Paper short abstract:

The preoccupation is to examine the adverse effects of government liberalisation policies on the average Nigerian. The antidotes for these consequences are enumerated and veritable panacea proffered before reaching conclusion.

Paper long abstract:

The collapse of socialism and communism in eastern Europe, the disintegration of the former Soviet Union, the pulling down of the Berlin walls and the emergence of United States as the sole superpower have made capitalism and liberalism the veritable panacea for growth and development such that the developing countries turn in the direction of Washington and its western allies, as well as western institutions such as World Bank, International Monetary Fund and the World Trade Organisation, for solution to their financial and socio-economic problems. Based on this development, this paper, using observation and the content analyses of speeches, policies, news reports, career background and interviews granted by the dramatis personae in the governance of Nigeria, therefore examines the pro- Western prescriptions for reform as it affects the average Nigerian. It argues that the western mode has aggravated the standard of living of many a Nigerian resulting in poverty, high crime rates, high exchange rates, high inflation rates, high unemployment rates, low per capita income and corruption in high places, among others. This paper thus catalogues the possible antidotes, suggesting that some aspects of the socialist mode of development should be considered as an alternative to the Western remedies before reaching the conclusion that for reform to wear human face it must take into consideration the cultural or traditional, socio-economic and environmental factors of the people. This, in the view of this paper, is the proper signification of real and meaningful development.

Key words: superpower, poverty, development, liberalism, governance, socialism.