Nigeria’s population as a nation is so large that no …show more content…
IMPLEMENTATION OF SAP The objectives of the Structural Adjustment Programme (SAP) could not be attained with poor financial base, hence there was need for huge financing. This led the IBB regime to seek for loan from the International Monetary Fund (IMF) in spite of its stringent conditionalities. The conditionalities for IMF are:
(1) Devaluation of Naira, the national currency;
(2) Introduction of trade liberalization policy;
(3) Removal of oil subsidies; and
(4) Deregulation of the National Economy.
Opinion pull nationwide revealed that Nigerians rejected the idea of obtaining the loan from IMF due to fear that the country would become imperialised, judging from its effect on other African countries that had obtained such loan. The government, however, threw aside the opinions it sought for and took the loan.
Measures adopted by the government to implement SAP included:
• Achievement of realistic exchange rate policy hitherto administratively fixed, and liberalization of external trade and payment system;
• Appropriate pricing policies in all sectors with greater reliance on market forces and reduction in complex