Institutionalizing sustainable economic policies and programmes - problems, prospects and agenda for government in the 21st century.

Abstract

Every nation, especially in the developing world, aims at economic growth and development along trend. Econofnic growth constitutes one of the most important objectives of macroeconomic policy. To be able therefore to achieve macroeconomic growth which would lead to economic development, purposeful courses of action are put in place to deal with particular problems or matters of concern which inhibit economic growth and development. Such courses of action are policies, which in making involves identification of problems, articulation of specific objectives, identification and evaluation of alternative options for achievement of such objectives, deciding on the most preferred option implementation of the chosen option, monitoring implementation and outcomes and the assessment of outcomes. The objectives of macroeconomic policy in Nigeria includes the achievement of price stability, favourable balance of payments, sustainable economic growth, full employment, realistic and stable exchange rate as well as social equity. these objectives are achieved by employing fiscal, monetary, balance of payments, exchange rate. trade and debt management policies among others. This paper identifies certain problems encountered in the institution of sustainable economic policies and discusses the prospects for institutionalizing sustainable economic policies and programmes in Nigeria. It also sets an agenda for government in the 21st Century.