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Why Developing Economies Progress Despite Corruption, As Nigeria’s Taliban Economy Debilitates – T Abolo

The Oasis Reporters

November 22, 2017

Youths must be productively engaged in any economy for growth. 

Nigeria ranks in backwardness when it comes modernization of it’s economy.

I have my sympathies in the choice of the subject. But may I ask, are you the youth choosing the subject because you understand what corruption is? Or is it because it is the current mantra of the current administration?
Either way, it is good. So let us just have a common understanding of the issue and its pervasiveness and its pernicious effects. It is then we can settle as to what role the youth can have.

I want to first disabuse your minds from two misconceptions. Firstly, Nigerians are not the only corrupt people in the world. Corruption is in China, in the UK, in Australia, in Africa.
It is a universal phenomenon.

But what makes ours a case study, is that in spite of corruption in many developed and developing countries, they progress. Ours is debilitating.

We may then want to ask, why?

Secondly, corruption is an effect, not a cause. So it is not the reason for our pervasive poverty, and our lack of progress. It is because of a badly managed and organized economy and too many greedy people in governance and politics. And in the case of Nigeria, we are not even started. An economy being run as if it is a Taliban economy, the way Buhari understands it, can never be resolved or improve even if it is in thirty years’ time. We have borrowed as much as N2.7 trillion this year to cover deficits in the budget. We are about to borrow as much as $2.5 Eurobond by December this year. We have raised as much as $300 million Diaspora dollar bond this year. We have raised N100 billion Sukuk Bond. Oil is now $50 per barrel. Taxation revenues are coming in. The Customs are raking billions. N6 trillion was released for capital projects in 2016, yet the economy is not working.
Reason, this is a country of lies !! lies !! and lies!!

There is no justice and fairness in the system. The Nigerian system runs a dual economy – one in the Muslim North with deep seated poverty and a progressive and a deep seated private and public sector economy in the South. The North and South of the country do not mix in terms of social mobility. There is no deep private sector in the North. It is more and more of government jobs, which means, the North is more a consumptive economy and not investment driven. We are waging war in the North East, and in the South East. We are doing Crocodile Smile in the South-South and South West. It is wars, wars and wars, instead of growing an economy. To all intents and purposes, we are in a military regime or you may charitably call this, a military democracy or at best, a diarchy. Then on top of it, only Muslims are in critical decision making positions in a country where federal character is the agreed position in the constitution. On top of it, the fight against corruption is not a word we are all agreed upon.


Written by Tony Abolo, a veteran broadcaster, Broadcasting trainer, University lecturer, Public Relations Consultant and one time BBC producer and Correspondent in Brussels.

Greg Abolo

Blogger at The Oasis Reporters.

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