Page 517 - Sustainable Cities and Communities Design Handbook

486 Sustainable Cities and Communities Design Handbook

Weak Institutions and l Need proactive institutions with the authority to execute the
Regulatory Deficit rule of law and foster economic growth
Policy Reversals and Lack l Policy inconsistency is a significant hindrance to growth in
of Follow-Through Nigeria
l Need measures to ensure policy sustainability and
effective implementation
Dependence on the Oil l The Nigerian government relies on crude oil revenue for over
Sector for Government 80% of total revenue
Revenues l Measures to diversify the economy are imperative
Disconnect between the l The financial sector has been successful in trading
Financial and Real government debt and foreign exchange, as well as
Sectors financing the wholesale and retail trade sector
l Financing of the real sector has been suboptimal
l High interest rates are restrictive
l Constraints on access to credit
Exchange Rate Instability l Heavy reliance on imports opens the economy up to
exchange rate risk, which contributes to:
l Price volatility and inflation
l Economic uncertainty that is detrimental to business
planning and growth
Insecurity of Lives and l Sustainable economic growth driven by the private sector
Property requires a conducive environment characterized by
security of lives and property, rule of law, sanctity of
contracts, and respect for property rights
l Internal impediments to this include ethnic/religious
disturbances, kidnapping, armed robbery, and corruption.
l External impediments include commodity price volatility, oil
market boom and bust cycles, and intermittent droughts
Growth in a Depressed l Given the global recession and its potential to externally
Global Economy stifle Nigeria’s economic growth, the government will focus
more on addressing the internal constraints on growth,
strengthening the internal institutions as well as incentivizing
foreign direct investment and creating more functional cross-
sectoral linkages
Climate Change and l Without adequate action, it is predicted that African
Environmental country’s crop yields could be reduced up to 50% by 2020
Degradation l Nigeria will adopt environment-friendly practices to avoid
the negative growth effects as well as capitalize on any
competitive advantage opportunities as environmental issues
put more pressure on international trade regulations
The Effects of Global l Energy security is a critical issue for both emerging and
Energy Transition developed countries
l An energy diversification strategy that recognizes a transition
away from fossil fuels is key
Reproduced from Government of Nigeria, 2009. Vision 20:2020. Economic Transformation Blueprint.
Retrieved from: http://www.nationalplanning.gov.ng/index.php/national-plans/nv20-2020.

Around the same time, the government released the Nigeria a National
Implementation Plan (NIP) for 2010e13 to outline the sectoral plans and
programs that it would be undertaking to accomplish Vision 20:2020. This
256-page document outlines the goals, specific objectives, and priority projects