Professional Documents
Culture Documents
Nigeriapart 3
Nigeriapart 3
Part 1
structural adjustment
international oil prices fell in early 80s, Nigeria developed enormous debt, turned to World Bank, IMF shock treatment:
(1) restructure and diversify Nigerian economy, decrease dependence on oil (2) reduce government spending and privatize parastatals
bad news:
decrease in oil prices led to currency devaluation Stock Exchange declines, housing prices dropped, international tourism dried up inability to provide electricity privatization of power companies reversed
federal character
federalism: desirable in theory
power shared, representation enhanced, contact points with government increased, democratic rule achieved
federal character in Nigeria: recognize people of all ethnicities, religions and regions, taking their needs into account Federal character embodied in Nigerian constitution
Electoral representation, regional thresholds
democratization:
change since Nigerias last military regime, 1999
some privatization alleviation of poverty: public wages increased, some illegally diverted funds returned to state treasury