Labour leaders, civil society organisations and economists on Thursday said Nigeria’s market-driven economic reforms have failed to deliver industrialisation, mass job creation and inclusive growth, calling for a new development model anchored on a strong developmental state.
The stakeholders made the call at a conference in Abuja marking 40 years since Nigeria adopted the Structural Adjustment Programme.
The conference, titled “Forty Years of Structural Adjustment Programme in Nigeria: History, Impact and the Way Forward,” was organised by the African Centre for Leadership, Strategy and Development in collaboration with ActionAid Nigeria, the Nigeria Labour Congress, the Centre for Democracy and Development, Friedrich Ebert Foundation and other partners.
Participants noted that although SAP introduced liberalisation, privatisation and deregulation, Nigeria continues to struggle with weak industrial capacity, heavy dependence on crude oil exports, high unemployment, widespread poverty and weak public institutions.
In his welcome address, the Founder of the Centre LSD, Dr Otive Igbuzor, said the conference was convened to reassess the impact of SAP and draw lessons for current economic reforms.
