The East-Asian Export Driven Economic Growth: Lesson for Nigeria

Year : 2008

The objective of this paper is to introduce some of the basic economic policy instruments and management techniques employed by the NICs in propelling and sustaining growth. It highlights the requisites for success in reforming Nigeria’s socio-economic government. These include (a) purpose/determined government intervention (“big government”) (b) high sense of commitment, loyalty and national consensus across classes and political parties (c) high technocratic capability (d) conducive economic policy instruments and (e) disciplined business culture. The paper provides information on the various aspects of the export-oriented development strategy of the NICs – mainly South Korea and Taiwan. It concludes that Nigeria can learn from the Asian NICs if the socio-cultural value systems are reformed to allow for loyalty, commitment, competence, competitiveness, honesty and hard work.