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Submitted by Anonymous on
Finally someone has hit the nail on the head about the Nigerian economy! The much touted oil which blinds the government and makes it rent seeking is first of all not that much when talking per capita and i do agree with you that the current 'sharing' formula does not do much for transparency and accontability. the interesting thing though is that since oil is on everyone's lips including non Nigerians, it prevents them from seeing the true potential for other sectors of the economy like whole sale and retail trade within the country and west africa. Lagos state alone accounts for about 40% of the gdp of west africa. The focus needs to be redirected from oil, so that well meaning politicians and not rent seeking ones can rise to power and enanct policies that will encorage these robust sectors that have thrived even in the most perverse of markets.