Nigerian Economy Essays On Economic Development

Nigerian Economy Essays On Economic Development-33
Cooperation between the public and private sectors seemed essential to increasing such linkages.In addition, mining firms often made substantial contributions to local and regional development, at times due to legal requirements but often not.Can we leverage the desire for politicians to show progress ahead of the next election?

Cooperation between the public and private sectors seemed essential to increasing such linkages.In addition, mining firms often made substantial contributions to local and regional development, at times due to legal requirements but often not.

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Many low and middle-income mineral-rich countries have experienced strong growth for a decade or longer, propelled by a rapid expansion of their mineral exports and a rise in prices of these commodities.

This sustained strong economic performance goes against the accepted wisdom that even though the mining sector, like other extractive industries, can generate foreign exchange and fiscal revenues, it contributes little to sustained economic growth and, by extension, human development.

The overall impact of the mining sector was much stronger if there were infrastructure benefits and strong linkages to other industries, especially through domestic procurement.

Contrary to the notion that there are no jobs in mining, in this small sample, employment related to the mining sector was very high in countries where linkages were strong, even before the multiplier and fiscal expenditure impacts were accounted for.

In a nutshell, political economy perspectives can help us develop greater clarity about the forces promoting and impeding better development outcomes and to focus on what smart contributions could be made to strengthen existing or potential drivers of progress–in short, to adopt more of a ‘jiu-jitsu approach’ to change. In a majority of countries, the relative importance of our lending is shrinking.

We are looking for renewed relevance as a provider of knowledge and an institution with substantial convening power.What we need to rise to this challenge is a jiu jitsu approach that implies working in smart ways with existing political economy dynamics.We must focus on reinforcing the positive ‘drivers of change’ that exist.A third insight–that has become increasingly apparent over the past decade–is that improvements in governance are difficult to achieve.Turkeys do not vote for Thanksgiving–and most politicians do not wish to, or simply cannot, change the systems that bring them to power.During this time, the Bank’s Philippines and Zambia country teams have made some of the strongest uses of political economy analysis to inform their programming, operations, and policy dialogue.Given the significant global and local challenges that we are up against, we should continue honing and deploying this skill.All five countries have either relatively high HDIs (compared with neighboring countries) or strongly improving HDIs.The term ‘political economy’ has become an increasingly popular part of the vernacular at the World Bank and other development agencies.Political economy perspectives can help to calibrate where best to apply the Bank’s strengths–technical knowledge, convening power, and financing–and identify how to work towards strengthening both the supply of and the demand for better governance and governments.Over the past few years, we have started to learn how to use political economy analysis in an operationally targeted way to improve development effectiveness.

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