.topicPoverty Reduction::Achieving Shared Growth
okr.topicGovernance::National Governance
okr.topicMacroeconomics and Economic Growth::Economic Development
okr.topicMacroeconomics and Economic Growth::Economic Policy, Institutions and Governance
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.topicMacroeconomics and Economic Growth::Macroeconomic Management
okr.unitPoverty Reduction and Equity (PRMPR)
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