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Nigeria’s Economy: Opportunity and Challenge

Published online by Cambridge University Press:  13 August 2021

Peter Lewis
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Extract

Among the more pressing and enigmatic challenges for Nigeria’s new civilian regime is the reconstruction of the nation’s benighted economy. The long-standing distortions of the petroleum-led economy have been exacerbated by more than a decade of misrule, international isolation, and economic decline. The current political transition offers Nigeria an opportunity to rejoin the global economy while establishing new foundations for economic revival. The legacy of decay from recent dictatorships weighs heavily on this process. The burdens of political repression and unaccountable governance have been compounded by stagnant economic performance, deepening popular immiseration, widening inequalities, and spiraling corruption.

Type
Part 1
Information
African Issues , Volume 27 , Issue 1 , 1999 , pp. 50 - 53
Copyright
Copyright © African Studies Association 1999 

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References

Notes

1. Ekpu, Ray, “The End Justifies the Means,” Newswatch (Lagos), October 6, 1986, 26 Google Scholar.

2. Central Bank of Nigeria, Perspectives of Economic Policy Reforms in Nigeria (Lagos: Central Bank of Nigeria, 1993), 20 Google Scholar; World Bank, African Development Indicators 1998/99 (Washington, D.C.: The World Bank), 35 Google Scholar.

3. For more on this period, see Lewis, Peter M., “From Pre-bendalism to Prédation: The Political Economy of Decline in Nigeria,” Journal of Modern African Studies, 34, no. 1 (March 1996): 79–103 Google Scholar.