First of all, it is important that you understand exactly what due process is. This will make it easier to understand how due process affects the economy of Nigeria. Due process is a legal term. It states that the government of a country has a duty to protect the people of the country and must respect each individual's legal rights, which they are entitled to under the law of the land. Due process is not in action in British law, although there are similar concepts in Britain - it is mainly in effect in the USA and a number of countries on the continent of Africa, including Nigeria.
Now the legal stipulation of due process must be considered in terms of Nigeria's economy. Nigeria's economy is one of middling income, and is one of the more productive countries in Africa. The financial, legal and transport sectors are potentially the most effective and wealthy in Nigeria, closely followed by the entertainment and communications sectors. Nigeria is also one of the world's largest oil providers, producing over 2 million barrels of oil per day.
Although the private sector of Nigeria's services and economy could potentially be hugely successful, it is claimed that the lack of due process in Nigeria is one of the factors which is hindering the development and progress of the private sector. It is claimed by some economists and analysts that the private sector, despite extreme economic reforms in the past 10 or 20 years, is still rife with corruption, crime, and private decision-making.
The lack of effective due process in Nigeria's private sector therefore means private sector workers are often at the mercy of large companies and administrations, with some managers and high-level figures exercising power in a corrupt and unfair way. While this is usually done in an effort to make companies more effective, it is usually counter-productive, with many economists claiming that proper concern for due process and anti-corruption measures would boost the private sector.
Now the legal stipulation of due process must be considered in terms of Nigeria's economy. Nigeria's economy is one of middling income, and is one of the more productive countries in Africa. The financial, legal and transport sectors are potentially the most effective and wealthy in Nigeria, closely followed by the entertainment and communications sectors. Nigeria is also one of the world's largest oil providers, producing over 2 million barrels of oil per day.
Although the private sector of Nigeria's services and economy could potentially be hugely successful, it is claimed that the lack of due process in Nigeria is one of the factors which is hindering the development and progress of the private sector. It is claimed by some economists and analysts that the private sector, despite extreme economic reforms in the past 10 or 20 years, is still rife with corruption, crime, and private decision-making.
The lack of effective due process in Nigeria's private sector therefore means private sector workers are often at the mercy of large companies and administrations, with some managers and high-level figures exercising power in a corrupt and unfair way. While this is usually done in an effort to make companies more effective, it is usually counter-productive, with many economists claiming that proper concern for due process and anti-corruption measures would boost the private sector.
