Economic Planning and Strategies in United Arab Emirates: Lessons for Economic Development in Nigerian and Other Developing Nations

For 64 years now after independence, Nigeria has been searching for the path to economic development but has been relying on the western prescriptions and abandoned its culture. Even where its traditional ways of doing things has proven to be more effective and potent, the country has stuck to the deceptive theories and recommendations of the colonial masters and institutions. 50 years ago, the economic conditions of United Arab Emirate were much the same with Nigeria until oil was discovered in their territory. From this very humble beginning the UAE is currently one of the most dynamic economies in the world today. What economic plan or strategies did they apply that made the difference? This research aims at deciphering the secret of the UAE economic development so as to draw lessons for Nigerian development. The study discovered that by adhering to their traditional political structure and system the UAE was able to achieve Political Stability and saved a lot of money that would have been lost if they adopted the western democratic system. Also through direct government intervention in international and domestic economies, the UAE was able to utilize their oil wealth to diversify their economy and reposition it to attract foreign investment. These are lessons Nigeria and other developing countries should learn from the UAE.