Nigeria @ 55: The story of elusive growth

On close reflection, it becomes evident that in the last fifty-five years inclusive growth and true development have been elusive for Nigeria. In every facet of our existence one sees missed opportunities, waste, retardation, confusion, disarray, and massive corruption. 

What is glaring is that the few rich try to create enclaves of well being in a country with huge numbers of poor people – those who hardly have access to potable water, have no decent shelter, are illiterate, with no decent healthcare, and exist on the fringes of society. These poor according to local and international estimates are on the increase, yet trillions of petrodollar have been frittered by successive governments.

It can be recalled that for over five decades, no federal government Nigeria has devoted an amount equal to 40 per cent of its expenditure budget to the capital budget.

Since the capital budget is the budget that drives the economy in terms of guaranteeing the required infrastructure, it’s no wonder that true growth and development remain elusive.

Nigeria has for so long maintained a huge and consuming government bureaucracy that has drained its revenues and provided a cover for official corruption, while economic and human development indices plummet.

Nigerians more than ever are looking forward to a new and better deal that would touch their lives positively and lift them in mass from the depth of deprivation and exclusion. This will only happen if those who are elected to govern set their priorities right and the governed continue to engage their governors to extract better governance.

BusinessDay has packaged a Special Report highlighting some of the major growth deficits in the polity, hoping that these will provoke the consciousness of all those involved in the chain of governance in the country. For better insight, see pull-out Report inside.