Understandably, these adverse outcomes are fuelling a concerted pushback against the Tinubu administration’s apparent preference for market-based solutions to some of the economy’s seemingly intractable trade-offs.
A growing cohort of the local commentariat is advocating the taking of pruning shears to government as an alternative to the pains that the people currently bear. A more efficient, qualified and focussed bureaucracy is a non-negotiable requirement if the Nigerian economy is to finally make the much-advertised transition from a public sector-led to a private sector-driven format. The argument for bringing down the cost of governance is a handmaiden of our search for market-based solutions.
Given enough suppliers in any market, the incentive for each is to deepen market share or boost profitability by developing new products or cheaper means of delivering services. This is the route from Nokia’s dominance of the mobile phone industry several years ago, to the iPhone’s pre-eminence today. It is the path that describes why Tesla’s market capitalisation is in multiples of the traditionally dominant manufacturers of petrol-engine vehicles.
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