Economic Reforms and Development in Nigeria: A Critical Analysis of National Economic Empowerment and Development Strategy (NEEDS) A Reference of 1999-2015

Abstract

The study examines economic reforms and development in Nigeria the case of national economic empowerment and development strategy(NEEDS) between 1999 to 2007 Findings revealed that NEEDS is a reform agenda by Nigerian government modeled on the IMF's poverty reduction and growth facility to achieve some macroeconomic goals of stability, poverty alleviation, wealth creation and employment generation. Further findings revealed that the implementation of NEEDS program has neither reduced the number of people living below poverty line in Nigeria within the period under investigation. The study relied on secondary sources of data as veritable tools for its analysis. It was framed on the Theory of Dualism. The study concludes that NEEDS has not made significant impact on Nigeria infrastructures and standard of living of many citizen as poverty level continues to increase years after its implementation. It concludes also that the failure of NEEDS to significantly generate employment and reduce poverty has been attributed largely to weak institutional framework and lack of political will of the Nigerian state. The study recommends that to achieve poverty reduction and economic progress in Nigeria, there should be access to quality education by all Nigerians and the leadership must be truly committed to the economic reform agenda by encouraging development of stronger state institutions and creating enabling environment for investment to thrive.