CHINA’S ECONOMIC TRANSFORMATION STRATEGY AS A PATTERN FOR DEVELOPMENT IN NIGERIA

Abstract

Arguably, before 1978, China was amongst the poorest countries in the World and was on the verge of total collapse, macro-economically. The country thus introduced a market-based economic reform in 1978 and since then has become the fastest growing economy in the World. At present, China is the second largest economy in the World by nominal GDP, following the United States of America, and the first in purchasing power parity. Achieving development in Nigeria has being a mirage in the midst of abundant natural resource endowment. Despite being the second largest producer of crude oil in Africa, and the sixth in the World, Nigeria is now one of the poorest countries on earth today. Against this backdrop, this paper examined China’s economic transformation strategy and how it could be used as a pattern for development in Nigeria. This paper argued that leadership failure and corruption among others could be blamed for the present economic woes that have befallen the country which have consequently turned it to a crippled giant. The paper employed documentary method and the data generated were qualitatively analysed. The analytical discourse, revealed that, China’s economic wonders were based on sound economic strategies/policies and quality/visionary leadership. On the basis of these findings, the paper thus recommended among other things that the present poor state of Nigeria’s economy can be turned around through good governance, quality leadership, continuous increasing investments in education/human capital development and organizing subsistence farming into cooperative
societies. With this, poverty, which is associated with poor governance, would become a thing of the past and the usual attitude of Nigerian political class of turning the country into an instrument of capital accumulation would be a bygone.