Wrong tariffs, a naive believe in free-market platitudes and a willingness to succumb too easily to the wishes of western powers have led us to a state in which we operate a dysfunctional economy, one capable of delivering rapid GDP growth without improving the quality of life of the majority.
We need to carefully evaluate the most up-to-date evidence in developing economic policy, realising that in some cases, the best policy response will be radically different than the orthodoxy of just a few years ago. A more interventionist, directional economic policy stance should be adopted by Nigeria. To address these issues, many new initiatives are being developed within the CBN.