Why Nigerians normalise a struggling economy
We need better decisions, Source: Stears Business

It’s a Friday night, and you’re driving back home. Suddenly, you spot a police checkpoint ahead…

Now, there are different ways to react to this situation, and because I live next to a popular checkpoint in Lagos, I have seen many examples. On at least four occasions in the last year, I witnessed different drivers reverse for 1 km on Akin Adesola Street to avoid the officers with their guns and torchlights. 

 

Some takeaways: 
 
  • Bad equilibriums happen when a country normalises bad procedures and a negative state of mind that are continuously reinforced. It becomes the benchmark for measuring progress, which causes us to keep underperforming.

  • For example, according to the latest 2019 corruption report by the NBS, 1 in 3 people reported paying bribes when they came in contact with the police to avoid harassment. In general each adult in Nigeria pays a bribe every two months, totalling ₦700 billion every year.

  • To escape this bad equilibrium, we need a different political class that rules the country with the right incentives, strong institutions and international support.

 

Perhaps they were criminals.

This story is only available to Premium subscribers Subscribe or sign in to finish reading

Not ready to subscribe? Register to read a selection of free stories

Tokunbo Afikuyomi, Jr.

Tokunbo Afikuyomi, Jr.

Read Latest

How Nigeria’s lawmakers enabled its fiscal crisis

PREMIUM - 03 FEB 2023

3 risks for Nigeria’s investors in 2023

PREMIUM - 02 FEB 2023

Why Nigerians abroad cannot vote during elections

PREMIUM - 01 FEB 2023

Will Ibom Power’s new license improve Akwa Ibom's electricity?

PREMIUM - 31 JAN 2023

Download our mobile app for a more immersive reading experience

Scan QR code
mobile download