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About the Ministry
About Nigeria
Nigerian Foreign Relations
Nigerian Foreign Policy
Consular Inofrmation
Treaties and Agreements
State Protocol
 
 
       
Chief Olusegun Obasbanjo, GCFR
 
 
   
Economic Policy of the Government
 

Since coming into office in May 1999, and being democratically re-elected for a second term in May 2003, the government of President Olusegun Obasonjo has initiated policies that lay the foundation for sustained socio-economic growth. The administration has restored macroeconomic stability by restricting extra- budgetary expenditure, tightened monetary policy which has led to a reduction in inflation, introduce structural reforms which include the privatization of the major utilities, and liberalization of key sectors including power and telecommunications, to promote competition and improve efficiency. Legal and regulatory frameworks and regulatory bodies have been established for these sectors. Efforts are also being made to reform the budget and public expenditure management process, and improve economic management. Government’s economic policy has been guided by the following principles:

  • The Economy exists for and belongs to the people, consequently, the general well-being of all Nigerians is the overriding objective of the governmen
  • A commitment to transparent leadership and accountability at all tiers of government
  • Repositioning of the economy to participate beneficially in the global economy.
  • Cooperation with the private sector
  • The creation of adequate and efficient infrastructure, particularly energy, telecommunications, water and financial services in order to bring about  a\t infrastructure, particularly energy, telecommunications, water and financial services in order to bring about  a positive and internationally competitive environment for economic activities.
  • Provision of gainful employment for Nigerians, fostering of strong work ethics to drive productivity and significantly raise the standard of living of the people.

SECTORAL POLICIES

Government has continued to implement sectoral and structural policy measures geared towards attaining short, medium and long-term goals of improved economic growth, external sector competitiveness and poverty reduction. However, special emphasis has been accorded the following areas:

 
       

Disclaimer | Contact Us | HomeLast Updated: 19 March, 2007 12:48 PM
© 2007 Ministry of Foreign Affairs, Federal Republic of Nigeria