Economic and Financial Review


Central Bank of Nigeria


Structural Adjustment Programme, SAP, Foreign Exchange Market, Trade Policies, Nigeria, Economy


The purpose of the paper was to throw more light on the Structural Adjustment Programme currently under implementation in Nigeria through a detailed review and appraisal of its policy framework . This was considered to be desirable in view of recent public criticisms many of which appeared not to be well informed. In a more balanced approach, the paper reviewed the benefits and costs of the Programme. Among the benefits highlighted were the removal of the overvaluation of the naira exchange rate, the boost to agricultural exports, greater industrial capacity utilization and the improved international confidence in the Nigerian economy. Some of the costs of the programme were the increased inflationary pressures, the credit squeeze and influx of imported finished goods. The overall conclusion of the paper was that the SAP has been a worthwhile policy package in the context of Nigeria's contemporary economic problems.

Author Bio

The author is a Chief Research Officer, Central Bank of Nigeria

Publication Title

CBN Economic and Financial Review





Recommended Citation

Omoruyi, S. E. (1987). A Review of the Structural Adjustment Programme, the Foreign Exchange Market and Trade Policies in Nigeria. CBN Economic and Financial Review. 25(4), 29-38.



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