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In the politics of Nigeria, Buharism is the economic principles and political ideology of the military-led government of Nigeria headed by General Muhammadu Buhari from 31 December, 1983 to 27 August, 1985. The government introduced a policy they called War Against Indiscipline (WAI).At its root, Buharism represented a return to right-wing military dictatorship after 4 years of democratic rule in Nigeria between 1979 and 1983.
The Federal Republic of Nigeria, commonly referred to as Nigeria, is a federal republic in West Africa, bordering Niger in the north, Chad in the northeast, Cameroon in the east, and Benin in the west. Its coast in the south is located on the Gulf of Guinea in the Atlantic Ocean. The federation comprises 36 states and 1 Federal Capital Territory, where the capital, Abuja is located. Nigeria is officially a democratic secular country.
Muhammadu Buhari is a Nigerian politician currently serving as the President of Nigeria, in office since 2015. He is a retired major general in the Nigerian Army and previously served as the nation's head of state from 31 December 1983 to 27 August 1985, after taking power in a military coup d'état. The term Buharism is ascribed to the Buhari military government.
Buharism rejected the dominant approach of the Washington Consensus, rather holding that for a crisis-wracked country to successfully improve its balance of payments through devaluation, there must first exist the condition that the price of every country's export is denominated in its own currency. As such a condition did not exist, Buharism asserted that, for any country where Washington Consensus conditions do not exist clearly enough, there are alternate approaches to solving the problem of its economic crisis.Therefore, instead of applying devaluation to get the then crisis-wracked economy of Nigeria back on track, Buharism instead employed a policy of curbing imports of goods deemed unnecessary, curtailing oil theft, and improving exports through a counter trade policy of bartering seized bunkered crude oil for goods like machinery, enabling it to export above its OPEC quota.
The Washington Consensus is a set of 10 economic policy prescriptions considered to constitute the "standard" reform package promoted for crisis-wracked developing countries by Washington, D.C.-based institutions such as the International Monetary Fund (IMF), World Bank and United States Department of the Treasury. The term was first used in 1989 by English economist John Williamson. The prescriptions encompassed policies in such areas as macroeconomic stabilization, economic opening with respect to both trade and investment, and the expansion of market forces within the domestic economy.
The balance of payments, also known as balance of international payments and abbreviated B.O.P. or BoP, of a country is the record of all economic transactions between the residents of the country and the rest of the world in a particular period of time. The balance of payments is a summary of all monetary transactions between a country and rest of the world. These transactions are made by individuals, firms and government bodies. Thus the balance of payments includes all external visible and non-visible transactions of a country. It is an important issue to be studied, especially in international financial management field, for a few reasons.
In modern monetary policy, a devaluation is an official lowering of the value of a country's currency within a fixed exchange rate system, by which the monetary authority formally sets a new fixed rate with respect to a foreign reference currency or currency basket. In contrast, a depreciation is a decrease in a currency's value due to market forces under a floating exchange rate, not government or central bank policy actions.
The economy of Cambodia at present follows an open market system and has seen rapid economic progress in the last decade. Cambodia had a GDP of $18.05 billion in 2015. Per capita income, although rapidly increasing, is low compared with most neighboring countries. Cambodia's two largest industries are textiles and tourism, while agricultural activities remain the main source of income for many Cambodians living in rural areas. The service sector is heavily concentrated on trading activities and catering-related services. Recently, Cambodia has reported that oil and natural gas reserves have been found off-shore.
Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 22nd-largest in terms of purchasing power parity. It is the largest economy in Africa; its re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the West African subcontinent. In addition, the debt-to-GDP ratio is 11 percent, which is 8 percent below the 2012 ratio.
Predominantly rural, and with limited natural resources, the Economy of Senegal gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, and services. The agricultural sector of Senegal is highly vulnerable to variations in rainfall and changes in world commodity prices. The former capital of French West Africa, is also home to banks and other institutions which serve all of Francophone West Africa, and is a hub for shipping and transport in the region.
The economic history of Argentina is one of the most studied, owing to the "Argentine paradox", its unique condition as a country that had achieved advanced development in the early 20th century but experienced a reversal, which inspired an enormous wealth of literature and diverse analysis on the causes of this decline. Since independence from Spain in 1816, the country has defaulted on its debt eight times and inflation has often been in the double digits, even as high as 5000%, resulting in several large currency devaluations.
The "Council for Mutual Economic Assistance" (Comecon) was an economic organization of communist states, created in 1949, and dissolved in 1991, with the collapse of the Soviet Union. International relations within Comecon is best discussed under three separate categories, as the nature of the relationships between the Soviet Union and its constituent members were not homogeneous.
Ibrahim Badamasi Babangida, is a retired Nigerian Army General who was President of Nigeria from 27 August 1985 to 26 August 1993. He previously served as the chief of army staff from January 1984 to August 1985. Babangida was a key player in most of the military coups in Nigeria.
Babatunde "Tunde" Abdulbaki Idiagbon was a Nigerian Army major general who served as chief of staff at Supreme Headquarters under the military regime of Major General Muhammadu Buhari from 1983 to 1985. He was also a key member of Nigeria's military governments between 1966 and 1979, serving as a military administrator of Borno State under General Olusegun Obasanjo's military government. He died on 24 March 1999 in Ilorin, Kwara state, Nigeria. Idiagbon was one of Nigeria's egalitarian military leaders.
A J curve is any of a variety of J-shaped diagrams where a curve initially falls, then steeply rises above the starting point.
The Nigerian National Petroleum Corporation (NNPC) is the oil corporation through which the federal government of Nigeria regulates and participates in the country's petroleum industry.
The economic history of Brazil covers various economic events and traces the changes in the Brazilian economy over the course of the history of Brazil. Portugal, which first colonized the area in the 16th century, enforced a colonial pact with Brazil, an imperial mercantile policy, which drove development for the subsequent three centuries. Independence was achieved in 1822. Slavery was fully abolished in 1888. Important structural transformations began in the 1930s, when important steps were taken to change Brazil into a modern, industrialized economy.
The economic history of Republic of Turkey may be studied according to sub-periods signified with major changes in economic policy: i) 1923-1929, when development policy emphasised private accumulation; ii) 1929-1945 when development policy emphasised state accumulation in a period of global crises; iii) 1950-1980, a period of state guided industrialisation based on import substituting protectionism; iv) 1980 onwards, opening of the Turkish economy to liberal trade in goods, services and financial market transactions. However one distinct characteristic between 1923–1985, in large part as a result of government policies, a backward economy developed into a complex economic system producing a wide range of agricultural, industrial, and service products for both domestic and export markets the economy grew at an average annual rate of six percent.
The Central Bank of Nigeria (CBN) is the Central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on July 1, 1959.
The National Security Organization (NSO) of Nigeria, or Nigerian Security Organization, was created under Decree number 27 of 1976 by the military regime of Gen. Olusegun Obasanjo, after the failed Dimka coup which claimed the life of former Head of State Gen. Murtala Mohammed. The NSO was given a mandate of co-ordinating Internal Security, Foreign Intelligence and counterintelligence activities. It was charged with the detection and prevention of any crime against the security of the state, with the protection of classified materials, and with carrying out any other security missions assigned by the president.
Political corruption is a persistent phenomenon in Nigeria. The rise of public administration and the discovery of oil and natural gas are two major events believed to have led to the sustained increase in the incidence of corrupt practices in the country.
The second Nigerian republic was a brief formation of the Nigerian state which succeeded the military governments formed after the overthrow of first republic.
Chief (Dr.) Joseph Oladele Sanusi is a Nigerian chartered accountant who was Governor of the Central Bank of Nigeria from May 1999 to May 2004.
There have been a large number of successful and failed military coups in Nigeria since the country's independence from the British Empire in 1960. A military coup is the violent or non-violent overthrow of an existing political regime by the military. Between 1966 and 1999 the army held power in Nigeria without interruption apart from a short-lived return to democracy between 1979-1983. “Military coups and military rule became a seemingly permanent feature of Nigerian politics.Buhari was the one who lead the military coup of 1983. Buhari removed then head of state shehu shagari and imprisoned him for two years in a closed door without light.
Muhammadu Sanusi II is the 14th Emir of Kano, who was crowned on 8 June 2014 after the death of his granduncle Ado Bayero. Emir Sanusi was a banker and former governor of the Central Bank of Nigeria. He was appointed on 3 June 2009 for a five-year term, but was suspended from office by the then President of Nigeria Goodluck Jonathan on 20 February 2014 after an accusation of a $20 billion fraud in the Nigerian National Petroleum Corporation (NNPC).
London is the capital and largest city of both England and the United Kingdom. Standing on the River Thames in the south-east of England, at the head of its 50-mile (80 km) estuary leading to the North Sea, London has been a major settlement for two millennia. Londinium was founded by the Romans. The City of London, London's ancient core − an area of just 1.12 square miles (2.9 km2) and colloquially known as the Square Mile − retains boundaries that follow closely its medieval limits. The City of Westminster is also an Inner London borough holding city status. Greater London is governed by the Mayor of London and the London Assembly.
Max Siollun is a Nigerian historian that specializes on Nigerian history with a particular focus on the Nigerian military and how it has affected Nigeria's socio-political trajectory from the pre-colonial era to the present. Max Siollun was born in Nigeria and educated in England, graduating from the University of London.