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A CRITIQUE OF NIGERIAN ECONOMIC REFORM AGENDA

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Author(s): Dr. Mike Duru

Journal: Economics and Finance Review
ISSN 2047-0401

Volume: 1;
Issue: 4;
Start page: 17;
Date: 2011;
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ABSTRACT
Nigeria has tried different reforms agenda with resultant poor outcomes, especially when viewed either against available natural and human resources or the performance of other countries with less potentials like Nigeria that have done better. The real complexity of the Nigerian problems has been oversimplified, and the false ideas has been nurtured that there is a set of policies that if adopted, would resolve the problems once and for all. This false perception is thus given credence among the populace in the quest for an illusionary quick fix for existing problems. A cross country survey was conducted using the six geopolitical zones of the country. Structured questionnaires were employed to collect information which was analyzed using various statisticaltools such as tables, simple percentages and frequencies. Empirical survey evidence showed that what is essentially wrong with the reform agenda in Nigeria is that the country wants to go through the process without passing the proper legal and regulatory framework. And the absence of a regulatory framework has led to uncoordinated implementation of the programme. Given the distortions in the economy, reform is necessary and inevitable; however, such reforms must be geared towards achieving the strategic interest of the country, and must be tailored towards meeting the basic needs of the people.
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