Nigeria’s failing economy is not a secret. On the other hand, we have economists and policy makers who should be able to design a structure to salvage our dying economy. Many of them have strategies, models and policies which can change the fate of this nation. They have achieved remarkable success in other places where they have used this knowledge to create lasting solutions. We are left to wonder why they can’t do the same here. Before we start a discussion on the lack of patriotism (which is true in most cases), let us talk of the more common issues.
First, economic theories and models are based on information. In Nigeria, the data is either not available or not accurate enough to be considered reliable. In the absence of better information, policies are formulated based on these roughly estimated figures and the result is what we see in the country; policies that are effective on paper but ineffective and rather disruptive in practice.
Secondly, for a policy to work properly there have to be checks and balances put in place to ensure the details are implemented accordingly. The ministries and government bodies that should help implement these policies are lazy, ineffective and usually overstaffed and over paid relative to the amount of work they do! People want to get paid for work they don’t do. They sit in offices all day doing nothing. Falsifying records and using fictitious data to fill reports that would be used to assess the success of these policies.