Ask any of the Asian tiger economies that were formerly victims of colonialism how they economically developed out of poverty.
Developing trusted institutions leads to outside investment. Outside investment leads to growth. Growth leads to not being poor. When nobody will invest in Nigeria because nobody actually trusts they won’t get bamboozled, this is a fundamental chicken and egg problem.
Again, I would strongly suggest re-examining the luxury robinhood narrative you have in your head.
This is your answer? "Read the books on economics"? As if it would be some kind of scientific guideline? Seriously? This is your answer while simultaneously looking at the world RIGHT NOW?
A quick catch up for you: those books didn't work. Economics is not a science. You can not use it to generate predictions. It's single useful outcome is a historical one.
> Ask any of the Asian tiger economies
Why should I? It is obvious that some things work in some countries, while the same things might not work just behind the border. Other things might work for some time before they fall apart again because the ground issues with the system are being ignored or circumvented the way you try to do it here.
Nigeria is a very good example here btw. It is a growing economy. An emerging market. It has plenty of resources and the situation could be better for all Nigerians there.
But it isn't. Widespread corruption, and the fact that there is an energy crisis putting brakes on the development show that something is off.
The main income for the country comes from oil exports. Within the country, oil products needs to be heavily subsidized. Due to the lack of refineries, the oil products need to be bought back from abroad. So who does profit from this scheme? Surely not the Nigerian majority. Their top 5 export partners are: China (23%), Netherlands and Belgium with each 10% and India and the US with ~6%.
Their main import goods are: Petroleum oils, etc, and Durum wheat.
They are being ripped off. In this case, mainly by China, profiting from the corrupt structures which run Nigeria and the population is forced to scam to make a living and not being able to make a change.
Put away your books and your arrogant westerner attitude. Look at the reality out there. It is happening right now.
Ask any of the Asian tiger economies that were formerly victims of colonialism how they economically developed out of poverty.
Developing trusted institutions leads to outside investment. Outside investment leads to growth. Growth leads to not being poor. When nobody will invest in Nigeria because nobody actually trusts they won’t get bamboozled, this is a fundamental chicken and egg problem.
Again, I would strongly suggest re-examining the luxury robinhood narrative you have in your head.