SOCIO-POLITICAL STABILITY: A PREREQUISITE FOR ECONOMIC DEVELOPMENT OF NIGERIA

Abstract

This project is an attempt at laying the building blocks to understanding the dynamics of a beloved country and seek to address some possible solutions. The selection of this topic was motivated by a sense of deep concern at the state of the nation and the factors inherent in her psyche that militate against her developmental efforts.

The problem in the economic sphere is undergirded by Nigeria still operating the structures inherited from her colonial masters 34 years after the attainment of independence. This import dependent industrial sector resulting in no organic linkage between the various segments of the economy is a huge drain of resources which constitute a lot of difficulties for development. Furthermore, her monocultural revenue base, the lack of any meaningful local research and development effort and a lax in socio-cultural moral values resulting into endemic corruption are some of the factors that exacerbate the situation.

The study is even more relevant against the present backdrop of socio-political turmoil, economic decline, mass poverty, unemployment and misery. The socio-political upheavals reflect the plural nature of the Nigerian society has not been sublimated as in countries like Indonesia and Malaysia into a veritable tool for development. Despite her enormous human and natural resources she is yet to attain a take-off to self-sustained growth. Also, the frequent change of government, for example, in 1993 alone, there were three Heads-of State. This encourages unnecessary policy shifts and poisons the investment climate.

The theoretical framework that underline the study is based on the system theory. References were made to library books, journals, magazines and newspapers. The methodology used is historical, descriptive, analytical and deductive.

Based on the findings of this study, it was recommended that Nigeria should build the mediating structures and evolve the mediating culture that the democratic values of tolerance, participation and accommodation instill, which is the foundation of stability.

Secondly, the incessant military intervention in politics stifles the political evolution of the nation and the military would require political education to de-link them from politics.

Above all, Nigeria should evolve and adopt an economic managements style that will ensure the diversification of the revenue base and achieve the appropriate intersectoral linkages for the smooth growth of the economy by utilising the oil wealth to lay a durable foundation by bringing to fruition the Ajaokuta Steel project, the petrochemical, gas and aluminum projects among several.