Central Bank of Nigeria
Macroeconomic policy reforms, Agriculture, Macroeconomic policy, Agricultural policy, Complementary policy measures, Agricultural sector performance, Economic policy framework
The aim of the paper is to identify the outstanding issues in Nigeria's agricultural policy in the context of the macroeconomic policy reforms adopted in the last ten years. Beset partly by macroeconomic policy distortions, agricultural sector performance was grossly inadequate in the 1970s and up to 1985. The macroeconomic policy reforms adopted in 1986 were aimed at removing the distortions to enhance macroeconomic stability and sectoral performance. A major finding of the study is that agricultural sector performance improved significantly especially during the initial phase of the policy reforms. However, the improved agricultural sector performance has not been sustained in recent years owing to poor policy implementation, lack of complementary policy measures to support the core policy initiatives such as the exchange rate adjustment and an imprecise agricultural development strategy during the period of reforms. The policy implications of the analysis include the need to strengthen and streamline the economic policy framework for agricultural development during deregulation, enhance policy analysis and implementation, design viable strategies for the delivery of services to producers, as well as institute a more viable public expenditure programme on the basis of well-defined public sector activities.
Ojo, M.O. and Akanji, O.O. (1996). The impact of macroeconomic policy reforms on Nigerian agriculture. Economic and Financial Review, 34(2), 549-570