Leadership, Policy Making, and Economic Growth in African Countries
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World Bank, Washington, DC
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Nigeria's long-run growth
performance has been extremely poor. Between 1960 and 2000,
real income per capita grew at only 0.43 percent per year.
The situation improved between 2001 and 2006 when real per
capita Gross Domestic Product (GDP) grew at an average
annual rate of 4.2 percent. This paper demonstrates that the
superior growth performance during 2001-06 is largely
attributable to the impact of better leadership and economic
policy making. The improved performance of the economy after
2003 arose from implementing a comprehensive economic reform
program focusing on four main areas: macroeconomic reform;
structural reform; governance and institutional reform; and
public sector reform. The reforms, backstopped by improved
oil revenue management, monetary policy implementation, and
debt management, improved overall macroeconomic policy
making. This resulted in real GDP growth averaging 7.1
percent per year between 2003 and 2006, an inflation rate of
10 percent in 2006, foreign exchange reserves of US$45
billion in 2006, and total external debt of only US$5
billion in 2006. Clearly, between 1960 and 2000,
Nigeria's policy choices were poor, and the reforms
that sought to correct them were plagued by inconsistencies,
policy reversals, and lack of coherence. In contrast, due to
good leadership, the reforms adopted in 2003 were consistent
and have been implemented in a coherent manner.
Palabras clave
ACCOUNTABILITY, AGGREGATE DEMAND, AGRICULTURAL BANK, AGRICULTURAL COMMODITIES, AGRICULTURE, AVERAGE INCOME, BALANCE OF PAYMENTS, BANK ACCOUNTS, BANK CREDIT, BANK CREDIT CEILINGS, BANK CUSTOMERS, BANKING INDUSTRY, BANKING SYSTEM, BRAIN DRAIN, BRIBERY, BUREAUCRATIC EFFICIENCY, BUSINESS CYCLES, CAPITAL FLIGHT, CAPITAL MARKET, CD, CENTRAL BANK, CIVIL SOCIETY, CIVIL WAR, COMMERCIAL BANKS, COMMODITIES, COMMODITY, COMMODITY EXPORT, COMPARATIVE ADVANTAGE, COMPETITIVENESS, CONSUMER GOODS, CORRUPT PRACTICES, CORRUPTION, DEBT, DEBT MANAGEMENT, DEBT SERVICE, DEMOCRACY, DEPOSIT, DEPOSIT INSURANCE, DEREGULATION, DERIVATIVES, DEVALUATION, DEVELOPING COUNTRIES, DEVELOPING ECONOMY, DEVELOPMENT STRATEGY, DIRECT GOVERNMENT INTERVENTION, DISEQUILIBRIUM, DIVIDENDS, DOMESTIC ECONOMY, DOMESTIC PRICES, DONOR AGENCIES, ECONOMIC CRISIS, ECONOMIC DEVELOPMENT, ECONOMIC EFFICIENCY, ECONOMIC EMPOWERMENT, ECONOMIC GEOGRAPHY, ECONOMIC GROWTH, ECONOMIC LIBERALIZATION, ECONOMIC OUTCOMES, ECONOMIC OUTLOOK, ECONOMIC PERFORMANCE, ECONOMIC POLICY, ECONOMIC REFORMS, ECONOMIC THEORY, EMERGING MARKET, EMERGING MARKET ECONOMIES, ENVIRONMENTAL BENEFITS, EQUIPMENT, EXCHANGE COMMISSION, EXCHANGE RATE, EXCHANGE RATES, EXCHANGE TRANSACTIONS, EXPORT BASE, EXPORTERS, EXPORTS, EXTERNAL DEBT, FINANCE COMPANIES, FINANCIAL INSTITUTIONS, FINANCIAL SECTOR, FINANCIAL SECTOR POLICIES, FINANCIAL SECTOR REFORMS, FINANCIAL SECTORS, FINANCIAL SERVICES, FINANCIAL SYSTEM, FISCAL DEFICITS, FISCAL POLICIES, FOOD PRICES, FORECASTS, FOREIGN BANK, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN EXCHANGE MARKET, FOREIGN EXCHANGE RESERVES, FOREIGN INVESTMENT, GDP, GDP PER CAPITA, GLOBAL ECONOMY, GOOD GOVERNANCE, GOVERNANCE REFORMS, GOVERNMENT BUDGET, GOVERNMENT EXPENDITURES, GOVERNMENT REVENUES, GROSS NATIONAL SAVINGS, GROWTH PERFORMANCE, GROWTH RATE, GROWTH RATES, INCOME GROWTH, INCOMES, INDUSTRIAL COUNTRIES, INDUSTRIALIZATION, INEFFICIENCY, INEQUALITY, INFLATION, INFLATION RATE, INFORMAL ECONOMY, INSTITUTION BUILDING, INSTITUTIONAL FRAMEWORK, INSTITUTIONAL REFORM, INSTITUTIONAL REFORMS, INTEREST RATES, INTERNATIONAL BANK, INTERNATIONAL COMMUNITY, INTERNATIONAL DEVELOPMENT, INTERNATIONAL RESERVES, INVESTMENT PROJECTS, INVESTMENT RATE, INVESTMENT RATES, INVESTMENT STRATEGY, LACK OF TRANSPARENCY, LEVEL PLAYING FIELD, LIFE EXPECTANCY, LOCAL CURRENCY, LOCAL GOVERNMENT, MACROECONOMIC ADJUSTMENT, MACROECONOMIC MANAGEMENT, MACROECONOMIC POLICIES, MACROECONOMIC POLICY, MACROECONOMIC REFORM, MACROECONOMIC STABILITY, MARKET FAILURES, MONETARY POLICIES, MONETARY POLICY, MONEY LAUNDERING, MORTGAGE, MULTILATERAL INSTITUTIONS, NATIONAL DEVELOPMENT, NATIONAL LEVEL, NATURAL RESOURCE, NATURAL RESOURCES, NONGOVERNMENTAL ORGANIZATIONS, OIL BOOM, OIL PRICES, OIL RESOURCES, OPEN ECONOMY, OPEN MARKET, OPEN MARKET OPERATIONS, OUTPUT, PER CAPITA INCOME, PERFORMANCE INDICATORS, POLITICAL COMPETITION, POLITICAL ECONOMY, POLITICAL INSTABILITY, POLITICAL INSTITUTIONS, POLITICAL LEADERS, POLITICAL RIGHTS, POLITICAL STABILITY, PORTFOLIO, PORTFOLIO FLOWS, PORTFOLIO INVESTMENT, POWER OUTAGES, PRICE DISTORTIONS, PRIMARY EDUCATION, PRIVATE INVESTMENT, PRIVATIZATION, PROPERTY RIGHTS, PROPORTIONAL REPRESENTATION, PUBLIC EXPENDITURES, PUBLIC INVESTMENT, PUBLIC PROCUREMENT, RAPID ECONOMIC GROWTH, RAPID GROWTH, RATE OF GROWTH, RATE OF RETURN, REAL ESTATE, REAL GDP, REAL INCOME, REFORM PROGRAM, REFORM PROGRAMS, REGULATORY AGENCIES, RENT SEEKING, REPUDIATION, RULE OF LAW, RURAL INFRASTRUCTURE, SECURITIES, SERVICE DELIVERY, SUSTAINABLE ECONOMIC GROWTH, SUSTAINABLE GROWTH, TAX, TAX CONCESSIONS, TELECOMMUNICATIONS, TRADE LIBERALIZATION, TRADING, TRANSPARENCY, TRANSPARENCY INITIATIVE, TREASURY, UNEMPLOYMENT, URBANIZATION, VESTED INTERESTS, VOLATILITY, WEALTH, WORLD DEVELOPMENT INDICATORS, WORLD MARKETS, YOUTH, YOUTH DEVELOPMENT