Structural Adjustment Programs: the Impact on Nigerians

Structural Adjustment Programs: The Impact on Nigerians

Abstract
Word Count: 8,590

Nigeria’s economy for many decades thrived under agricultural exports until the government shifted its focus to crude oil exports. The repercussion of abandoning this sector was later felt in the early 1980s when the world crude oil prices fell and the production quota of Nigeria to the Organization of the Petroleum Exporting Countries (OPEC) dipped. This made the government incur debts which led to balance of payment crisis in the global market that could only be offset with immediate economic reforms. The fiscal burden led the Babangida Administration in 1986 to acquire the International Monetary Fund (IMF) Loan which came with conditional economic policies known as Structural Adjustment Programs (SAPs), targeted at resuscitating ailing economies. The conditions required the state to privatize its enterprises, liberalize its economy and devalue its currency. The implementation of these economic policies made a significant impact on citizens. SAPs have been widely controversial especially among developing states but this research will seek to examine its impact on Nigerians. The resources for this research will be collected from books, journals and other relevant publications.

Chapter One

1. Introduction

1.1 Statement of Research Problem

Despite the ambitious objectives of Structural Adjustment Programs to provide relief, the stringent economic policies made a significant impact on the livelihood of Nigerians. For instance, the removal of oil subsidies discouraged local production because the local industries could not afford to sustain production due to the rise in prices of lubricants, diesel, heavy duty oil and fuel; this also affected the cost of transportation, which translated to the rise in food prices. The commercialization of Schools produced a lot of drop – outs because they cannot afford fees, the commercialization of hospitals increased death rate

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