The Structure of Economic Policies in Nigeria: A Descriptive Analysis

Abstract

This study evaluates the process and structure of economic policy in Nigeria using a contextual analysis. In doing so, the paper established a relationship between economic reform policies and economic growth with the aim of identifying its effects of output level. Using a contextual analysis to demonstrate the casual link, figures are utilised to provide more understanding and clear expression. The study therefore concludes that economic reform policies have contributed immensely to the sustainable growth and development of the Nigerian economy through the introduction of fiscal discipline and transparency in the management of public resources. Although, the regulatory institutions saddled with the responsibility of implementing macroeconomic policies are fragile and weak in relation to adequate manpower and financial resources. As such, the priority of the new administration in Nigeria should be strengthening of these institutions in order to reap the benefit of such reform policies. It is only in this way that enhanced performance from all sectors in the economy be realised and the benefits extend to the citizenry. Government must therefore reduce foreign influence in its macroeconomic management of domestic activities. Policies that has proven to be successful in the long-run must be accorded high priority in order to realise it maximum benefit towards improving social and economic welfare of the citizenry.