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

doi:10.56201/ijssmr.v10.no8.2024.pg263.277

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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 ProgrammingSix PapSatisficing SolutionInvestment and Policy.

References

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

Abstract

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