Abstract
The article places Nigeria’s political and economic challenges in historical and global context. As opposed to viewing democracy or development emerging simply as the ‘will of the people’ or ‘political will’, it encourages a historical and structural view of the phenomena. Sustained democratic institutions and intensive economic growth emerge under particular conditions where the continued maintenance of hegemony and gate-keeping extractive states are no longer viable. A diversified capitalist class and economic power among a strong middle class are needed to demand greater democratic accountability. Industrial policy is essential to creating the structural change required for their emergence. Yet the dispersed and ethno-religiously fragmented distribution of power makes industrial policy implementation difficult. Given the salience of such historical and structural forces, postcolonial Nigerians should be seen as formative generations. Students and practitioners of development economics, policy and politics should be more creative in producing politically informed policies for the country.
Highlights
The article places Nigeria’s political and economic challenges in historical and global context
This is being done where it has never existed in the geographical territory called Nigeria since the socially stratified Nok civilisation appeared during the Iron Age, until 1960 when Nigeria received formal political independence from a European power
Since passing through the Neolithic revolution, which ushered in agriculture 10,000 years ago, through periods of agricultural elaboration over 5,500 years ago and merchant-based commerce 3,000 years ago (Ehret 2014), Nigeria of the twentieth century is the first to attempt to institutionalise a system of production which produces sustained intensive economic growth
Summary
Democracy is not the result of ‘the will of the people’ or ‘political will’ among elites. It was economic crisis, precipitated by the Cultural Revolution (1966–1976) that created popular pressure to raise living standards and forced China to transition from socialism to a developmentally oriented state capitalism (Huan 1986: 2) Without such military and economic pressures, and/or without a strong industrial capitalist base lobbying for industrial policy, ruling elites typically depend on promoting commodity production and other easier economic activities (Cooper 2005). This is fine with them as long as it facilitates basic social stability (notwithstanding limited, disparate and occasional protests, crime, violence, insurrections and low-intensity civil wars), ruling class reproduction and basic electoral demands such as majority employment rate and (episodic and non-inclusive) economic growth. Recent research using the political settlements framework reveals the preconditions for successful industrial policy implementation given the distribution of power across society
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