Showing posts from September, 2016

Recession as Opportunity for Reversing Resource Curse (II)

I did promise a double view today. Its the last day in September and one day before Nigeria's Independence anniversary.

Here I present my favourite 2 replies to Waziri Adio's article.

Number 1: James Edwards. Rather than the Resource Curse he argues that what has affected Nigeria, Saudi Arabia, Iran and other resource rich countries is one word CULTURE. He believes that it is the prevalent culture that has caused economic drop due to oil drop. Do you agree? First read what he says.

Number 2: FrNinja. He posits that it is not the culture but the POLITICAL STRUCTURE of the country. Do you agree?

James Edwards says: This article is just one of the many that fail to describe what truly happens with Nigeria's economy. Submissions here have all been explained by development economist for decades. See for example the book, "The Paradox of Plenty" by Terry Lynn Karl. But what this writer and other fail to acknowledge and report is that the US economy was built on n…

Recession as Opportunity for Reversing Resource Curse (I)

Its been a long break since I highlighted an article and you can pardon me for being absent from the blogosphere. A lot has been happening right? How are you all doing? Today I will post an article by cerebral and erudite Waziri Adio who is the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI). You can reach him on ( Here he triest to diagnose (yet again) the famous "Resource Curse" and Nigeria's path out.

And, sadly, it came to pass. It is well predicted that most countries blessed with natural resources, even in the best of times, perform worse economically than countries not so endowed; and that, when times are tough, countries that are dependent on natural resources come to an assured grief. There is a popular name for this strange but common condition: resource curse. It sounds metaphysical, it seems counter-intuitive even, but it is a position supported by enough evidence. And th…