Distortions in the Nigerian Economy and the Roadmap to Vision 2020: Lessons from Past Development Strategies

Abstract

It is generally agreed that the existence of government in an economy is to promote societal welfare. In order to properly organize and manage the use of resources to achieve desired goals and objectives, governments normally initiate economic frameworks, blueprints, roadmaps or plans which guide and coordinate economic activities within the economy. Thus, between 1960 to date, Nigeria has initiated several plans, frameworks, policies and strategies which, though well intended, have not significantly met the aspirations of her citizens. Presently, the desire of the country is to be among the top 20 economies in the world by the year 2020. The major concern of this paper is that since the present distortions in the Nigerian economy which the Vision 20:2020 seeks to address do not exist in historical vacuum, a re-assessment of the forces that held back Nigeria in the past is essential. Thus the paper attempts an evaluation of the various distortions that have impeded the efficacy of Nigerias previous development strategies. Ensuing, we take a review of the various (major) economic strategies designed and adopted in the country till date. The paper identifies instability of the roadmaps -a fallout of the spirit to always do something new, frequent change of operators of the roadmap, reducing development to politics, poor implementation, non-implementation or outright sabotage, lack of good leadership, among others, as some of the factors that have kept us dancing in a vicious cycle of backwardness. In view of these, we articulate the challenges and prospects of achieving the Vision 20:2020.