The proliferation of Ponzi schemes in Nigeria appear to coincide with the official declaration of economic recession in early 2016. It is therefore pertinent to empirically investigate the nexus between the recession and Ponzi schemes in the country. Anchored theoretically on Robert Merton’s Strain Theory the study was guided by two research objectives and one hypothesis. The snow-balling sampling technique was used to select 135 Ponzi scheme participants from Rivers, Bayelsa and Anambra States. Descriptive analysis of the results was undertaken in tables, charts and graphs. The findings revealed amongst others that MMM, Ultimate cycler, Givers Forum, Get Help World Wide were the major Ponzi schemes in Nigeria. It was also found that Ponzi schemes are a coping strategy for economic recession. The paper posits that until the economic downturn is adequately addressed and the economy revamped, Ponzi schemes would continue to thrive in Nigeria. It recommended economic revitalisation through effective economic diversification policies that will enhance provision of socio-economic livelihood as palliatives to recession induced strain.
This article explores the nature and patterns of Chinese-Nigeria trade relations between 1999 and 2019 through the theoretical prism of leadership. The period 1999-2019 captures the rising trends in investments and trade relations between China and Nigeria and the latter’s efforts at liberal democratization. It raises questions about how the nature of the leadership process conditions economic developments and as well shapes the nature of trade and investments between both countries. Although the article is not necessarily comparative, it demonstrates how the contrasting character of the internal leadership process throws up inclusivity, accountability, productivity and development in China, and exclusion, opportunistic behaviour and underdevelopment in Nigeria. The article thus argues that leadership is dialectically connected to the political economy of development and trade in both China and Nigeria. Drawing on historical and statistical data relating to Chinese Foreign Direct Investments, aid/loans to Nigeria and Chinese-Nigeria trade patterns, it explains that economic relations between both countries are characterized by unequal exchanges in favour of the Chinese state. The major contention of the article is that while Nigeria does benefit from Chinese trade, loans and investments in terms of job opportunities and infrastructural developments, such benefits further deepen Nigeria’s underdevelopment and dependence on China as a result of the extractive behaviour of Nigeria’s political leaders. Nevertheless, a better developmental outcome is possible in Nigeria through transformational leadership that leads to profound changes in policies, institutions and values of accountability.
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