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PROJECT TOPIC: NIGERIA ECONOMIC POLICY UNDER THE MILITARY 1983-1993

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CHAPTER ONE

CONCEPTUALIZATION OF ECONOMIC POLICY AND THE NIGERIA SITUATION.

1.0 INTRODUCTION 

Policy means a plan action agreed or chosen by government, a business or organization. It is a principle of behavior or belief that influences how one behave. It can also be defined as government programmes of action, which is what government intend to do and how they intend to do or achieve it.1

Economic policy can be seen as a set of Economic measures conceptualized formulated, enacted and executed by government as a deliberate effort to speed up the process of Economic development in such society. It is the deliberate measures or programs taken by governments or their agents an order to accelerate the pace of development for the socio-Economic well-being of its citizenry. No country whether big or small, would leave its economy to invisible hand of market forces without any kind of moderation. It has been argued by some scholars in the economic field that in modern world, no country’s economic and social development are free from some form of deliberate efforts by government or its agent, to speed up the process of economic development.

Government plays a vigorous role in shaping, designing and moderating economic developments in each of their respective states or countries. While in some states, the role of the governments is pervasive, directly, and extensively interfering with the lives of the people- as typical of socialist or communist oriented countries, in others that are capitalist oriented the influence of governments is limited to policy measures with which economic and others actions take lace and this provide the stimulous to economic growth and development2.

One of the most important purpose or programs of a constituted government is the formulation of economic policy. The relevance of the formulation of such economic policy in the act of governance cannot be over emphasized considering the implication of a weak economy for the survival of a nation:- The strength of a nation rests on a viable economy. A nation with a viable economy enjoys political stability, high standard of living for its citizenry and a good diplomatic relation with other nations of the world. Therefore it can be safe for us to argue that the economic strength of a nation is a major determinant of the political power of that nation and its respectability in the international system or environment. In order to pursue economic statecraft effectively, states and indeed governments need to have a strong economic base. Such financial strength is usually an important element in the power equation of states in the international system.


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