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Outwardly-oriented or export-led development strategies through trade and regional integration
Nigeria should be committed to the full and complete implementation of the Economic Community of West African States (ECOWAS) and free-trade zone agreements, strive towards the creation of a single monetary zone and common custom territory. The relevance of trade, investment and regional integration is imperative. This is because developing countries that have attracted many of these foreign direct investment (namely Brazil, Chinese Coastal provinces, Colombia, Indonesia, Malaysia, Mexico, Taiwan, Thailand, and Turkey). These are countries with established records of foreign trade and with developed internal markets (Lieten, 2001:106).
This export model shows factors that enhance economic development. State and local policy makers need to support programmes that will expand the export sector. Export-based jobs can stimulate growth in other areas of the local economy (Mocombe, 2006). According to him, export-producing industries are believed to be critical to a region’s growth for a variety of reasons. Firstly, export industries attract income from other countries, which income can be used to finance imports of goods and services. Secondly, export industries tend to be technologically advanced and to operate at comparatively high levels of productivity. Thirdly, since export industries are often linked to other regions and industries, they encourage the integration of regions within the national economy; and fourthly, a strong export sector allows a region to shift part of its tax burden to residents of other countries. Mocombe, (2006) further links the export model with the innovation model, which he says is essential for maintaining economic prosperity; innovation and the creation of unique products.
Private-entrepreneur driven development process
Lessons drawn from the East Asian economic miracles reveal that the crucial success story behind their rapid development and growth is based on private-sector-motivated government policies. For Nigeria to increase the contribution of its manufacturing sector to the GDP and to increase its exports, a vibrant private sector that can respond positively to the rigors of market forces act as an engine of growth must be encouraged. According to Jenei (1999:60), the salient trend in modern public administration is the pursuit of greater operational efficiency and effectiveness. In the view of McDade & Spring (1998), a new generation of African entrepreneur is networking to change the climate for business and private-sector-led development. These thinkers say that this small but growing segment of African entrepreneurs may serve as a catalyst to improve economic conditions and stimulate private-sector-led development. These businesses span the extremes. The configuration includes informal and formal sector business, traditional and modern, indigenous and foreign-owned enterprises that are geographically dispersed in rural and urban areas.
A need for a professional civil service
There may be a strong need to put in place a highly civilised and professional civil service that can respond to the infrastructural, legal and market needs of private entrepreneurs. A responsive and efficient public sector should play the role of addressing the issue of market failure, and enforcing contractual rights, investment, property rights, and aspects of legal frameworks. The central role of markets is almost universally declared, but few government agencies in developed and developing countries would think of applying the concept of planning to their efforts to influence the directions of the economic and social progress driven by market forces (Baudot, 1999:28). According to Dickenson (1996:260), the role of government has changed from being the leading direct provider of economic and social investment to one of providing an enabling economic and political infrastructure. The role of government is to ensure the rule of law and quality of governance and encouraging local and international companies to invest in production enterprises.
In addition, to complement the role of the market, a responsive and efficient public sector is required for formulating the development strategies and economic plans needed to use national resources in the best interests of the nation as a whole (Dickenson, 1996).
Human resources development
For meaningful economic growth and development to be achieved in Nigeria, the economic development model should help every citizen to realise his/her full potential for well-being, fulfilment and accomplishment of happiness, love and contentment. Nidhiprabha (2003:305) notes that countries like Malaysia and Singapore that have higher budget allocations to education than defence, achieve higher standards than other countries in the region. Since they enjoy a comparative advantage in producing value-added products and labour-intensive products for export. Past human resources development and anti-poverty strategies implemented in Nigeria were not sustainable. They appeared in the form of an ad-hoc, uncoordinated and more or less fire-fighting approach. Public projects such as the Directorate for Food Road, and Rural Infrastructure (DFRRI), the National Directorate for Employment (NDE), the Peoples Bank, the Community Bank, the Better Life for Rural Women, the Family Support Programmes and the Family Advancement and Economic Empowerment strategy could not add value nor produce any sustainable positive effect on the citizens. These public projects suffered severe problems such as poor coordination, the absence of a comprehensive policy framework, undue political interference, failure to target the poor, high levels of corruption and leakage in the economy (National Planning Commission, 2004:100). Several recent empirical studies at the household level using panel data provide support for a strong interaction between human development and growth in income countries have put in place incentive structures and complementary investment to ensure that better health and education lead to higher income. The people have always benefited doubly; they are healthier and better educated, and they increase their consumption (Kanbur & Vines, 2000:93).
CHAPTER ONE: INTRODUCTION
1. 1 Introduction
1. 2 Background to the problem
1. 3 Problem statement
1. 4 Objectives of the study
1. 5 Contribution and justification for the study
1. 6 Outline of the study
CHAPTER TWO: LITERATURE REVIEW OF ECONOMIC DEVELOPMENT: CONTEMPORAY ISSUES AND THEIR RELEVANCE TO NIGERIA’S ECONOMY
2.1 Introduction
2.2 Overview of economic development
2.3 Overview of the Nigerian economy
2.4 Development prospects of Nigeria
2.5 Evidence from development models in Asian countries
2.6 Overview and lessons from a Malaysian development model
2.7 Development model applicable to Nigeria
2.8 Summary of the review findings and conclusions
CHAPTER THREE: POLICY FRAMEWORK TO ACHIEVE THE MILLENNIUM DEVELOPMENT GOALS IN NIGERIA
3.1 Introduction
3.2 Policy framework of the MDGs
3.3 The MDGs: efforts, progress and challenges in Nigeria
3.4 General appraisal and challenges facing the country in meeting the MDGs
3.5 The role of foreign partners in achieving the MDGs in Nigeria
3.6 Summary of the main findings and conclusions
CHAPTER FOUR: THE RELEVANCE OF GROWTH IN NIGERIA’S SUPPORT SECTORS FOR ECONOMIC DEVELOPMENT
4.1 Introduction
4.2 Relevance of the agricultural sector in Nigeria
4.3 The relevance of the manufacturing sector in economic growth and development in Nigeria
4.4 Relevance of mining and quarrying (solid minerals) in economic growth and development of Nigeria
4.5 Relevance of the growth support sectors, education and health, in achieving economic development in Nigeria
4. 6 Summary of the main findings and conclusions
CHAPTER FIVE: THEORETICAL AND ANALYTICAL FRAMEWORK
5.1 Introduction
5.2 The concept of cointegration and error-correction (ECM) econometrics methodology
5.3 Structure of the model
5.4 Model for agriculture
5.5 Basic hypotheses, assumptions and expectations for each variable in the cointegration agricultural model
5.6 Model for the manufacturing sector
5.7 Basic hypotheses, assumptions and expectations for each variable in the cointegration manufacturing model
5. 8 Model for the mining and quarrying sector
5.9 Hypotheses and basic expectations for each of the variables included in the mining and quarrying (solid minerals) model
5.10 Summary of the main findings and conclusions
CHAPTER SIX: EMPIRICAL ANALYSIS AND PRESENTATION OF ESTIMATED RESULTS
6.1 Introduction
6.2 The model for agriculture
6.3 The model for manufacturing
6.4. Model for the mining and quarrying sector
6.5. Dynamic simulation and response property of the model
6.6 Dynamic simulation of the results and the policy-scenarios
6.7 Summary of the main findings and conclusion
CHAPTER SEVEN: SUMMARY OF MAJOR FINDINGS AND POLICY IMPLICATIONS, CONLUDING REMARKS, LIMITATIONS, RECOMMENDATIONS AND SUGGESTIONS FOR FURTHER WORK
7.1 Summary of major findings and policy implications
7.2 Concluding remarks
7.3 Limitation of the study
7.4 Policy recommendations
7.5 Suggestions for further work
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