Nigeria: The unending economic reforms

Oct. 7, 2024 - Punch Newspapers

The economic reforms during the time of Obasanjo produced the National Economic Empowerment Development Strategy. That delayed whatever economic reforms were required to lift the country out of the recession.

The laissez-faire economy with a foundation in the neoclassical economic doctrine normally imposed by the World Bank and IMF, with serial economic reforms failure in developing countries whose economic structures do not support free market mechanism. What Nigeria needs is not economic reforms but economic transformation, The economic managers should emphasise production rather than a rental economy whereby revenue is generated through taxation and levies.

Transformation of production is what the economy needs, not unending reforms...