Building Infrastructure For Economic And Development In Nigeria: Issues, Influence And Challenges

Abstract

The focus of the article is on Nigeria's financial infrastructure as a vehicle for economic stability and sustainable development. It examined Nigeria financial infrastructure in terms of legal systems, accounting systems, banking sectors and security markets, positing that Nigerian's financial infra-structural deficiencies is a critical factor in the persisting nature of her financial and economic crisis. Consequently, the country must emphasise improving the enforcement of existing laws, accounting requirements, investor protection, bank supervisory practices and monetary stability. New reforms must go with improving the effectiveness of existing financial infrastructure. The paper concludes that there is need to embark on a complete overhaul of Nigeria's financial/economic infra-structure. But which way forward? Should it be through the British evolutionary reform type or the American revolutionary (constitutional) reform type? The debate is open.

Keywords: Financial; infrastructure; reform; norm

JORIND Vol. 6 (1) 2008: pp. 30-30