Nigeria Economic and Financial Policy
During the 2004-05 two-year period, the Nigerian authorities adopted important structural policies aimed at strengthening governance and transparency in state action, countering corruption, reforming the social security system, launching the privatization program for public enterprises. The expansionary fiscal policy subsidized by the higher revenues from the energy sector was aimed at promoting economic growth and reducing poverty. At the same time, a prudent monetary policy was implemented to contain exchange rate fluctuations and control inflationary pressure. Over the following years, a process of reform of the political system was initiated aimed at increasing the responsibilities of the various levels of government in fiscal consolidation. In this time, the banking sector was also the subject of some reform actions promoted by the central institution with the aim of developing an adequate legislative, regulatory and operational framework for the supervision of banking risks. The monetary authority was also granted greater independence in order to provide it with the credibility necessary for the pursuit of an effective price containment policy in the presence of pressure on the food market. The private sector has benefited from the liberalization reforms of the telecommunications sector, from the realization of some privatizations and from the policy of promoting the development of infrastructures financed also through the use of forms of public-private partnerships. The financial and real crisis hit Nigeria in particular starting from 2009, with a slowdown in growth in the non-oil sectors. To cope with pressure on the foreign exchange market, government authorities introduced temporary measures that fixed the national currency at the prevailing rate against the dollar. In order to support the credit market, the Nigerian administration promoted measures aimed at increasing liquidity, while public finances deteriorated due to the collapse in oil revenues and fiscal policy, which remained accommodative. With the continuation of the crisis, fragility of the national banking system emerged, which forced the central bank to take extraordinary measures such as the disbursement of funds and the isolation in an institution established in 2010 of the toxic securities of commercial banks. Starting from 2011, the government has adopted a restrictive fiscal policy of containment of expenditure, in particular at the federal level, and of reallocation of resources in favor of investments. In the medium term, the authorities have promoted the strengthening of the mechanisms to safeguard against the extreme volatility of oil revenues, with the creation of an adequate stabilization fund. Other interventions have encouraged the efficiency of public spending, the strengthening of state financial management and the promotion of non-oil incomes. In 2012, measures were implemented aimed at the financial inclusion of the population, while small and medium-sized enterprises benefited from a dedicated development fund. In these years, the Nigerian authorities have also fostered economic diversification and competitiveness by improving market conditions, increasing the supply of infrastructures, especially in the transport and electricity production sectors, and launching a thirty-year development program in the energy, construction and water sectors, information and communication technologies. As regards economic cooperation and regional integration, Nigeria joined the Economic Community of West African States in 2013 (ECOWAS, Economic COmmunity of West African States), operational since 2015.
Cinema. – According to CACHEDHEALTH.COM, Nigerian cinema has distinguished itself since the 1990s for having developed an industry known as Nollywood. In a few years, Nigeria has become the second largest film producer in the world with around 1200 annual titles (preceded only by India), made in video and then digitally, destined for internal diffusion and in Nigerian communities abroad. It was a unique phenomenon on the African continent, characterized by the poor quality of most of the works and by a real star system. Exemplary title was Living in bondage (1992) by Chris Obi Rapu, while Tunde Kelani tried to stand out for a more refined artistic packaging.
In addition to these films often centered on seriality, between melodrama and revenge, corruption and betrayal, in the sign of an accentuated moralism, Nigerian cinema has entrusted its existence and its renewal to a small number of directors. Newton I. Aduaka with Ezra (2007) brought to the fore the slavery of child soldiers enlisted in wars in Africa and with One man’s show (2012), set in France, he shot an intense experimental work built around the figure of a theatrical actor. Waheed Andrew Dosunmu recounted the Brooklyn Yoruba community in Mother of George (2012). Biyi Bandele made her debut with the historical drama Half of a yellow sun (2013). Among the action films it should be noted A place in the stars (2014) by Steve Gukas. Director Branwen Okpako made in Germany the documentaries Die Geschichte der Auma Obama (2011, known as The education of Auma Obama), about Barack Obama’s half-sister, and Fluch der Medea: Curse of Medea (2014), about the modernity of Medea.