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Nigeria: Good Riddance to Father Christmas FGN

14th Nov 2006, 21:58 GMT

A GOVERNMENT that can give you everything can take everything away from you. When historians write a "settled history" of the current administration, they are likely to agree that its main contribution to Nigeria's economic transformation (assuming the current reforms are sustained), was not any particular set of sectoral or micro-economic reforms but the provision of the foundations for a pro-growth national economic consensus. This is perhaps of greater import in the long-run than the wonders of banking and telecoms reforms that the government itself likes to celebrate. If not for the muddle in economic thinking within and outside the government that characterised the SAP years, the current reforms could by now have become "locked" into an economy with the characteristics of a middle-income nation. But the job of evolving a set of pro-growth national economic consensus is less than half done.

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