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Economic Agenda For Nigeria

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Weight (kg)	0.1
Author	Uchenna Nwankwo

INTRODUCTION

The Nigerian economy, like those of most other Third World countries, has been experiencing all severe manner of dislocation for quite some time. The country's foreign debt is once again on the rise, while per capita productivity has continued to drop. Even so, the algebra of sustainable growth for the country remains bleak and worrisome. It has been calculated that even if Nigeria's domestic production were to grow at 4%, it would take the country several decades to attain her 1980 level of productivity and living standard. To return to the 1980 level in three years' time, Nigeria needs to achieve a growth rate of about 10% per annum. But the situation on ground does not indicate that we have the capacity to attain such a phenomenal growth rate nor maintain the current level under the present system of reforms and adjustments. Thus, the economy seems headed for another major crisis and catastrophe.

This bleak and desperate economic situation of our country has had serious implications for the nation. The rising crime rate, civil and political upheavals now prevalent in the society constitute only one aspect of the attendant negative imperatives of the worsening socio-economic situation in the land. Consequently, the drive towards charting and adopting an enduring and pragmatic developmental agenda that could help curtail or forestall these problems remain daunting and irresistible.

In the work, Strategy for Political Stability, this author examined the political dimension of order in Nigeria and the world community. In the present book, we turn attention to the underlying causes of the country's poor performance on the economic front as well as articulating strategies for the enhancement of the economic viability of the Nigerian state. The work recognises the valid thesis that the promotion of prudent statecraft anchored on social justice and the notion that the state should be a facilitator of people's efforts are goals worthy of pursuit. It also adopts the position that the process of social and economic change in the country must perforce embody a systematic elimination of the overhang of government absolutism that was inherited from colonial rulers, and elaborated by various national governments, resulting in severe tensions and contradictions in the country's body politic…

The book delves into the actual philosophy, processes, objectives and methodology for the achievement of the country's lofty economic goals. The central argument is that over-reliance on traditional or orthodox monetary and fiscal policy instruments in the management and control of a third world economy like ours is inherently counter-productive. The argument is made against the backdrop of the prevalence of weak socio-economic structures in developing economies and the poor degree to which real magnitudes in such economies respond to orthodox or traditional monetary/ fiscal policies. Secondly, it is observed that institutional imperfections and peculiarities of developing countries limit the effectiveness of monetary and credit instruments. Consequently, because these policies do not exercise the appropriate qualitative influence on productive activities, they cannot exert the appropriate influence on income and the overall health of the (Nigerian) economy…

This book should appeal to a wide variety of interests: to the politician who is concerned with national development; the dialectician and ideologue who are interested in issues pertaining to choice of relations of production and their incumbents; and the historian of existing and evolving socio-economic organisational or ideological models, this book is compulsory reading. The student of economics, sociology, political science, the public sector - all will find in this volume materials and sections that should inspire further thought and study. The book will be found useful by the policy-maker, financial administrator and manager in Government and business.

The subject of economics and politics is ordinarily complicated. We have therefore tried to gear the level of discourse to make this book as readable as possible by the non-specialist without losing the interest of the specialist. It is our hope that the technical aspects of the subject-matter and the analysis of data therein have been so simplified as to make this work readily understandable by the general reader.

Key Features

Background to Nigeria's underdevelopment & way forward
Perfect Bound
360 Pages