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Working Paper

Leadership, Policy Making, and Economic Growth in African Countries : The Case of Nigeria

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
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World Bank, Washington, DC
Africa | Nigeria
2017-08-28T21:15:05Z | 2017-08-28T21:15:05Z | 2008

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.

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