In response to a submission by an analyst that all developmental theories that have been practised and adopted in Nigeria were to no avail.
That's not totally correct because the statement is too broad and needs to be backed by facts and evidences on ALL the theories of economic development,the ones Nigeria has practised,the ones that worked, the ones that didn't work and the reasons why they didn't work.
I make bold to say Nigeria has not practised all developmental theories there are because there are developmental theories as there are developmental economists. In other words,the number of developmental theories is equal to the number of developmental economists.
That said,Nigeria only practised a minute part of the gamut of developmental theories in existence. THE FACT is that developmental policies which ensue from developmental theories should be peculiar to the idiosyncrasies of the nation in question,this brings us to the reasons why the economic policies adopted over years in Nigeria seem futile.
One,our society is characterised by endemic corruption which is the bane of all these so called developmental theories. Nigeria is not lacking in economic brains who can philosophise and vouchsafe Nigeria with solutions to our economic woes,in fact all our policies are workable and would be effective in other climes but corruption is fixing this nation in a spot. Or what would you say of a person who embezzled billions of naira meant for infrastructural development in a rural area where the inhabitants languish in abject poverty. If we end corruption or reduce it to the barest minimum,Nigeria will immediately leap into 2-digit GDP growth hence sweep into development.
The second reason why these developmental policies have not worked is our love for foreign purchase which discourages local production. An average Nigeria prefer a made in US or China product even when that of Nigeria has better quality. I believe majority of Nigerians are not patriotic in this sense. We kill our economy with this behaviour. I prefer to buy or use a made in Nigeria product even if it is inferior in quality because the local producers have to be encouraged that was how China started too. How many of us know that a Nigeria company,Afrione Nigeria Ltd produces made in Nigeria phones,tablet and laptops. In fact,i am using AFRIONE tablet to type this writeup. Let us buy and use made in Nigeria product and development will come our way.
Lastly,Nigerians prefer to remain in the primary sector of the world economy. We prefer to exploit crude oil,plant rubber,plant cocoa,supply animal hides and buy the transformed form of these products which include,petrol,car tires,Milo tea,and Italian shoes from abroad. It seems there's an international conspiracy against Nigeria and the whole of Africa to keep us in the primary sector,or to make us remain primary suppliers. The worst part is that we are already loosing hold of this sector to the Americans and the Europeans. This what I call ECONOMIC RECOLONISATION OF AFRICA.(Watch out)
That's not totally correct because the statement is too broad and needs to be backed by facts and evidences on ALL the theories of economic development,the ones Nigeria has practised,the ones that worked, the ones that didn't work and the reasons why they didn't work.
I make bold to say Nigeria has not practised all developmental theories there are because there are developmental theories as there are developmental economists. In other words,the number of developmental theories is equal to the number of developmental economists.
That said,Nigeria only practised a minute part of the gamut of developmental theories in existence. THE FACT is that developmental policies which ensue from developmental theories should be peculiar to the idiosyncrasies of the nation in question,this brings us to the reasons why the economic policies adopted over years in Nigeria seem futile.
One,our society is characterised by endemic corruption which is the bane of all these so called developmental theories. Nigeria is not lacking in economic brains who can philosophise and vouchsafe Nigeria with solutions to our economic woes,in fact all our policies are workable and would be effective in other climes but corruption is fixing this nation in a spot. Or what would you say of a person who embezzled billions of naira meant for infrastructural development in a rural area where the inhabitants languish in abject poverty. If we end corruption or reduce it to the barest minimum,Nigeria will immediately leap into 2-digit GDP growth hence sweep into development.
The second reason why these developmental policies have not worked is our love for foreign purchase which discourages local production. An average Nigeria prefer a made in US or China product even when that of Nigeria has better quality. I believe majority of Nigerians are not patriotic in this sense. We kill our economy with this behaviour. I prefer to buy or use a made in Nigeria product even if it is inferior in quality because the local producers have to be encouraged that was how China started too. How many of us know that a Nigeria company,Afrione Nigeria Ltd produces made in Nigeria phones,tablet and laptops. In fact,i am using AFRIONE tablet to type this writeup. Let us buy and use made in Nigeria product and development will come our way.
Lastly,Nigerians prefer to remain in the primary sector of the world economy. We prefer to exploit crude oil,plant rubber,plant cocoa,supply animal hides and buy the transformed form of these products which include,petrol,car tires,Milo tea,and Italian shoes from abroad. It seems there's an international conspiracy against Nigeria and the whole of Africa to keep us in the primary sector,or to make us remain primary suppliers. The worst part is that we are already loosing hold of this sector to the Americans and the Europeans. This what I call ECONOMIC RECOLONISATION OF AFRICA.(Watch out)
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