These policy prescriptions are not new, having featured as the key specifics of IBB’s Structural Adjustment Programme (SAP) and OBJ’ ‘home grown’ economic reform agenda NEEDS. Indeed, the Nigerian version of ‘small-government-market-activism’ was started by IBB (1986-1993), shunned by Abacha (1993-1998) and reincarnated by OBJ (1999-2007). The actions or inactions of Yar’adua (2007-2009), GEJ (2009-2014 and PMB (2015-2023) portrayed them as, at best. neutral or uncommitted. Pundits have extolled the virtues of market-based reforms around the globe, but a key lesson is that there are always risks associated with their design and implementation.
Experience has shown that the ‘market system’ lacks the discipline or the coherence and .orderliness to ensure a stable economic system. Although a market system enthusiast, I remain sceptical about its ability to determine prices and allocate resources- especially public goods- fairly, justly, and equitably.
