Nigeria - Country Assistance Evaluation
The period from July 1, 1998 to June 30, 2007 (World Bank fiscal years 99-07) saw a substantial improvement in Nigeria's economic performance and outlook relative to the previous two decades, during which, notwithstanding the expanding product...
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| Format: | Brief |
| Language: | English |
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Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2008/09/12815470/nigeria-country-assistance-evaluation http://hdl.handle.net/10986/10592 |
| Summary: | The period from July 1, 1998 to June 30,
2007 (World Bank fiscal years 99-07) saw a substantial
improvement in Nigeria's economic performance and
outlook relative to the previous two decades, during which,
notwithstanding the expanding production of oil and gas,
Nigeria's social indicators deteriorated steadily and
the country acquired among the worst reputations for
corruption and poor governance. During its second term, the
Obasanjo administration built on some actions taken
previously to stabilize the economy, created an oil surplus
account to prevent the fiscal instability of the earlier
period, took significant steps to improve public financial
management, put in place important new initiatives on
corruption and transparency, and continued the privatization
program. During this period, the Bank provided important
assistance to the government of Nigeria. In spite of the
relatively small weight of the Bank's financial
contribution given Nigeria's earnings from oil, the
Bank carried a great deal of weight as a source of objective
advice and as a means of influencing perceptions of Nigeria
in the international community. During the period to
mid-2003, however, the Bank had some difficulty in
determining the role it should play. A large number of
lending operations were started, often without the base of
local knowledge needed for success. At the same time, the
Bank was slow to invest in analytic work. With the reform
team providing clear Nigerian leadership in the second term
of President Obasanjo, the Bank adapted its program in many
areas to provide effective support. The Bank is well placed
to continue to make an important contribution to
Nigeria's economic and social progress. For this to
occur, it is important that the Nigerian government take all
necessary steps to ensure policy continuity as well as to
extend and deepen the reforms initiated over the evaluation
period-this is of critical importance for the country's
long-term economic success. |
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