Author Archives: Ehiedu Iweriebor
Nigerian Economic Recovery through Industrialization and Diversification by Public and Private Sector Synergy
The current economic crisis and recession in Nigeria has brought to the fore what is already known: that the existent Nigerian national economy is not organized for internal self-propulsion and autonomous economic and business activities. The Nigerian economy, since independence, has been operated by the maintenance of the neo-colonial system of development incapacitation, primary commodity export, dependency and poverty generation. Its basic and long-standing focus has been on the expanded production and export of primary commodities, such as agricultural products like palm oil, groundnut, cotton, cocoa, rubber in the 1960s and 1970s and subsequently crude oil since the 1970s. But as raw material export depends on external demand, it does not activate autonomous and secure economic activity. Therefore, the Nigerian economy has no internal capacity for mass production and self-propulsion. It is a large, unfree, dependent and unviable economy.
In the period since independence in the 1950s, Africa has undergone profound social, cultural, economic and political changes. Some inherited and historically rootless colonialist political and social systems have collapsed, been transcended and reconstituted. Different political systems – single party rule, personal rule and military governments have come and gone.
The parlous story of African economic and social development since independence best expressed in the failure to achieve the autonomous capacity for self-actuated development and in particular to create conditions of national and continental modern mass production and prosperity is well known and need not be repeated.