Nigeria's Seven-Point agenda and the financial crisis: Implications for growth and development

Onakuse, Stephen

Nigeria's Seven-Point agenda and the financial crisis: Implications for growth and development

Files

SO_NigeriasPV2011.pdf(779.81 KB)

Published Version

Date

2011-12

Authors

Onakuse, Stephen

Publisher

African Studies Center, Boston University

Abstract

Using empirical data, this paper argues that achieving the 'Seven-Point Agenda' would be nearly impossible taking into consideration the current global economic crisis, Nigeria's looming budget deficits and the volatility of international oil prices. The paper suggests that there is always the risk of failure to Nigeria's reform programs given the country's unending political corruption - a problem that cannot be expected to improve given the high levels of uncertainty that have been brought on by the global economic crisis, budget deficits, inflation and the volatility of both the stock market and international oil prices. The paper argues that the sometimes wild inconsistency of government policies hampers the success of reform programs and that, if anything, the only consistency in Nigerian governance seems to be corruption. Accordingly, today, amidst structural corruption, poor budgetary controls, and other challenges to policy implementation, reform programs are often viewed as a thing of the past. For the Seven-Point Agenda to succeed, it is therefore imperative that the corrupt political machinations and the lack of budgetary discipline be thoroughly considered and openly discussed by all stakeholders involved in the process. This is particularly true given the aforementioned economic challenges with which Nigeria is now faced.

Keywords

Nigeria , Seven-Point Agenda , Global financial crisis , Growth , Development

Citation

Stephen Onakuse (2011) 'Nigeria's Seven-Point Agenda and the Financial Crisis: Implications for Growth and Development'. Africana, 5 (3):21-46.