Prof. Adedeji wrote as follows: Not only is Nigeria physically large, but national resources are plentiful and, relatively untapped. If it were possible to divide the countries of Africa into two groups – those that have a clear potential for growth and those where economic development will be more difficult to achieve – the Federal Republic of Nigeria would undoubtedly be included in the former”
The failure of economic development in Nigeria, as the World Bank puts it, is caused by the CRISES of GOVERANCE.
Prof Oritsejafor in his book “Governance and Democracy in Africa “highlighted six solutions to the problems of crisis of good governance namely;
- Promotion of good policies
- Promotion of good regulatory institutions
- Respect for the rule of law
- Independence of the judiciary
- Control of corruption.
Why we have a systemic failure crisis is because the failure of one inevitably leads to the failure of the other.
On the surface, given the monstrosity of corruption in Nigeria, one expects that it should occupy the first position in the tenets of good governance, but it is the absence of accountability, the rule of law and independence of the judiciary that allows corruption to fester.