Economic and Financial Review
Publisher
Central Bank of Nigeria, Research Department.
Keywords
Export crop subsector, Structural Adjustment Programme (SAP), Export volumes, Export values, Naira exchange rate, Agricultural sector, Rural income, Nigeria.
Abstract
The purpose of the paper is to evaluate the impact of the Structural Adjustment Programme (SAP) on Nigeria's export crop sub-sector. The programme is designed to increase production in the sub-sector with the aims of boosting exports, providing much needed agricultural raw materials for local industries and generating more rural incomes and employment opportunities. The package of policy instruments is a combination of fiscal, monetary and external sector policies with institutional and price reforms in the agricultural sector. The main finding was that a moderate rate of increase was achieved in the output of the subsector. Similarly, export volumes increased slightly, but export values increased substantially due to the depreciation of naira exchange rate. The supply of agricultural raw materials to local industries also increased marginally. Increased level of activities in the subsector has also improved rural living conditions moderately. Generally, the full potential impact of the programme has not been realised. In particular, constraints in the marketing and input supply components have largely persisted. The paper concluded that the recent developments in the subsector as a result of the SAP emphasize the need for a more effective agricultural policy for minimizing the domestic and external constraints on the subsector's growth and development.
Issue
27
Volume
4
Recommended Citation
Ojo, M. O. (1989). The structural adjustment programme and Nigeria's export crop sub-sector. Economic and Financial Review, 27(4), 33-45.