Reinventing Nigerian Economy and National Development: From Recession to Progression

Badmus Bidemi. G

Abstract


Given the high level of income generated from crude oil proceeds and other indices of economic growth recorded since Nigeria return to democratic rule in 1999. The present economic situation in Nigeria is an aberration of her potential in terms of enormous human and natural resources which placed Nigeria in an enviable position among the comity of nations in Africa. However, one of the puzzling questions that have preoccupied the minds of most observers of Nigerian economy and politics is how has Nigeria find itself in its present economic mess given her human and economic potential?, and why is Nigeria economic still surviving despite decades of pervasive mismanagement, widespread of corruption and prevailing informal economy system?. This study argues that, Nigerian economy has been ravaged by the indices of recession, though not vividly pronounced since the inception of Nigeria’s Fourth Republic in 1999 due to gross economic mismanagement and high level of corruption during the military regimes. Unfortunately, the successive civilian administrations have managed to hide the true picture of Nigerian economy and sustained it through rent-seeking politics and other financial crimes activities before the advent Buhari’s administration in 2015. The foregoing aptly explained the current lack of access to adequate fund to finance national budget by the government occasioned by high inflation, decline of foreign reserves, job loss, civil unrest, increased in crime rate, widespread poverty, national debt increment and developmental failure at large.  


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