Nigeria During and After the Oil Boom: A Policy Comparison with Indonesia
比较尼日利亚和印度尼西亚在石油繁荣期间及之后的经济表现与政策，分析尼日利亚农业衰退、外债恶化等问题，并探讨财政、汇率、贸易等政策调整。
Nigeria and Indonesia provide an interesting contrast with regard to performance and policy during and after the oil boom. Roughly a decade after the first oil shock, Nigeria is faced with several economic problems including a serious decline in its agricultural sector and a deteriorating external debt situation. While some decline in the nonoil traded goods sector reflects efficient adjustment to the oil boom, policy with regard to public expenditure, exchange rates, pricing, and the trade regime could exacerbate such decline and impede readjustment as the boom subsides. The links between oil prices, deficits, inflation, and real exchange rate appreciation are analyzed and Nigerian and Indonesian fiscal and exchange rate and agricultural and foreign borrowing strategies are compared. It is concluded that with the exception of cuts in the deficit since 1984, Nigerian policy following the boom has not been conducive to adjustment to the current period of low oil prices and high real interest rates. Corrective measure and policy options are discussed. A postscript gives post-September 1986 policy changes. Nigeria, a member of the Organization of Petroleum-Exporting Countries (OPEC), is an exporter of coveted high- (bonny light) and medium-grade crude oil.