Deregulation of the Nigerian economy: The theoretical milieu

Abstract

The deregulation of Nigerian economy was the main thrust of the Structural Adjustment Programme (SAP) introduced in the country in 1986 under the leadership of General Ibrahim Babandiga (1958-1993). Prior to that period the Nigerian economy was almost a command one with wide range of government control. Indeed, the introduction of SAP was said to be a final solution to the economic crisis faced by the Country. Unfortunately, SAP was introduced yet, the economy became more crunched. During the General Abach's regime (1993­1998), SAP was suspended out rightly. When General Abdulsalami Abubakar (1998-1999) took over, he continued pursuing the privatization programme which is a synonym of deregulation of the economy with the promulgation of another privatization decree. The civilian government led by President Obasanjo which took over from 1999 made deregulation the core with vigour. It is basked on this development that this paper intends to unravel the theoretical paradigm under which the deregulation of Nigerian economy could be explained. This includes capitalism, imperialism, colonialism particularly the incorporation of Nigerian into international capitalist system.