IMPACTS OF STRUCTURAL ADJUSTMENT PROGRAMME OF 1986 ON INDUSTRIAL ESTABLISHMENTS IN KWARA STATE, 1986-1999
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Date
2009
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Department of History and Archaeology, Faculty of Arts and Education, Ibrahim Badamasi Babangida University, Lapai.
Abstract
This paper examines succinctly the background objectives, elements and execution of the structural adjustment programme (S A P) in Nigeria, as it affects the industrial sector of Kwara State. The objectives, achievement and shortcoming of the four cardinal instruments of the programmes are reviewed. These instruments were exchange rate, deregulation of interest rates, trade liberalization and privatization/commercialization of public enterprises. The paper discovered that though SFEM stopped the overvaluation of the Naira but all failed to achieve reasonable exchanged rate for it. This unstable value of the nation’s currency, therefore, discouraged capital inflow for meaningful industrial growth because investors did not have confidence in the currency. Beside the devaluation of the Naira, the effects of other components of SAP, such as deregulation of interest rate, trade liberalization and the stoppage of government subsidies to state owned industries were also considered.
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Keywords
STRUCTURAL ADJUSTMENT PROGRAMME, INDUSTRIAL ESTABLISHMENTS, KWARA STATE