STATUS OF SOCIO-ECONOMIC DEVELOPMENT AS IT RELATES TO NIGERIA
It is acknowledged that the core aim of every government is to meet the political, social and economic wellbeing of its people. This, therefore, suggests why socio-economic policies and programs are initiated and implemented.
Historical records and events in Nigeria have shown that more often than not, some of the socio-economic policies of the Nigerian government have failed to address the social and economic concerns of the people adequately. This, however, has created hullaballoo in the structures of Nigerian society making polity to be unbearable and setting the economy at downtrodden state.
4.1. Highlights of Nigeria Socio-Economic Policies and GDP Growth History
This subsection provides – Nigeria GDP – actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for – Nigeria GDP. Enshrined in the Constitution of Nigeria at independence are key targets of state policy. These objectives contain different provisions stating the importance of the privileges accrue to the residents and to be incorporated which include: privilege to standardized savings, freedom to chose a type of job and work, right to idea compensation, freedom to a way of life sufficient for the wellbeing and prosperity of a citizen, which involves nourishment, attire, lodging, freedom to training and so on a free and fair society, an equitable and libertarian culture, a united, robust and independent country, an awesome economy and a nation of high level of prospect and enabling environment for capable hands. From these goals, it is obvious that the theory of these standards functions to coordinate everyone into becoming creative and active with a sole aim of making exploit in all human endeavours with cumulative effect on the future of the nation. For a better understanding of the socio-economic status, a brief appraisal of how the economy of the country felt since independence is analyzed.
4.2 Analysis of Nigerian Socio-Economic Indicators
The following discussions attempt to give an overview of the growth and development of the Nigerian economy from independence to present times. Specifically, the following periods are briefly mentioned: the pre-oil boom era (1960-1970); the oil boom era (1971-1977); the period of stabilization and structural adjustment program (1986 – 1993) and the period of guided deregulation (1994 -1998). Thirty years after Nigeria got independence, Gross Domestic Product (GDP) had an annual growth rate fixed at 3.1%. When Nigeria was flourishing in the period of the oil boom, excellent curve was witnessed in GDP between 1970 – 1978. A 6.2% growth was experienced annually. However, there was a fall in the growth rate of GDP in from 1988 to 1997. This the time when Nigeria was undergoing operational improvement and economic liberalization, which played a remakable role in keeping the GDP at a 4% rate of increase.
From 1978 to 1986, (excluding 1979 and 1985) the GDP showed positive growth, the economy continued to register negative growth rates. There were also high inflation, unemployment rate, and fiscal imbalance. It is evident that the global economic crisis of 1980s led to the collapse of commodity price at the world market. It is on record that the economy of an oil-based economy such as Nigeria suffered a recession due to deficit balance of payment, external debt crisis, flux and misallocation of limited foreign exchange, fiscal indiscipline, corruption and weak external demand. The response of the government to the crisis was to introduce austerity measures thus withdrawing some of the social welfare packages that people enjoyed. The balancing policies and seriousness measures of the Head of State between 1979 – 1983 in person of Alhaji Shehu Shagari proved abortive in absorbing the economic problem. This action eventually gave rise to the implementation of Structural Adjustment Program (SAP). Prior to the implementation of SAP, Nigeria has been known to have national treasures skewed towards the few in the corridor of power, although, the poor masses still enjoy some governmental benefits but not as good as it is supposed to be when compared to the other developing and developed nations. It is reported that during this period, the Nigerian Government put down the importance of setting a strong foundation for a free society which incoporates every family unit in the society with an African infusion.
However, the introduction of the Structural Adjustment Programme a policy instigated by the World Bank and the International Monetary Fund led to the collapse of the Nigerian economy completely and destroyed the moral fabrics of the society. Such measures as reduction of workforce, scrapping of some ministries and parastatals , privitization of government facilities, and sale of national assets and treasures, custom duty, devaluation of currency and other risky SAP instruments, making poverty inevitiable. The average citizens was reduced whereas the industries turn out to be less productive.
The table below shows the GDP of the country for twenty years.