Globalisation implications buharis economic agenda #

Muhammadu Buhari's economic agenda in Nigeria has been shaped by the country's integration into the global economy, which has both positive and negative implications. Here are some of the key implications of globalization on Buhari's economic agenda:

Positive implications:

  1. Increased foreign investment: Globalization has attracted foreign investment to Nigeria, which has helped to boost the country's economy. Buhari's administration has implemented policies to attract foreign investment, such as the establishment of the Nigeria Investment Promotion Commission (NIPC) and the creation of special economic zones.
  2. Access to new markets: Globalization has provided Nigeria with access to new markets, which has helped to increase the country's exports and diversify its economy. Buhari's administration has been working to increase Nigeria's exports, particularly in the areas of agriculture and manufacturing.
  3. Improved technology: Globalization has brought about the adoption of new technologies in Nigeria, which has improved the country's productivity and competitiveness. Buhari's administration has been investing in technology, particularly in the areas of e-government and digital payments.

Negative implications:

  1. Dependence on foreign capital: Nigeria's economy is heavily dependent on foreign capital, which makes it vulnerable to fluctuations in the global economy. Buhari's administration has been working to reduce the country's dependence on foreign capital by promoting domestic savings and investment.
  2. Inequality and poverty: Globalization has widened the income gap between the rich and the poor in Nigeria. Buhari's administration has been working to address poverty and inequality through social protection programs and infrastructure development.
  3. Loss of sovereignty: Globalization has raised concerns about the loss of sovereignty, particularly in the areas of trade and investment. Buhari's administration has been working to strike a balance between promoting foreign investment and protecting Nigeria's sovereignty.
  4. Competition from foreign goods: Globalization has increased competition from foreign goods, which has made it challenging for Nigerian businesses to compete. Buhari's administration has been working to promote local content and support Nigerian businesses through policies such as the "Buy Nigerian" campaign.
  5. Vulnerability to global economic shocks: Nigeria's economy is vulnerable to global economic shocks, such as the COVID-19 pandemic. Buhari's administration has been working to diversify the economy and reduce its dependence on oil exports to mitigate the impact of global economic shocks.

Key policies and initiatives:

  1. Economic Recovery and Growth Plan (ERGP): Buhari's administration launched the ERGP in 2017, which aims to diversify the economy, promote industrialization, and reduce poverty.
  2. Agricultural transformation: Buhari's administration has been working to transform the agricultural sector through policies such as the Agricultural Promotion Policy (APP) and the National Agricultural Development Plan (NADP).
  3. Industrialization: Buhari's administration has been promoting industrialization through policies such as the Industrial Policy and Competitiveness Improvement (IPCI) and the National Industrial Revolution Plan (NIRP).
  4. Infrastructure development: Buhari's administration has been investing in infrastructure development, particularly in the areas of transportation, energy, and telecommunications.
  5. Social protection programs: Buhari's administration has been implementing social protection programs, such as the Conditional Cash Transfer (CCT) and the National Social Safety Nets Program (NASSP), to address poverty and inequality.

Overall, Buhari's economic agenda has been shaped by the challenges and opportunities presented by globalization. While globalization has brought about benefits such as increased foreign investment and access to new markets, it has also posed challenges such as dependence on foreign capital and vulnerability to global economic shocks.