Abstract
In most of our previous studies of the Nigerian economy, persistent recommendations have been made for Government to transform the economic and industrial landscape of the entire country by investing in infrastructure, manufacturing, electricity generation, transmission and distribution, services, construction, including factories and industries as well as creating the right environment for Private Sector-led investments. This study is an attempt to test the above hypothesis. A full blown model of the Nigerian economy was formulated and used to optimally control the economy under existing paradigm with a view to test if the economy will optimally grow and develop with poverty and hunger reducing on the one hand, and the implications and consequences for investments with impact on the citizens, on the other hand. Using the total differential systems modeling approach, linear programming and optimal control analysis, the result rejects the null hypothesis and upholds the alternative hypothesis because optimal control under the extant paradigm of the Nigerian economy will only result in a superficial development of the economy. Aggregate demand and supply, Crop and Fishery production and food security may improve considerably and produce a superficial growth and a false sense of welfare while the level of inflation, corruption and poverty will remain a major source of concern while sectoral investments will slump across board except in Crops and Fishery. Though people will invest and be employed in agricultural crop production and fishing and the problems of hunger and insecurity may be drastically reduced, the Nigerian economy will be largely impoverished, with corruption skyrocketing except Government heeds the persistent recommendations of our previous studies of the Nigerian economy.
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