Critical Analysis Of The Performance Of National Economic Empowerment And Development Strategy (Needs) On The Economy
(A Case Study Of Enugu State)
The National Economic Empowerment and Development Strategy (NEEDS) is a comprehensive economic reform program implemented by several African countries to address developmental challenges and stimulate economic growth. NEEDS typically encompasses policy measures aimed at promoting macroeconomic stability, private sector development, poverty reduction, and social infrastructure improvement. The success of NEEDS depends on effective implementation and commitment to its objectives. When well-executed, NEEDS has the potential to positively impact the economy by fostering a conducive business environment, attracting investments, and promoting sustainable development. However, challenges such as political instability, inadequate funding, and poor governance can hinder the full realization of NEEDS’ potential. Continuous monitoring, evaluation, and adaptability are crucial to ensure that the strategy remains responsive to changing economic dynamics and achieves its intended outcomes.
This research work, “Critical analysis of the performance of the National Economics Empowerment and Development Strategy (NEEDS) on the Nigeria Economy, (A Case Study of Enugu State)” seeks to look at the major causes of Nigerians Economic Misfortunes and his is greatly attributable to the poor industrial capacity utilization, massive unemployment and underemployment, high late of inflation, high poverty rate, poor wealth distribution, Mono-cultural economy (oil) high rate of corruption, etc. The main objectives of this research are to find out if NEEDS has made any impact on the Enugu State and to analyses such impacts. To achieve the above stated objectives, a systematic research methodology was adopted. Good research questions were used on the sample such as the government, the private sectors, and the public and donor communities. From the data gathered here, it was discovered that in as much as the government has been playing its economic development role fairly well by adopting several failed economic reform programmes in the past, the economic debacle of Nigeria persists and this case for NEEDs. In this research work the simple size is 40 and the sampling techniques is random sample used as probability proportionate i.e. 50 and methods of data collecting is questionnaire, Interview etc. Based on the findings of this study, the following recommendations were made amongst others, (i) The level of awareness of NEEDs is too low that over 70% of the country’s populations one yet in the dark about it. (ii) The institution responsible for the implementation of NEEDs should be headed by well-qualified citizens of Nigeria with remarkable integrity.
Title page
Approval
Certification
Dedication
Acknowledgements
Table of contents
List of tables
Abstracts
CHAPTER 1:
INTRODUCTION
1:1 Background of the study
1:2 Statement of problem
1:3 Objectives o the study
1:4 Significance of the study
1:5 Research questions
1:6 Scope of the study
1:7 Limitation of the study
1:8 Definition of terms.
CHAPTER II:
LITERATURE REVIEW
2:1 The national economics empowerment and development strategy (NEEDs).
2:1.1 Features of NEEDs
2:1.2 Objectives of NEEDs
2:2 The Macro economic framework
2:2.1 Real sector
2:3 Reforming the government
2:3.1 Tackling corruption and promoting transparent and accounting ability
2:3.2 Public sectors
2:3.3 Security and administration of justice
2.4.1 The social charter and implementation strategy
2:4.2 Causes of poverty
2:4.3 Social sector as addressed by NEEDs
2.5 Possible implementation challenge of NEEDs
2.6 Growing the private sector towards a competitive private sector
2:6.2 Infrastructural development
2:6.3 Specific sectorial strategies
2:6.3 Agriculture and food security
2:6.4 Manufacturing, including micro small and medium enterprises (SMES).
2.7 Implementation and financing implementation
2:7.1 Institutional framework
2:7.2 Instruments
2:7.3 Monitoring and Evaluation
2:7.4 Financing
2:7.5 Other sources of finance
2.8 Summary of review
CHAPTER III:
RESEARCH METHODS
3.1 Research design
3.2 Area of study
3.3 Population of the study
3.4 Sample size and sampling technique
3.5 Instrument for data collection
3.6 Methods of data collections
3:6:1 Primary data
3:6:2 Secondary data
3.7 Validation and Reliability of the Instrument
3.8 Method of data analysis
3.9 Decision rule
CHAPTER IV:
DATA PRESENTATION AND ANALYSIS
4.1 Data presentation and analysis
4.2 Data analysis techniques
4:2.1 Primary data analysis
4:2. Secondary data analysis
CHAPTER V:
SUMMARY OF FINDINGS CONCLUSIONS AND RECOMMENDATIONS.
5.1 Summary of findings
5.2 Conclusion
5.3 Recommendations
5.4 Suggestions for further study.
References
Appendix
Questionnaire
INTRODUCTION
This chapter is talking all about (NEEDs). National Economics Empowerment and Development Strategy. NEEDS is Nigerian’s plan for prosperity. It is a way of letting the international communities know where Nigeria stands in the region and in the world and how it wishes to be supported.
NEEDS is the people’s plan. It is up to regular Nigerians as well as government to see that it is implemented.
1.1 Background of Study
Nigeria is a large nation with a population or about 120 million people made up of three main ethnic groups: Hausa, Yoruba and Ibo, plus many other minor tribes. Nigeria gained her independence in 1960 and become a republic in 1963. Since then, the country has been involved in development policies as a deliberate and calculated method for mobilizing her resources with the hope of improving the material well-being of her citizenry. It is worthy of note that since the attainment of political independence in 1960, five national development plans (1962-1968, 1970-74, 1974-80, 1981-85 and 1968-2010) where launched at different period but without resounding success (Saleman 1998:3).
This situation can be attributed to lack of the main ingredients required for the success not these developmental, efforts, which included political stability social, Economic, Educational and Industrial advancement are lacking in the Nigerian context.
Nigeria has a large deposit of oil, gas and solid Minerals and skilled workforce. Apart from these, Nigeria has not been able to effectively control its endowment to develop the economy sufficiently to improve the welfare of his people. With a computed population growth rate of 2.8% and a GDP growth rate of about 2.5% per capital income growth was negative for the greater part of the 1990s. Nigerians urbanization is one of the highest in the world, leading to loss of strong labour force for Agriculture. In addition the rate of job creation has been far less than the rate of growth of the urban labour force. This connected with an education system that is not attended to the population of the proper manpower required to support well growth has led to high levels of unemployment and underemployment. In Nigeria, oil currently is about 75% of government speedy growth of the industrial sector led to investment in some projects which turned out to be “white elephants”.
According to Akpabash, 2004, Nigeria contributes about 30% of Gross Domestic Profit but employs only about 3% of the available labour force. The two reasons for this development is not far fetch firstly, the ability to design such project was lacking. Secondly, the soft loans required diminish of oil prices in the early century.
These provide the background for the new started economy improvement agenda, the Nation Economics Empowerment and Development Strategy (NEEDS). During the regime of obasanjo’s, it has also taken other the measures such as the establishment of an independent corrupt practices commission (ICPC) the Economic and financial crime commission (EFCC) and due to process office to screen contracts sooner to execution.
1.2 Statement of Problem
The National Economics Employment and Development Strategy (NEEDS) came into takeover from the former structural adjustment programmes (SAP) which as introduce according to Babangida’s administration in 1986 which emphasizes. The National Economics Empowerment and Development Strategy (NEEDS) Intend to correct the negative impacts of the SAP on the country economic growth, which has led to an unprecedented social dislocation. The Mono-cultural economy practiced by Nigeria that is oil, has depressed other beneficial and elastic sector, sector, as economy now depends on oil as its major engine of growth and source of government revenue. According to Umar, 2005 summarized the problems of Nigeria economy.
Galloping inflation that rate is freely.
Embarrassing the need rate.
Poor wealth distribution.
Gigantic unemployment and underemployment.
Poor industrial capacity utilization etc.
On this note the researchers intend to critically investigate the performance of National Economics Empowerment and Development Economy.
1.3 Objectives of the Study
The main goals in this research work are to ascertain if National Economics Empowerment and Development Strategy (NEEDS) has made any impact on the Nigerian economy, and to analysis such impacts.
The major objectives are:
(i) To ascertain the condition of the Nigerian economy before the invention of National Economic Empowerment and Development Strategy (NEEDS).
(ii) To examine the possible implementation challenges that National Economics Empowerment and Development Strategy (NEEDS) may encounter.
(iii) To estimate the performance of NEEDS so far.
(iv) To critically analyse the features of National Economics Empowerment and Development Strategy (NEEDS)
(v) To make meaningful recommendation
1.4 Significance of the study
This project work is carried out in partial fulfillment of the requirements for the award of the Nigerian Certificate in Education.
This work will be great help to future researchers who will carryout their own investigations in the subject area.
This work will help Nigerians in understanding the working of the economy and how to better it.
This work will be helpful in restoring public confidence on NEEDS and support people to it through opinion pools, suggestions and contribution by accepting the NEEDS as a genuine remedy to the current in conducive and in clement Economic conditions.
1.5 Research questions
(i) How do you compute the role of the Nigerian government in developing the nation’s economy?
(ii) How do you assess the performance of the Nigerian economy before the invention of NEEDS?
(iii) Can NEEDS really salvage the Nigerian Economy?
(iv) Are there possible implementation problem(s) that?
(v) Is it true that the several reform optional adopted in the past by the government were ineffective?
1.6 Scope of the study
The region of this project is Enugu. The research is to determine if NEEDs can be used as a measure to revitalize the falling economy of Nigeria.
1.7 Limitation of the study
A study of this nature cannot be carried out without difficulties in the process. An important constraint is the time constraint. This research work was carried out simultaneously with other class work and examination and the research were compiled with a very short period of one year.
Another constraint is finance, a research of this nature involves traveling to various states nationwide so as to search for adequate data (raw materials). NEEDs is a new programme and as such have not text books and a few articles written on it.
NEEDS being new in Nigeria has not gained popularity and consequently offered only a few people as respondents to the questionnaires distributed.
Lastly, difficulty in securing relevant data for the study.
1.8 Definition of terms
To master NEEDS properly, it is pertinent that we understand the words used informing the “National Economics Empowerment and Development Strategy”.
According to Ude and shaibu (2003) defines-
(i) Economic growth as the increase in the quantity of goods and services produced in a country over a year.
(ii) Economic development is all about the maturity of the quality and quantity of goods services produced in a country over a year.
In additional by the above definition “goods are products of the private sector or the public sector. Private sector is the industries under government control while public sector is the industries under government that are tangible, services represents control that are tangible, services represent the products of the private or public sector that are intangible or invisible. E.g. Banking, Insurance, warehousing etc.
(iii) Empowerment: According to Chibueze 1996, defined Empowerment involves equipping one with the authority in ones society. Empowerment is synonymous with capacity or enablement.
(iv) Strategy: the Longman (1995) defined a strategy as “Well planned series of action for achieving an aim, especially success against an opponent.
An consolidated of the above headings reveals that NEEDS can be defines as a well-planned series of actions for achieving a maturity of the quantity of goods and services produced in Nigeria by Nigerians.
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Critical Analysis Of The Performance Of National Economic Empowerment And Development Strategy (Needs) On The Economy:
The National Economic Empowerment and Development Strategy (NEEDS) is a policy framework that has been implemented in various countries to promote economic growth, poverty reduction, and sustainable development. While the specific details and effectiveness of NEEDS can vary from country to country, I can provide a general critical analysis of its performance on the economy based on common challenges and outcomes associated with such strategies.
1. Strengths:
a. Comprehensive Framework: NEEDS often provides a comprehensive approach to economic development, encompassing various sectors such as agriculture, education, healthcare, infrastructure, and more. This holistic approach can help address multiple challenges simultaneously.
b. Focus on Poverty Reduction: Many National Economic Empowerment and Development Strategy programs emphasize poverty reduction and social welfare, aiming to improve living standards and reduce income inequality.
c. Public-Private Partnerships: NEEDS strategies often emphasize collaboration between the public and private sectors, potentially facilitating investment and innovation in the economy.
2. Weaknesses:
a. Implementation Challenges: Implementing comprehensive strategies like NEEDS can be complex and require effective coordination across various government departments. Bureaucratic inefficiencies and corruption can hinder successful implementation.
b. Lack of Resources: Achieving the goals outlined in National Economic Empowerment and Development Strategy can require significant financial resources. In some cases, funding constraints may limit the extent to which programs can be carried out effectively.
c. Monitoring and Evaluation: The effectiveness of NEEDS programs can be difficult to measure accurately. Without robust monitoring and evaluation mechanisms, it can be challenging to determine whether the desired outcomes are being achieved.
d. Political Instability: Political changes and shifts in government priorities can disrupt the continuity of NEEDS implementation, affecting its long-term impact.
3. Mixed Results:
a. Economic Growth: National Economic Empowerment and Development Strategy strategies aim to spur economic growth, but the extent of success varies. Some countries have experienced positive growth rates, while others have struggled to achieve sustained economic expansion.
b. Poverty Reduction: While poverty reduction is a key goal, the effectiveness of NEEDS in lifting people out of poverty depends on various factors, including job creation, income distribution, and social safety nets.
c. Infrastructure Development: Infrastructure projects outlined in NEEDS can have varying degrees of success. Some projects may face delays, cost overruns, or subpar quality.
d. Sectoral Imbalances: Depending on the priorities set in NEEDS, there might be uneven development across sectors. Overemphasis on certain sectors could lead to neglect of others, impacting overall economic diversification.
4. Sustainability and Environmental Impact:
NEEDS strategies often focus on short- to medium-term economic goals, which might lead to insufficient attention to long-term sustainability and environmental considerations. This can have negative consequences for natural resources, ecosystem health, and climate change.
5. Inclusivity and Equity:
NEEDS should address issues of inclusivity and equity to ensure that the benefits of economic growth are shared among different segments of the population. Failure to address these issues could lead to social unrest and instability.
In conclusion, the performance of the National Economic Empowerment and Development Strategy (NEEDS) on the economy is complex and multifaceted. Its effectiveness depends on a range of factors, including the specific context of implementation, government commitment, resource availability, and the ability to address challenges effectively. While National Economic Empowerment and Development Strategy strategies have the potential to drive economic growth and development, their success hinges on careful planning, efficient execution, ongoing evaluation, and adaptation to changing circumstances.