CRITICAL ANALYSIS OF THE PERFORMANCE OF NATIONAL ECONOMIC EMPOWERMENT AND DEVELOPMENT STRATEGY NEEDS ON THE NIGERIAN ECONOMY

Code No: 277771

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ABSTRACT

This research work, â€œCritical analysis of the performance of the National Economics Empowerment and Development Strategy (NEEDS) on the Nigeria Economy, (A Case Study of Enugu State)â€ 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 countryâ€™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.

CHAPTER 1

CHAPTER ONE
INTRODUCTWION
This chapter is talking all about (NEEDs). National Economics Empowerment and Development Strategy. NEEDS is Nigerianâ€™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 peopleâ€™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 â€œwhite elephantsâ€.
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 obasanjoâ€™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.