Nigeria and Socio-Economic Development in the Fourth Republic

Abstract

This paper analyses the trends in economic policy and social realities in Nigeria, with particular focus on the Fourth Civilian Republic. It underscores the appreciable impact of economic policy reforms on stimulating growth and observes that the positive growth in gross domestic product (GDP) per capita remains insufficient to reduce poverty. Irrespective of this projection, Nigeria has the potential for greatness. The discourse goes on to give a systematic overview of economic policy and social reality in the Fourth Republic 1999-2007. The paper evaluates the dramatic transfer of power in Nigeria from the military to civilians in 1999 and posits that Nigeria has so far made considerable progress in democracy, despite all odds. Nevertheless, the paper concludes that in order to meet the challenge of developing its human and natural resource potential, Nigeria must achieve the twin objectives of faster growth and greater equity.