THE IMPACTS OF FEDERAL GOVERNMENT’S ECONOMIC POLICY MEASURES ON NIGERIA’S BALANCE OF PAYMENTS

ABSTRACT

This topic “The Impact of the Federal Governments Economic Policy Measures on Nigeria’s Balance of Payments: Position (1999 – 2002)” was aimed at studying the economy of Nigeria. The work covered the balance of payments summary statements from 1999 – 2002 and various economic policy measures for the same period. Analysis was made and observations recorded. Contrary to my speculations, the economy faired well in 2002 and 2001 when the balance of payments recorded favourable balances arising from oil fortunes. However there were unfavourable balances in 1999 and 2002. Worthy of note was the significant contribution of agriculture in the 2001 balance of payment  figure. In the study, the opinion poll was that the economic problems in Nigeria were not in policy formulations but in implementation.  In the end, some doses of economic Panacea were put forward for the improvement of our economy. They include investment in non-oil sectors like agriculture and industry, security of the nation’s borders to cub the excesses of smugglers, foreign exchange budgeting and management to match with the available foreign exchange, manpower development, extensive and intensive re-orientation of Nigeria, etc all aimed at adding life to the economy.

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