Political Leadership and Socio Economic Development Challenges In Nigeria: Rethinking The Need For State Business Policy
The role of leadership in economic transformation is sacrosanct and monumental. The leader directs policy and ensures its workability. A state that is confronted with leadership challenges faces the crises of failure at all fronts. This paper explores the implication of political leadership crisis on socio-economic development of Nigeria. It sets to explain the structure of socio-economic problems of Nigeria and attempts to establish a nexus between it and political leadership. The paper assumes that the socio-economic crisis of Nigeria is perpetuated by unresponsive public leadership that is riddled in corruption and relies on a monolithic source of major revenue base for the economy. Data for the paper were generated from secondary sources and were qualitatively analyzed. The paper observes that the penchant for primitive accumulation of public wealth by political leaders contributed to colossal failure of the Nigerian economy. The paper suggests as a pathway to growing the economy a rethink on state business policy where government needs to get involved in business activities that stimulate the economy and reduces the risk of embezzlement associated with rentier economic practices.