Greener Journal of Economics and Accountancy

Open Access

Nwaeze

Greener Journal of  Economics and Accountancy Vol. 6 (2), pp. 026-042, September 2017

 ISSN: 2354-2357 © 2017 Greener Journals

Research Paper

Manuscript Number: 090417119


(DOI: http://doi.org/10.15580/GJEA.2017.2.090417119)

 

‘True’ Federalism in a well-structured Nigeria: The Panacea to her Economic Development Challenges

 

Nwaeze, Nnamdi Chinwendu

 

Department of Economics, University of Port Harcourt


Abstract


Nigeria is bedeviled with enormous economic and national developmental challenges. These challenges include but not limited to political instability, extreme poverty, high rate of unemployment, low and unstable economic growth, dearth of infrastructure and colossal depreciation of the Naira; others include militancy, regional agitations and/or resentment, insurgency, and corruption. This paper is a theoretical attempt to adduce reasons why Nigeria has not made meaningful economic and national developmental progress.  The position of this paper, therefore, is that Nigeria as it is presently constituted is suffering from at least three major deformities; political, economic and social. ‘True’ Federalism refers to a political arrangement between governments whereby powers of government within the country are shared between a national country wide governments and federating units in such a way that each exist as a government separately and independently from the others. Federal political orders are therefore, most desirable as an interesting solutions to accommodate differences among populations divided by ethnic, economic or cultural cleavages like Nigeria. This paper therefore concludes that Nigeria’s version of Federalism having been distorted historically, politically, socially and economically, is the bane of her economic development as it breeds instability, corruption, unproductive consumption and laziness in her political economy. As a consequence, therefore, conventional economic theories and policies may not be effective to remedy the enormity of her developmental challenges, without pulling down the entire architecture of her current political economy. The paper recommends holistic revolution of Nigeria’s political economy by enacting a new and true Federalist Constitution that will enshrine state or zonal independence and autonomy in terms of government powers and economic resources. This would restore federal stability and healthy competition which are catalysts to economic and national development.

 

Keywords: Political economy, federalism, economic development, corruption, political order, instability, deformity and extreme poverty.


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