International records / OpenAlex research

Politics of laissez faire economic reforms and rising waves of socio-political crisis in Nigeria

Adam Smith's doctrine of classic laissez faire economics posits that government interference in the economy retards growth. That the economy stagnates if government protect domestic industry by tariffs and getting government out of the economy promote prosperity. With the end of the Cold War and the pressure on African nations to embrace the values of democracy and economic liberalism, Nigeria hurriedly began to implement Adam Smith's classic laissez faire economic reforms under the slogan 'government has no business in business'. This has created crisis of development, unending subjective eco…