Economic Growth in Nigeria

Topics: International Monetary Fund, Nigeria, World Bank Group Pages: 2 (448 words) Published: January 9, 2013
Nigeria - Economic development
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The agriculture sector was the focus of intense development interest during the 1990s, with food self-sufficiency the goal. In 1990, agriculture was the subject of a separate three-year development plan involving public and private spending targets concentrating on the family farmer. The program included price stabilization plans and schemes to revitalize the palm oil, cocoa, and rubber subsectors. The Agricultural Development Projects continued through the decade, but implementation of goals was difficult. The country still imports most of its wheat from the United States.

An integrated petrochemical industry was also a priority. Using the output of the nation's refineries, Nigeria produced benzene, carbon black, and polypropylene. The development of liquid natural gas facilities was expected to lead to the production of methanol, fertilizer, and domestic gas. Nigeria's refineries operated at less than optimal rates throughout the 1990s.

In the manufacturing sector, the government was backing a policy of local sourcing whereby locally produced raw materials were...
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