USA Africa Dialogue Series - #GEJAchievements in Job Creation: Macroeconomic Stability

Previous governments prior to 2011 did little or nothing to promote activities that can employ most Nigerians.

The objective of the Jonathan Administration was to fight unemployment or reduce it to an acceptably low level. Since this goal cuts across the main pillars, it becomes a major target of the Transformation Agenda. In a bid to increase job creation, the Transformation Agenda focuses on promoting activities that employ many Nigerians. Thus, it aimed to: encourage the development of agribusiness through a focus on the entire agriculture value chain, encourage Small and Medium Enterprises (SMEs) without overlooking the large-scale industries, resuscitate ailing industries, and promote local content in the oil and gas sector.

Before 2011, Nigeria economy was known for volatility characterized by inflation, unstable exchange rate and unfavourable policies for job creation.

Nigeria today offers a stable macroeconomic environment with low inflation, stable exchange rate and a very low public debt. As of May 2014, inflation had fallen to 8 percent, compared to 12.9 percent in May 2010. Since the start of 2014, inflation has averaged 7.88 percent which is the longest successive stretch of single-digit inflation rate in 6 years. Also, the exchange rate between the Naira and the major trading currencies of the world such as the US dollar, the Euro and the UK Sterling has been relatively stable for two years. Though the Wholesale Dutch Auction System (WDAS) was introduced in 2006, it has been strengthened in the last few years. As a result, the gap between the parallel and bank's exchange rate has narrowed considerably. This has minimised the Naira's volatility while the access to foreign exchange has been expanded.

Compare #Nigeriab4GEJ

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