Problems of Economic Planning and Management under President Goodluck Jonathan.
ABSTRACT
The Nigerian economy is largely dependent on crude oil and the believe that the revenue generated from the crude oil export will be reinvested to develop the other important sectors of the economy.
The president Goodluck Jonathan adopted the neo-liberal economic policies to achieve his aims of revitalizing Nigerian economy. Thus, this study is structured to expose the role of the Nigerian state in enhancing capitalism.
The crux of the matter is that the few ruling class in Nigeria exploit, dominate, and control the resources to the detriment of the majority poor masses who suffer the economic effects of the policies made by the present government in power. Notably, the Marxian theory of post-colonial state was used to explicate more fact on the data.
This theory helps to explain the variant ideals by the neo-colonial state, such as Nigeria. In the essence, the study tends to investigate the socio-economic policies and management, the economic effects and the future of Nigerian economy under President Goodluck Jonathan.
The qualitative method of analysis was also adopted based on the empirical nature of the study, cognizance analysis were also made on the information and facts availability provided by books, media, websites and official documents of the federal republic of Nigeria.
Following this trend, the hypothesis were validated by the empirical indicators of the impact of the economic planning and management under President Goodluck Jonathan on the citizens. T
he study therefore advocates that new liberal economic policies of the incumbent president cannot bring
development in Nigeria.
TABLE OF CONTENTS
Title Page – – – – – – – – – i
Approval Page – – – – – – – – – ii
Dedication – – – – – – – – – iii
Acknowledgement – – – – – – – – iv
Abstract – – – – – – – – – v
Table of Contents – – – – – – – – vi
CHAPTER ONE: INTRODUCTION
1.1 Background of the Study – – – – – – 1
1.2 Statement of the Problem – – – – – – 6
1.3 Objectives of the Study – – – – – – 7
1.4 Significance of the Study – – – – – – 8
1.5 Scope of the Study – – – – – – – 9
1.6 Literature Review – – – – – – – 10
1.7 Theoretical Framework – – – – – – 17
1.8 Hypotheses – – – – – – – – 20
1.9 Methods of Data Collection and Analysis- – – – – 20
1.10 Operational Definitions – – – – – 21
CHAPTER TWO: ECONOMIC POLICY AND MANAGEMENT UNDER PRESIDENT GOODLUCK JONATHAN
2.1 Economic Policy of Privatization – – – – – 25
2.2 Deregulation Policy – – – – – – – 31
2.2.1 Deregulation of Downstream Sector of Nigerian Oil – – – 33
2.3 Subsidy Removal and Subsidy Reinvestment Empowerment Programmes (SUREP) – 37
2.3.1 The Objectives of SURE Programmes – – – – 39
2.4 The Transformation Agenda Priority and Programmes Under
Goodluck Jonathan Administration – – – – – 42
CHAPTER THREE: CONSEQUENCES OF JONATHAN’S ECONOMIC POLICY AND MANAGEMENT
3.1 The Condition of Nigeria Political Economy – – – 68
3.2 The Effect of Inflation – – – – – – 72
3.3 The Effect of Poverty – – – – – – 76
3.4 The Effect of Corruption – – – – – – 80
CHAPTER FOUR: THE FUTURE OF NIGERIAN ECONOMY UNDER PRESIDENT GOODLUCK JONATHAN
4.1 Infrastructural Development – – – – – – 87
4.2 The Future Depends Largely on Non Oil Export – – – 90
4.2.1 Development of Agricultural Sector – – – – – 90
4.2.2 Agricultural Sector Transformation Strategy – – – – 91
4.3 The Future Challenges of President Goodluck Jonathan Administration 99
4.4 Foreign Direct Investment and the future of Nigeria Economy – 104
4.5 The future of Transformation Agenda and Insecurity of lives and Properties in Nigeria 106
4.6 Future of Development Strategy of Nigeria Economy – – 106
4.7 The Economic Outlook of President Goodluck Jonathan – – 108
4.7.1 Gross Domestic Product (GDP) – – – – – 108
4.7.2 Inflation – – – – – – – – 109
4.7.3 Trade – – – – – – – – 111
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Summary – – – – – – – – 113
5.2 Conclusion – – – – – – – 114
5.3 Recommendations – – – – – – – 117
INTRODUCTION
1.1 Background of the Study
Since independence, 1960, Nigeria as a state had being under different administration. Both in military and civilian administration, these administrations came up with different economic planning and policies to address the issue of economic problems.
We should describe each administration and its economic policy one after the other, but for the purpose of this work,
our major concern is on those administration that made similar economic plan and policy such as this present civilian administration of President Goodluck Ebele Jonathan.
The reign of liberal economy gained ground in Nigeria economy due to loopholes in the economy of 1970s.
In the 1980s, the policy of austerity measures was introduced tying Nigeria to the America’s capitalist economic formation and by implication immersed the nation’s economy deeper into economic practice of liberalisation, deregulation, privatization and commercialization the pursuit of “sound macroeconomic environment” Umane (2009: 32).
Yet, Nigeria’s economy is bad, majority of Nigerian citizens are still living below poverty level,
making the standard of living generally low in a country blessed with several resources.
BIBLIOGRAPHY
Ake, C. (1978). Revolutionary Pressures in Africa. London: Zed press.
Akpuru, A. (1997). Theory and Practice of Marxism in a World In Transition. Abakiliki: Willy Rose & Appleseed Publishing Coy.
Dappa, T. G. and Daminago, D. (2012). Deregulation of the Nigerian Economy: The Theoretical Milleu. Co-Published by Human Resource Management Academic Research Society.
Fulmer, M. (1983). The New Management. Fourth Edition: New York Macmillan Publishing Company.
Igwe, O. (2007). Politics and Globe Dictionary. Enugu: Keny & Brothers Enterprises.
Ihonvbere, J. (1992). The Political Economy of Crisis and Underdevelopment in Africa. Selected Works of Claude Ake. Lagos: JAD Publishers.
Izukanne, M. I. (2003). Nigeria’s Quest for Democracy, 1960 – 2003: A Mirage, Nsukka: Afro- Orbis Publishing Co. Ltd.