What could be more unfavorable than the fact that poor governance explains how Nigeria despite all its endowments and potentials has extremely low income per capita which at $2396 represents 19% of the world average and compares unfavorably with Brazil at $11,500; Indonesia at $4284, Singapore at $64567 and Botswana @ $7963.
Worse, from the graph above, Nigerians are getting poorer each year. It shows that since 2014 when income per capita fell from $2563 to $2456 in 2016, $2412 in 2017 and $2396 in 2018 the outcome of politics is economically unfavorable to citizens. Latest estimates by the World Data Lab is that there are 93 million Nigerians living on below $1.90 a day compared to 50 million in India.
The extremely Poor Governance that Monopoly Democracy has bred is evident in the abysmal condition of security, economy, infrastructure, education, health, social capital and cohesion in Nigeria. Nigeria is currently the 13th most fragile country in the world according to the US Fund for Peace Global Fragility Index. Continuing with protracted bad politics in our democracy poses an existential threat and casts a big question mark on the future of Nigeria as a country. It will rather push the country down further into a Failed State status with tragic consequences for not just Nigerians but also immediate West African neighbors, the continent and the world at large. To continue to ignore the cost of a broken political system is too dangerous.
Monopoly democracy will worsen until intentionally, deliberately, strategically and collectively challenged. Already, the dominant political class erects all forms of barriers to entry into politics by new political actors who do not wish to identify with the extant political culture. There are a few ways to respond to the political distortion. The least advised is “do nothing”. A people must take actions that deliberately and strategically orchestrate good political outcomes in their democracy. Good political outcomes ultimately lead to Good Governance. We define Good Governance in this case as “political outcomes that guarantees the actions of elected governments and leaders to promote high, strong, broad, sustained, diversified, inclusive and equitable economic growth of the country”. Good Governance is the tradition of making sound macroeconomic, sectoral and structural policies; building strong institutions with enabling legal and regulatory systems that are anchored on the rule of law; and prioritizing public (and private) investments that produce basic goods and services needed by the people and businesses in order to raise their productivity and be competitive.
