• Rich Country Poor People

    Nigeria is a country marked by extreme social and economic paradoxes. It is rich in material wealth but large swathes of its people are poor! Nigeria’s Gross Domestic Product (GDP) has grown remarkably but its citizens suffer poor quality of life. It is a major producer of crude oil, with huge reserves of mineral and agricultural resources, the base for industry, but Nigeria’s manufacturing sector contributes little to its wealth. Nigeria is rich in human capital but it has little endogenous technological capacity. This country should boast very high living standards but rather its infrastructure is poorly developed and inequality is proportionally high. The promise at independence was that of prosperity but it has long been replaced with befuddling despair that characterizes fragile states.

  • From Consumption To Production

    Recession in the Nigerian economy and the recent slow-down in Nigeria’s aggregate economic performance have, in part, been a result of the weak performance of the oil and gas sector which resulted both from the sharp drop in global oil prices and the loss of production capacity arising from the domestic challenges in the Niger Delta; and, in part, been problems associated with institutions for sound economic governance. The fall in oil prices from over $100 to less than $50 per barrel dramatically affected Nigeria’s GDP output. However, as this book rightly argues, while the above may well be the most immediate reasons, the roots of our current conundrum are deeper. Simply put, Nigeria, despite a preponderant of historical opportunities to develop a strong industrial manufacturing base, progressively descended into a consumption economy and there is much scope for consolidating institution for sound economic governance and achieving coherence between fiscal, monetary and structural reform policies.

  • From Consumption To Production

    The architects of Nigeria’s Development Plans believed in the power of the state to achieve socio-economic development through industrialisation. The nation invested heavily in highly-intensive and costly industrial plants such as iron and steel, petrochemicals, and aluminium plants; all of them failed. Planners were not well informed about planning industrial projects and therefore mismanaged them. The country today has nothing to show for billions of dollars invested. Presumptions, corruption and ignorance led to colossal mistakes while the country descended into a consumption nation. Nigeria, the book argues, should not be a consumption but a production nation.

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