IIARD International Institute of Academic Research and Development

INTERNATIONAL JOURNAL OF SOCIAL SCIENCES AND MANAGEMENT RESEARCH (IJSSMR )

E-ISSN 2545-5303
P-ISSN 2695-2203
VOL. 10 NO. 8 2024
DOI: 10.56201/ijssmr.v10.no8.2024.pg263.277

---

The Development of Nigeria and the Bane of Development: A Search for A Satisficing Investment Policy for A Self-Reliant Economy

Rex Oforitse ARUOFOR, Ph.D, Daniel Risiagbon OGBEIDE, Ph.D

---

Abstract

A Linear Goal Programming model of the Nigerian economy was formulated and solved with a Linear Programming software, Six Pap. The objective function was to maximize the Self-Reliant aspirations of Nigerians. The model consisted of a matrix (124x124) dimension and the purpose was to determine a satisficing investment policy for Nigeria as well as expose the clogs in the wheels of development of the Nigerian economy. The result was positive and indicated that Nigeria should invest, as a matter of priority, in the Manufacturing, Electricity Supply, Services and Construction Sectors. Most of the goals (constraints) were achieved but Oil refining was negative, thus indicating that all is not well with the management of the Oil industry in the country. The economy will only be able to grow at 5.26%. The major clogs in the wheels of development identified included first and foremost, Corruption, which is expected to increase by a shift of 47 folds, followed by Low Labour Productivity, Penchant for imported goods by Nigerians and excessive external borrowing which is expected to increase. Even though the solution is sub- optimal (i.e. Satisficing) and the prescriptions appear difficult to accomplish in reality, the result is very profound in pointing Policy and Decision Makers in the right direction.

keywords:

Linear Goal Programming, Six Pap, Satisficing Solution, Investment and Policy.

---

References:

Aruofor, R. O. (2017). Economic Systems Engineering, Poverty, Unemployment and
Under-Development: A Quest for Solution and Imperatives for Developing the Nigerian
Economy. In Proceedings of the 6th Inaugural Lecture Series, Benson IdahosaUniversity,
March 6. Aruofor, R. O (2019): Analysis of the Impact of Corruption on an Economy:
Understanding
the Links and Feedback in the Nigerian Case. Journal of Research in
National Development, 17(2) pp 18-34, December, 2019.
Aruofor, R. O. K. (2020): ECONOMIC SYSTEMS ENGINEERING: Modeling And
Applied
Quantitative Techniques For Economic And Development Planning.Amazon Books,
ISBN: 9798689936024
Aruofor, R. O and Ogbeide, D. R. (2017): Evaluation of impact of new democracy on
consumption, income and growth of the Nigerian economy. International Journal of Civic
Engagement and Social Change (IJCESC) 4(3), pp1-12, July-September 2017
Aruofor, R. O. and Ogbeide, D. R, (2020): Empirical Evaluation of the Impact of Corruption on
Nigeria’s New Democratic Governance. International Journal of Innovative
Social
Sciences & Humanities Research 8(3):69-90, July-Sept., 2020
Aruofor, R. O. and Ogbeide, D. R, (2022): The ImpactOfBoko Haram Insurgency And Banditry
On The Nigerian Economy: Understanding The Causes And Feedback. International
Journal of Innovative Development and Policy Studies 10(1):14-26, Jan.--Mar., 2022
Aruofor, R. O. and Ogbeide, D. R, (2022): The Buhari-Osinbajo Regime in Nigeria:
A Post
Mortem. Journal of Public Administration and Social Welfare Research E-ISSN 2756-
5475 P-ISSN 2695-2440 Vol. 7 No. 1 pp 17-34, 2022
Aruofor, R. O. and Ogbeide, D. R, (2023a): The Impact Of Fuel Subsidy On The Nigerian
Economy In The Fourth Republic: An Analysis. International Journal of Social
Sciences and Management Research (IJSSMR) E-Issn 2545-5303 P-Issn 2695-
2203 Vol. 9 Issue 5, pp 63-80, June 2023.
Aruofor, R. O. and Ogbeide, D. R, (2023b): Evaluation Of The Consequences And Implications
Of The Domestic Petrol Pump Price Increase In Nigeria By The Bola
TinubuAdministration. Journal of Humanities&Social Policy (JESP) Volume 9 September
Issue, 2023, pp 42-61
Aruofor, R. O. and Ogbeide, D. R, (2024a): Analysis Of Poverty And Unemployment InNigeria’s
Fourth Republic: An Outlook To Year 2035. International Journal of Social Sciences and
Management Research, (IJSSMR) E-Issn 2545-5303 P-Issn 2695-2203Vol10 No. 1, pp 42-
54, 2024.
Aruofor, R. O. and Ogbeide, D. R, (2024b):An Escalating Analysis of the Role, Impact
and Ramification of Investment in the Nigerian Economy and Outlook to Year 2035
Aruofor, R. O. and Ogbeide, D. R, (2024): A Simulation Analysis of President Bola Tinubu’s Price
Deregulation Policy on the Nigerian Economy: An Outlook to Year
2035 Journal
of Public Administration and Social Welfare Research E-ISSN 2756-5475 P-ISSN 2695-
2440 Vol. 9 No. 1, pp. 74-100, 2024 jpaswr www.iiardjournals.org
CBN (2017). Central Bank of Nigeria Statistical Bulletin, Abuja.
CBN (2018). Central Bank of Nigeria Statistical Bulletin, Abuja.
CBN (2019). Central Bank of Nigeria Statistical Bulletin, Abuja.
CBN (2021). Central Bank of Nigeria Statistical Bulletin, Abuja.
Ekeh, F. I. (2024). Corruption as the bane of national development in Nigeria. African Journal of
Social and Behavioural Sciences, Vol. 14, No. 2.
Rodney, W. (1972). How Europe underdeveloped Africa. Tanzania: Tanzanian Publishing House.
Rostow, W. W. (1960). The stages of economic growth: A non-communist manifesto. Cambridge:
Cambridge University Press.

DOWNLOAD PDF

---

Back