Nigeria: Striving Towards the Essence of the Free Market, By Olamide Eyinla

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Opinion: Nigeria: Striving Towards the Essence of the Free Market, By Olamide Eyinla

the market, where need be, when acting as the “unseen hand”. If this hand is seen, it takes away the confidence that the market needs to show for more players to trust it.

The demand side of this is the electorates and the citizens. The electorates are citizens who have decided to actively participate in choosing their leaders; however, there are more citizens who for many reasons are not able to vote, but must bear the consequences, good or bad, of the decisions of the electorate are part of the demand side. The supply-side of good governance has as major players the political parties and the politicians.

It is a known fact that those who benefit from a broken system have no sufficient incentives to make the change. The change is normally driven by those who suffer most from status-quo. However, it is important that these people know their power and what they want. Knowing what they want is also very important as this might get out of hand, especially if the supply side does not meet them halfway.

There are many more examples to buttress this point. There is sufficient evidence to back the fact that as a country, we lack progress in areas and sectors where government is the key provider. Government, for many reasons, is not designed for efficiency and it is not a coincidence that countries that appear to work are countries that are private sector-led. The top airports globally are private sector owned and run, yet we have governments in Nigeria planning to build airports.

 

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