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In the mid 1980s the real value of the Naira exceeded its 1970 level by three times, while the appreciation of the Rupia never exceeded 35% of its pre-boom value. The Indonesian government undertook two important devaluations of its currency (in 1978 and 1983)...
In the mid 1980s the real value of the Naira exceeded its 1970 level by three times, while the appreciation of the Rupia never exceeded 35% of its pre-boom value. The Indonesian government undertook two important devaluations of its currency (in 1978 and 1983)...
... to preserve the competitiveness of its non-oil sector.
In contrast, the Nigerian government continued to keep the official exchange rate at artificially high levels even after 1982, when the black market premium started to widen.
In contrast, the Nigerian government continued to keep the official exchange rate at artificially high levels even after 1982, when the black market premium started to widen.
Rather than let the Naira depreciate, the government made changes in the system of import licensing.
What happened?
Between 1973 and 1979, total agricultural output declined by 14 percent, and production of major cash crops fell by 30-65 percent.
What happened?
Between 1973 and 1979, total agricultural output declined by 14 percent, and production of major cash crops fell by 30-65 percent.
Meanwhile, the share of agricultural imports in total imports more than doubled.
By 1981, agricultural imports in Nigeria had increased to US$39 per capita, whereas in Indonesia they remained at only US$9 per capita.
From WBG.
By 1981, agricultural imports in Nigeria had increased to US$39 per capita, whereas in Indonesia they remained at only US$9 per capita.
From WBG.
