Reforms to the laws in Nigeria have to be implemented in tandem with reforms to our monetary policy environment.
This is the often unspoken argument for further domestic reforms. Changes to our rules will not of their own lead to improvements in our economic, social and or political options/outcomes. Rule changes that level the playing fields will. This is as much a function of how readily understandable the rules are, as it is a question of the fairness with which they are implemented. At heart, this condition reinforces an efficient market’s requirement for easy exit and entry of all participants.
Expectedly, the more popular response has been to celebrate the prospect of “exponential growth in the power and railways sector over the next 18-24 months”. Were this true, the subsequent reduction of costs across the country will equal a steroid-boost to the economy. Given how poorly the Buhari administration has managed the economy up until now, this would not be a bad bequest.
… any programme of successful reforms to the Nigerian economy will not just encourage private investment in the country. It will demand a substantial infusion of non-resident investments, too ― i.e. investments in productive assets , as distinct from the yield-chasing portfolio variant. Up until now, domestic economic reforms have been autarchic.
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