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NIGERIAN ECONOMY: PROSPECTS FOR CONTINUED GROWTH

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Of course, the country faces challenges, most of which are related to the recent drop in the price of oil on the global market, and the unitary elements of the Nigerian State that continues to be overly dependent on a single commodity, oil. 

Those unitary elements of the federal State, together with the over-dependence of all levels of government on oil revenues, make it difficult to rationalize public budgets, by way of aligning economic activity and the taxes it creates in the political jurisdictions, to public spending in those jurisdictions.

Those systemic problems cannot be corrected by a presidential order. They have to be addressed by the national legislature, pushed along by the people, in the government by the people, for the people, of the people. Overall, however, by all objective measures, the Jonathan team has been hugely successful. All of the talk about failure is nothing but the effect, of seeing a thunderstorm and declaring that God has destroyed the world with a massive flood.


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