Impact Of Economic Liberalisation On Livelihoods - 1597 Words

The Impact Of Economic Liberalisation On Livelihoods In Nigeria Economic liberalization on livelihoods in Nigeria refers to how the decrease in government control, through deregulation and lesser restrictions in the economy to promote greater participation of private entities, serves as a means of securing the basic necessities of life i.e. food, water, shelter and clothing. This is done in an effort to encourage economic development through the doctrine is associated with classical liberalism. Following in the pattern of major economic reforms of emerging markets such as Brazil, China and India, Nigeria has followed the same path of economic liberalisation to ameliorate itself in the global competition, in order to achieve a higher standard of living. In Nigeria, economic liberalization through deregulation and privatization, has been implemented for various reasons, such as the demand for efficient and effective Public Enterprises, reduction in external borrowing, stronger capital markets, and improve accountability, but most important of all, for generation of employment and sustainable livelihoods for the betterment of Nigerian welfare (World Bank, 2013). SAP and NEEDS. Economic reform through liberalization was first introduced in Nigeria in 1986 through the IMF’s Structural Adjustment Programme (SAP), which was introduced to many sub Saharan African countries as a result of the economic downturn of the 1980s. This liberalization programme resulted in many governmentShow MoreRelatedEssay Global Integration1203 Words   |  5 Pagesthe drivers of globalisation. Embracing globalisation is encouraged due to its explicit benefits including reducing poverty, increasing living standards and increasing world trade. 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