Nigeria confronts a prolonged period of adjustment. For more than a generation, the oil sector generated large volumes of foreign exchange. However, with the recent bust in global oil prices and the resumed restiveness in the oil rich Niger-Delta region since 2014, Nigeria was thrust into macroeconomic crisis. Nearly four years on, we argue that policymakers effectively responded to the dual shocks mainly through import compression. However, the scope for continued import compression is now distinctly limited. For Nigeria to grow and prosper, the long-discussed diversification of the export base must occur via rapid expansion of non-oil exports.
CSEA joined other researchers and policymakers at The Young African Scholars Program (YASP), which was organised as a special session during the 2014 International Economic Association World Congress.
Despite its economic growth rate of about 7% over five years, Nigeria, one of Africas largest economies, faces the challenge of translating growth into poverty reduction and reduced social inequality
CSEA is currently carrying out a research project for the South African Institute of International Affairs (SAIIA), as part of theGlobal Economic Governance(GEG) research programme, which focuses on