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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Living Down the Past: Redesigning Nigerian Institutions for Economic Growth
Author:Collier, PaulISNI
Periodical:African Affairs: The Journal of the Royal African Society
Geographic term:Nigeria
Subjects:political economy
economic policy
Economics and Trade
Development and Technology
External link:https://www.jstor.org/stable/723571
Abstract:Although Nigerian economic performance has fluctuated, overall during the past quarter century it has been remarkably poor. A premise of this paper is that damaging policies arose in Nigeria because the political institutions which govern economic policy have been ill-suited to their task. The core of the paper is to consider options for their redesign. The author begins with an analytical political economy interpretation of why policy was so destructive, emphasizing three aspects: the widely held myth that the engine of growth must be manufacturing; regionalism; and corruption. In the next section he discusses the crux of the current Nigerian economic problem: how to restore credibility to a fiscal process which has been subject to secular deterioration and periodic shocks. He argues that the restoration of the government's reputation can be accelerated by a combination of signalling and lock-in. Then the author turns to long-term structural issues consequent upon the centrality of oil income to public revenues, and finishes by discussing the sequencing of policy reforms appropriate for accelerating private growth and reducing the public sector in the medium term. Ref.