Economic Reform

The Nigerian economy, over the years, has depended on oil for survival. The public organizations have not been able to live up to expectation. Government spends heavily yearly to ensure these government organizations such as NEPA, NITEL, NRC, etc are productive but they remain inefficient.   Because of this persistent poor performance, the government decided to embark on a national economic reform programme called National Economic Empowerment Development Strategy (NEEDS). At the state level it is called State Economic Empowerment Development Strategy (SEEDS) while at the local government level it is known as Local Economic Empowerment Development Strategy (LEEDS). The key policies of the reform were privatization, deregulation and commercialization.   PRIVATIZATION Privatization is the process of taking over government business by private sector, businessmen or individuals. The implication is that government ceases to own and control the business instead the private sector or individuals take over the management and… Read More »ECONOMIC REFORM MEASURES IN NIGERIA