Volume 61, Issue 337, January - April 2025

Healing the socioeconomic Mountains and Hills: The wantingness, and achievements of the Central Bank of Nigeria and the National Assembly

Popoola DP

Department of Agricultural Economics and Management, Federal University of Technology, Minna, Nigeria

ABSTRACT

Nigeria is blessed by its historical leadership, and vast resource endowments, but the emerging realities portrays paradoxically vicious resolutions, that persistently discredits a formidable National socioeconomic identity trends. This study thereby sets out to make a curative review of Nigeria’s socioeconomic Mountains and Hills, as functional wantingness and achievements of the constituted authorities; The Central Bank, and the Legislature, using synthesized secondary data. Findings showed that in comparing Nigeria’s GDP per capita since around ‘70s, to some prior counterpart emerging countries, these countries have tremendously improved their socioeconomic conditions, becoming major global industrialists. Although Nigeria did not fully experienced a ‘plateaus trap’ (rapid socioeconomic growth, then stagnation), it however degenerated from ‘Mountains trap’ (rapid socioeconomic growth, then declines) in 1967, to ‘socioeconomic Cliffs trap’ (socioeconomic growth, then colossal decline) post 1970, escaped ‘socioeconomic valley trap’ (continuous socioeconomic decline), and is yet to fully recover from the proceeding ‘socioeconomic Plains trap’ (steady socioeconomic stagnation) to achieve ‘socioeconomic Hills’ (steady socioeconomic growths) recovery patterns. Furthermore, numerous socioeconomic Mountains and Hills bedeviled the Country, while several ameliorative policy implementations were crippled by recurring challenges, interwoven within these socioeconomic Mountains and Hills of; Overbearing Corruption, Unstructured Education, Dutch Disease, etc., but many implemented programs were shaky, or faulted with post implementation failures, and unprecedented discontinuity rates. Therefore, future reforms, should rather be less dramatic, and not personalized for non-masses’ needs, while highly qualified personnel of formidable integrity should always be preferred in public processes, towards resuscitating the economy, and for a more formidable comity.

Keywords: Socioeconomic Mountains and Hills, Central Bank of Nigeria, Legislature, Socioeconomic Development, Policy implementation

Discovery, 2025, 61, e5d1511

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DOI: https://doi.org/10.54905/disssi.v61i337.e5d1511

Published: 12 January 2025