IDEAS home Printed from https://ideas.repec.org/b/wbk/wbpubs/28049.html
   My bibliography  Save this book

Leadership, Policy Making, and Economic Growth in African Countries

Author

Listed:
  • Milton A. Iyoha

Abstract

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.

Suggested Citation

  • Milton A. Iyoha, 2008. "Leadership, Policy Making, and Economic Growth in African Countries," World Bank Publications, The World Bank, number 28049.
  • Handle: RePEc:wbk:wbpubs:28049
    as

    Download full text from publisher

    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/28049/577170NWP0Box353766B01PUBLIC10gcwp017web.pdf?sequence=1
    Download Restriction: no

    References listed on IDEAS

    as
    1. Bevan, David & Collier, Paul & Gunning, Jan Willem, 1999. "The Political Economy of Poverty, Equity, and Growth: Nigeria and Indonesia," OUP Catalogue, Oxford University Press, number 9780195209860.
    2. Raj M. Desai & Anders Olofsgård & Tarik M. Yousef, 2009. "The Logic Of Authoritarian Bargains," Economics and Politics, Wiley Blackwell, vol. 21(1), pages 93-125, March.
    3. Serven, Luis & Solimano, Andres, 1992. "Private Investment and Macroeconomic Adjustment: A Survey," World Bank Research Observer, World Bank Group, vol. 7(1), pages 95-114, January.
    Full references (including those not matched with items on IDEAS)

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wbk:wbpubs:28049. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Thomas Breineder) The email address of this maintainer does not seem to be valid anymore. Please ask Thomas Breineder to update the entry or send us the correct email address. General contact details of provider: http://edirc.repec.org/data/dvewbus.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.