Nigeria Economy Stimulus Package

By: EconomyWatch   Date: 30 June 2010

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Nigeria economy stimulus package has been declared recently. It is primarily being provided in form of economic assistance and foreign direct investments to ailing sectors of Nigerian economy.

In recent times this west African country has received an economic stimulus package for Nigeria, which is worth $1.87 billion from World Bank FDIs. A significant amount of economic stimulus package to Nigeria, amounting to $5.2 billion, is being spent mostly in finance and energy sectors.

Fossil fuel or oil is Nigeria’s main export revenue earner. Out of total revenue earned from oil exports by Nigeria, 80 percent is earned by Nigerian government, 16 percent is spent on operational costs, and 4 percent goes to investors. Beyond oil, economy of Nigeria is inefficient and requires adequate attention. Economic stimulus package in Nigeria is also being provided by way of National Economic Empowerment Development Strategy or NEEDS.

Liberalization, deregulation, privatization and stability are primary concerns of Nigerian economic stimulus package. NEEDS focuses on developing infrastructural facilities like setting up of adequate power supply facilities, supply of drinking water, and provision of irrigation facilities. NEEDS also aims at diversification of Nigerian economy, creating 7 million jobs, maximizing utilization of industrial capacity, encouraging exports of non-energy commodities, and removing corruption and obstacles to formation of new enterprises. A corresponding State Economic Empowerment Development Strategy (SEEDS) has been framed for developmental programs at state level.

To strengthen this economic stimulus package of Nigeria till 2015, a National Millennium Goals program has been sponsored by United Nations. Under this program Nigeria is committed to eradication of poverty, ensure universal primary level education for all, combat diseases like malaria and HIV/AIDS, reducing child and maternal mortality, and protecting environment.

In view of current global meltdown Nigerian budget has been drawn to boost agricultural sector, unlock rural assets, and mobilize rural assets for increasing agricultural productivity. Provisions for steady flow of foreign direct investments have been incorporated for strengthening Nigerian economy.



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