ABSTRACT
This inaugural lecture postulates that the environment is critical to the successful development of the Nigerian economy. It establishes that the failure to develop the economy after almost six decades of Independence is a result of deficiencies in the environment particularly in the area of infrastructure, energy, education, macroeconomic policies, agriculture, international trade and suffocating corruption. How can these deficiencies be rectified and rapid sustainable growth guaranteed? The strong argument made is that an alteration of the existing economic and political disequilibria would lead to more efficient allocation of resources and the development of sustainable economic growth path. Years of mismanagement of the nation’s resources, negligence, corruption and policy inconsistencies as well as government’s inimical policies and the harsh operating environment is unquestionably responsible for Nigeria’s poor economic performance. The lecture suggests the primacy and imperative of setting up workable institutions. Thus institution building is a sine qua non for growth and development in the new Nigeria. This lecture offers a blueprint for such institution building and nurturing. The main recommendations include (i) improving governance and eliminating corruption; (ii) providing adequate soft and hard infrastructure in terms of policy and institutional reforms, judiciary, education as well as modern port facilities, railroads and energy; (iii) reaping the benefits of globalization; (iv) enhancing export diversification; (v) improving education and manpower development; and (vi) modernization of agricultural production.