CRITICAL ANALYSIS OF THE PERFORMANCE OF THE NATIONAL ECONOMIC EMPOWERMENT AND DEVELOPMENT STRATEGY (NEEDS) ON THE NIGERIAN ECONOMY

CRITICAL ANALYSIS OF THE PERFORMANCE OF THE NATIONAL ECONOMIC EMPOWERMENT AND DEVELOPMENT STRATEGY (NEEDS) ON THE NIGERIAN ECONOMY

 

ABSTRACT

This research work, “A Critical analysis of the performance of the National Empowerment and Development Strategy (NEEDE) on the Nigerian Economy”, seeks to look at the major causes of Nigeria’s economic misfortunes and this is greatly attributable to the poor industrial capacity utilization, massive unemployment and underemployment, high rate of inflation, high poverty rate, poor wealth distribution, mono-cultural economy (oil), high rate of corruption, etc. The main objective of this research is to find out if NEEDS has made any impact on the Nigerian economy and to analyze such impacts. To achieve the above stated objectives a systematic research methodology was adopted. A good blend of research questions and hypothesis were used on the population In addition, the macroeconomic benchmark set for NEEDS for each year of its implementation (ie. 2004 – 2007) was compared against the actual outcome oof 2004, to ensure compliance with plan. It was discovered that although NEEDS is the best available option to revive the collapsing economy, there are serious implementation challenges that may bedevil. Its implementation process. Based on the findings of this study, the following recommendations were made amongst others; The institution responsible for the implementation of NEEDS. Should be headed by well-qualified citizens of Nigeria with remarkable integrity. The level of awareness/publicity of NEEDS is too low that over 70% of the country’s populations are yet in the dark about it.