Benin I S economic development ob jectives comprise the following four major priorities:
D. Estimates of resource requirements for the national recov~ry programme (1986-1990)
34. NIGERIA A. Overall economic performance since 1980
The performance of the Nigerian economy during the period 1980 to 1985 was a reflection of the level of revenue from petroleum exports, efficiency in economic management and the performance of the productive sectors, especially food and agriculture and the manufacturing sector. The 1980s was a period of declining petroleum prices and therefore of export earnings and Federal Government revenues. The oil glut has been followed by drastic falls in industrial and agricultural outputs, increased food imports and balance-of-payments problems. The period also saw three different governments, including a civilian administration that was supported by a huge and elaborate administration at both the state and federal levels, the rapid dwindling of Nigeria's external reserves from $10.2 billion in 1980 to $1.5 billion in 1984, and about a quadrupling of external debt, from less than $5 billion in 1980 to about $19.8 billion in 1985 - the latter figure includes short-term trade arrears. The debt-service ratio was about 27.5 in 1984. Net resource flows increased substantially from $2,025.0 million in 1980 to $4,916.0 million in 1982, falling however to $3,457.0 million in 1983 and $1,319.0 million in 1984.
B. Main areas of focus of the national recovery programme (1986-1990)
The economic recovery programme focuses on small-holder agriculture supported by integrated rural development programmes; completion of ongoing projects, rehabilitation and maintenance of existing assets, export promotion and supply of local raw materials for industries.
c.
Highlights of policy reforms in support of the national recovery programme (1986-1990)Policy reforms in support of the national economic recovery programme include:
(a) Incentives: gradual removal of subsidies on agricultural inputs and introduction of effective price support, distribution of fertilizers and pesticides to farmers and liberalization of access to farm credit. Importation of rice, maize, vegetable oil, stock fish and ~ay-old chicks has been banned;
(b) Policy reforms in the public sector: establishment of a directorate for food production and rural development; privatization of some public enterprises involving divestiture of government holdings in agricultural production, hotels and all non-strategic industries; and disengagement of governments at all levels from direct involvement in agricultural production and distribution;
(c) Policy reforms in the private sector: allowing greater scope for private airlines on domestic routes; more liberal import policy for the importation of raw materials, agricultural equipment and spare parts; and simplification of regulations and guidelines governing industrial investment and commercial banking activity;
of the Naira with a view to reducing the degree of overvaluation; and operation of a two-tier foreign exchange market as a logical extension of the foreign domiciliary accounts system.
D. Estimates of resource requirements for the national recovery programme (1986-1990)
Millions of US dollars
(ii)
(iii) (iv) (v)
(i) Resources already mobilized Domes t i ca 11 y
Externally Subtotal
Resources planned to be mobilized Domestically
Externally Subtotal
Estimates of likely available resources Total estimated cost of programme
Resource gap
E. Fstiu.ates of debt-servicing requirements (1986-1990) (in millions of US dollars)
A. Overall economic performance since 1980
Rwanda is a completely land-locked country in Central Africa. Apart from land-lockedness the country currently suffers from two other major development problems. namely, the limited arable land and scarcity of natural resources and population pressure. With a population of 5.9 million (in 1984) and a population density of 225 persons/km2 Rwanda finds itself among the most densely populated areas of Africa. Given the annual population growth rate of 3.6 per
cent the country's population is estimated to jump to 7.4 million in 1990, about 95 per cent of whom live in the rural areas.
GDP growth has been generally low and erratic. After rising by 8.1 per cent in 1981 GDP growth fell dramatically to 1.1 per cent in 1982, rising, however, to 3.0 per cent in 1983 but plummeting to -2.8 per cent in 1984.
Overall, growth between 1980 and 1984 was only 2.4 per cent yearly on average.
This entails a considerable fall in per capita income to the tune of 1.2 per cent annually during the same period.
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The volume of external debt 1984 to $254.5 million. As for in 1984, but is estimated to rise five years. The total net flow of in 1980 to $147.4 million in 1984.
incurred on concessiona! terms amounted in debt servicing. it amounted to 6.1 per cent to between 15 and 20 per cent over the coming resources, conversely, fell from $171.3 million
B. Main areas of focus of the national recovery programme (1986-1990)
The main areas of concern in the national economic recovery programme are:
(a) Food and agriculture (food self-sufficiency);
(b) Agricultural support measures including improvement, development of energy resources and industries; and
(c) Human resources development.
soil protection and yield of small- and medium-scale
C. Highlights of policy reforms in support of the national recovery programme 0986-1990 )
Among the various measures adopted or envisaged particular mention should be made of:
(a) promotion and their
Review of tax legislation, customs tariffs and the investment code;
of investment, particularly in small- and medium-scale enterprises, regional distribution;
(b) Creation of a special guarantee fund for national entrepreneurs who have no collateral;
(c) Austerity and rigour in the management of the public sector;
(d) Mobilization of domestic savings;
(e) Application of selective interest rates;
(f) Review of tax legislation, customs tariffs, and austerity in management;
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Source: ECA secretnriat.development activities by the Ministry of Planning and by the interministerial co-ordinating committees;
(h) Channelling of public investment into viable sectors; and
(i) Establishment of mechanisms to monitor programme implementation.
D. Estimates of resource requirements for the national recovery programme (1986-1990 )
Millions of US dollars (i) Resources already mobilized
Domes t i ca 11 y Externally
Subtotal
(ii) Resources planned to be mobilized Domestically
Externally Subtotal
(iii) Estimates of likely available resources (iv) Total estimated cost of programme
(v) Resource gap
239.9 723.6
962.5 962.5 1 251. 2 288.7
E. Estimates of debt-servicing requirements (1986-1990) (in millions of US dollars)
Type of debt
Interest Principal
Total
Official creditors 20.3
54.1 74.4
Private creditors Total 20.3 54.1 74.4
36. SAO TOME AND PRINCIPE