Revitalizing the Nigerian Economy: Beyond Western Orthodox Approach to Heterodox Economics Panacea

Abstract

This paper examines the cause of Nigeria’s folly in her quest for economic and social development. Every successive administration has made the claim that Nigeria is on the path of economic renaissance, especially from the outset of the fourth republic till this time. Continual dependence on the Western allies is traceable to the comatose nature of the economy, albeit not disregarding the monster called corruption. Nigeria has been the laughing stock of the international scene. Her resources (both human and natural) still remain greatly underutilized. Hence, the worries and anxiety that the country is edging towards the precipice should have been curtailed by her abundant/untapped resources. After clinging to the apron strings of the western allies to help rejuvenate/revitalize her economy (by taking to their prescribed policies and their loans), there has not been any significant change in the real performance of the economy. Rather than liberate the economy, these measures have made the country more indebted, handicapped and chronically illiquid. Consequently, the emphasis/modus operandi has to systematically shift from kowtowing to western orthodox policies designed by her allies (whether economic or foreign) to heterodox economic solutions enunciated by economists. This will reverse the trend of stagnation and lay cornerstone of development and sustainable growth the country needs to experience.

Keywords: orthodox, heterodox, renaissance, stagnation,illiquid