Matters Arising: Nigeria’s urgent need for ‘trickle down’ economics

Dr. Lanre Towry-Coker, FRIBA, FNIA, MA Law (UL), Ph.D, a former commissioner for housing in Lagos State, with a doctorate from Lagos State University, is founder of Towry-Coker Associates since 1976, and a professional architect with a postgraduate qualification in Architecture from the University of North East London. He had his professional training at the world famous Royal Institute of British Architects (RIBA) and is an Associate of the Chartered Institute of Arbitrators in the United Kingdom (ACI.Arb.); a Fellow of the Nigerian Institute of Architects (FNIA), he was elected Fellow of The Royal Institute of British Architects, (founded 1834), in November 2016, and is one of only forty architects worldwide to be so honoured. He is also the author of the book, “Housing Policy And The Dynamics Of Housing Delivery In Nigeria: Lagos State As Case Study” published by Makeway Publishers, and available on Amazon and also at The Royal Institute of British Architects, Portland Place. London.

His consortium, Towry-Coker Associates/Neue Heimat Abuja Consortium, was also one of the master planners of the Federal Capital Abuja, along with Japanese architect Kenzo Tange and Brazilian architect Oscar Neimeyer.

‘Trickle-down economics’ is a theory that suggests if you cut taxes on the wealthy and reduce regulations, the benefits will eventually “trickle down” to the rest of society in the form of increased investment, job creation, and economic growth. However, it’s a controversial concept because the extent to which these benefits actually reach the broader population is a much debated topic.

Critics argue that in practice, wealth often accumulates at the top, and the benefits don’t trickle down as effectively as promised. So, the phrase “trickle down” must “trickle down” because it implies that the benefits of policies aimed at the wealthy should ultimately benefit everyone. Whether this actually happens is a matter of debate and the effectiveness of such economic policies varies depending on many factors.

And that’s why it must happen in Nigeria as soon as possible under the new government.

The question of whether “trickle-down economics” should or must happen in Nigeria under a new government is a matter of economic policy and political debate. Proponents argue that implementing policies that promote economic growth, often associated with trickle-down economics, can lead to job creation, increased investment, and a more prosperous economy for all.

However, it’s crucial to consider the specific context of Nigeria and the unique challenges it faces. Nigeria has a diverse and complex economy, and issues like income inequality, poverty, and unemployment are significant concerns. Implementing trickle-down economics in Nigeria would require careful planning and consideration to ensure that the benefits do indeed reach the broader population.

Critics of trickle-down economics argue that it can exacerbate income inequality and disproportionately benefit the wealthy. The success of such policies also depends on effective implementation, addressing corruption, and ensuring that the gains from economic growth are distributed equitably.

Ultimately, whether or not Nigeria should pursue trickle-down economics is a decision for the government and its citizens to make based on their economic and social priorities, taking into account the specific challenges and opportunities of the Nigerian context. Public discourse and informed policy decisions are essential in determining the path the country chooses to take in pursuit of economic development and social well-being.

Much attention has been paid to the Federal Government in the past for some of the policies leading to economic growth.

However, with the loosening of the levers of the federal government concerning items from the exclusive list to the concurrent list, the ball has now been placed in the corner of state governments to get their collective acts together, and rise up to the challenge of making their states viable homelands for all the citizens inhabiting therein.

There lies the challenge for all of us as well, to get the message across to them.