Nigeria is failing because of extractive political and economic institutions. Countries that thrive have inclusive political and economic establishments. Institutions make countries richer or poorer. It shapes economic policies that determine how politicians behave. It also ascertains if politicians are answerable to the citizens or not.
Extractive political entities create economic policies that keep people poor. While inclusive political organizations form economic plans that enrich their citizens. Extractive institutions benefit a few elites. On the other hand, Inclusive institutions encourage a larger part of the population to participate in innovate economic activities that creates wealth for the Nation.
Great Britain, now the United Kingdom is rich today because its political system has undergone revolutions. In 1688, the Glorious Revolution established the Parliament to govern Great Britain at the expense of the Monarchy. It is now the 21st century and the English political system has continued to undergo reforms. A broad coalition of people, merchants, traders and unions with shared interests pushes reforms in the British political system.
The British colonized Nigeria. Independence from the colonial masters in 1960 was a critical juncture for Nigeria who is turning into a failed Nation. This was an opportunity to uproot the extractive systems built by the British. Yet, that did not happen. Instead, the extractive ways that continued in Nigeria have created a poor society with an inferior educational system.
To move forward and develop inclusive entities that will drive innovation in Nigeria, we must invest heavily in education. Serious reforms have to be carried out in the political system that we currently run but there will be losers. These losers are those who benefit from the extractive systems. They will be the ones standing in the way of change.
