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Towards the Economic Transformation and Viability of Nigerian States:

Can We Break the Oil Resource Curse?

Being an Inauguration Lecture delivered in Minna, Niger State on May 28, 2011, as part of the special events to mark the Second inauguration of Dr. Mu’azu Babangida Aliyu, OON as the Chief Servant/Governor of Niger State.

It is always important in any analysis of the economy to keep in mind that Nigeria is a federation, comprising 36 federating state economies plus the federal capital territory.  With an average population of 4.5 million per state, it is evident that on the basis of population each state in Nigeria is bigger than almost half of African countries. The national economy is largely the aggregation of the state economies. In terms of expenditure, the states and local governments constitute almost 50% of the consolidated government spending but depend on oil rents from the Federation Account for about 90% of their revenues. In terms of structure, the state economies are not significantly different from 1985—largely primary commodity based, with government at all levels tied to the apron strings of the highly volatile and exhaustible oil revenue. Except perhaps Lagos State, it is doubtful if any other state is fiscally viable in the sense of being able to maintain basic government services without recourse to the Federation Account. Unless the state economies are transformed to become economically prosperous and fiscally viable, the national aspiration for economic transformation will not happen.

Please download the .pdf file to read the rest of the inaugural lecture.


Professor Chukwuma Charles Soludo

Professor Chukwuma Charles Soludo
Contact Information
Mobile: +234 (0) 806 600 6066 (NG)
Mobile: +44 (0) 7407 092 880 (UK)
Current Appointments include:

  • Member, Chief Economist Advisory Council (CEAC), The World Bank, Washington DC
  • Member, External Advisory Group, IMF Triennial Surveillance Review
  • Member, Commission of Experts of the United Nations on Reforming the Global Financial and Monetary System
  • Member, Board of Directors, The South Centre, Geneva – Intergovernmental Organization of 51 Developing countries including China, India, Brazil, Malaysia, Nigeria, etc.
  • Chairman, Board of Directors, African Institute for Applied Economics (AIAE).
  • Chairman/Member of Boards of Several Private Companies
  • Consultant and Strategic Adviser to Institutional Investors and International Organizations
  • Member, Advisory Board of the Initiative for Policy Dialogue, University of Columbia, USA
  • Member, Technical Advisory Group, Natural Resource Charter, UK.
Some Former Appointments include:
  • Governor and  Chairman of Board of Directors, Central Bank of Nigeria
  • Founding  Chairman, Africa Finance Corporation (AFC)Chairman,
    Nigeria Security Printing and Minting (NSPM) Plc.
  • Chief Economic  Adviser to the President of Nigeria
  • Deputy  Chairman/Chief Executive, National Planning Commission of Nigeria
  • Consultant to 18 International  Organisations
  • Professor of Economics, University of  Nigeria, Nsukka
  • Executive  Director, African Institute for Applied Economics.
Recent Articles and Speeches
By Prof. Chukwuma C. Soludo, CFR
31 Jan 2011
I have read, with amazement, the totally unprovoked diatribe of the Hon. Minister of Finance, Mr. Segun Aganga (published in the Nation newspaper of January 22, 2011) on my person while he was responding to a letter written by Vice-President Atiku Abubakar on the economy.
[Read Full Article]
Prof. Chukwuma C. Soludo, CFR
15 Sep 2010
The 2011 general election will mark a watershed in Nigeria’s history. It comes immediately after Nigeria bids farewell to the first 50 years of political independence (and 96 years of existence as a country) and will usher in the set of leaders that will lay the foundation for the journey to the next 50 years.
Prof. Chukwuma C. Soludo, CFR
03 Jun 2010
Let me thank Professor P.C. Onokala, Dean, Faculty of the Social Sciences, the Staff and Students of the Faculty of the Social Sciences for the invitation to deliver this lecture and participate in the Faculty’s Home Coming events.
Find Prof Chukwuma Soludo, CFR on Search Nigeria.

Can Nigeria’s Manufacturing and Pharmaceutical Industry Compete?

Being a Keynote Address at the 2011 National conference of the Nigerian Association of Industrial Pharmacists. Federal Palace Hotel, Victoria Island, Lagos: September 28, 2011.

“Coincidentally, this conference is taking place at a time both the World Bank and the IMF have warned that the ‘global economy is entering a dangerous phase—with a darkening outlook’. There are grave uncertainties and risks, with threats of another global recession. We are also in a world in which the old order is fast disintegrating, and there is a rapid structural rebalancing of economic power away from the Euro-American beltway to the Asia-Pacific and emerging markets. The rebalancing of economic power will inevitably entail a rebalancing of geo-political and perhaps even military power.  I see a world economy in the near future with three dominant reserve currencies (US$, Euro, and Chinese Yuan/Renminbi)— with all the instabilities it would entail—and a world economy with increasing turbulence where only those who are constantly ahead of the curve will continue to prosper. “

Please download the .pdf file to read the rest of the Keynote Address.

Comments & Articles about Soludo

The Nigerian Economy & Financial System

Nigerian Economy & Financial System

Charitable Causes

Awards & Special Recognition

African Economy in Global Context

Affiliated Institutions

Books & Working Papers


  • North-sorth macroeconomic interactions: Comparative analysis using the MULTIMOD and INTERMOD global models”, Charles Chukwuma Soludo, Brookings discussion papers in international economics, Brookings Institution (1992)

  • “Implications of alternative macroeconomic policy responses to external shocks in Africa”, Charles Chukwuma Soludo, Development research papers series, United Nations Economic Commission for Africa, Socio-Economic Research and Planning Division (1993)
  • “Growth performance in Africa: Further evidence on the external shocks versus domestic policy debate”, Charles Chukwuma Soludo, Development research papers series, United Nations Economic Commission for Africa, Socio-Economic Research and Planning Division (1993)

  • “The Consequences of U.S. Fiscal Actions in a Global Model with Alternative Assumptions about the Exchange Regime in Developing Countries”, Ralph C. Bryan and Charles Chukwuma Soludo. Chapter 13 in David Currie and David Vines, eds., North-South Linkages and International Macroeconomic Policy, Cambridge: Cambridge University Press for the Centre for Economic Policy Research. (Brookings Discussion Paper in International Economics No. 103. Washington, DC: Brookings Institution, February 1994.)

  • “Macroeconomic adjustment, trade, and growth: Policy analysis using a macroeconomic model of Nigeria”, Charles Chukwuma Soludo, AERC research paper, African Economic Research Consortium (1995) ISBN 9966900268 ISBN 978-9966900265

  • Soludo, Charles Chukwuma (1998). Macroeconomic Policy Modelling of African Economies. Acena. ISBN 9782114294.

  • “Our Continent, Our Future: African Perspectives on Structural Adjustment”, T. Mkandawire and C.C. Soludo, Council for the Development of Social Science Research in Africa, Dakar, 1999, in Journal of Sustainable Development in Africa, 1:2, 1999.

  • “African Voices on Structural Adjustment: A Companion to Our Continent, Our Future“, Edited by Thandika Mkandawire and Charles C. Soludo. At least three editions: IDRC/CODESRIA/Africa World Press 2002, ISBN 0-88936-888-0, 280 pp.; Paperback, ISBN 978 0 88936 888 0 Jan 2003; Africa World Press 2003, ISBN 0865437793, pp=280
  • Okonjo-Iweala, Ngozi; Charles Chukwuma Soludo and Mansur Muhtar (2002). The Debt Trap in Nigeria: Towards a Sustainable Debt Strategy. Africa World Press. ISBN 1592210015.

  • “The Politics of Trade and Industrial Policy in Africa: Forced Consensus”, Edited by Charles Chukwuma Soludo, Michael Osita Ogbu and Ha-Joon Chang, Africa World Press (January 2004), ISBN 159221164X, ISBN 978-1592211647 (Also International Development Research Centre, ISBN 1592211658)

  • “Potential Impacts of the New Global Financial Architecture on Poor Countries”, Edited by Charles Soludo, Musunuru Rao, ISBN 9782869781580, 80 pages, 2006, CODESRIA, Senegal, Paperback