Nigerian state and the challenges of financial security, 2015-2022

Abstract

Many studies have been carried out on the role of the State in economic development, but the relationship between the state, especially the nexus between the Nigerian state and the challenges of financial security” has not been critically interrogated. Before now, many political pundits would argue that a state is a political entity having a population residing in a geographical entity and represented by the government. The above definition seems not to be the case in contemporary Nigerian society. The quest to investigate the contemporary nature of the Nigerian state and the challenges of financial security is the rationale for this study. This study employed the Marxian theory of the post-colonial state. The study adopted a qualitative research method, via the use of observation and secondary sources of data in carrying out the study. The study finds out among other things that the refusal of the Nigerian state to build strong institutions rather than preserving weak institutions has led to poor infrastructural development, a development that poses a challenge to financial security in the country. The study recommends among other things, that Civil society organisations and faith-based organisations should orientate Nigerians on the need to build and nurture a new national culture that will build and promote strong institutions where the rule of law, good societal norms, conventions and regulations of governments that promote equality, justice and fairness are encouraged and enforced across the board by every Nigerian.