With a global shift towards ‘inclusive’ economic growth, it is argued that economic prosperity and business success cannot be adequately explained by abundance of natural resources, brilliance of intellect, or the presence of good laws and institutions. Rather, economic prosperity requires (in addition to the above elements listed) a culture of trust and social capital that forms an economic input (Fukuyama, 1995).
According to Fukuyama, studies have shown that there is a direct correlation between the level of trust of a country and her economic expansion or success. The higher the collective trust level of a nation, the higher the level of collaboration and her chances at inclusive economic development.
In the light of the challenges that have constantly plagued the Nigerian economy such as high levels of corruption and rent seeking, insecurity and insurgency, poor and deteriorating human capital indices, slow and non-inclusive economic growth, slow diversification of the economy, year-on-year budget deficits, economic regression of sub-nationals amongst others, Nigeria has remained a low-trust country and this has resulted in a slow-paced growth.
With an outlook of building a nation that is competitive and sustainable, Nigeria sets to embark on the long march towards economic growth and improved quality of life for its people. Bearing in mind the highly diverse nature of Nigeria, we cannot therefore shy away from the arduous task of rebuilding trust and confidence in her people.