Nigeria, May 3 -- One reason many Nigerians voted for the All Progressives Congress (APC) was its manifesto commitment to laying the foundation for a Nordic-Scandinavian and German-style social market economy. This is a model that promises a blend of economic efficiency and social welfare that appeals to the aspirations of a more equitable society.

A social market economy is grounded in achieving macroeconomic stability to foster sustainable development and safeguard living standards. However, this core principle appears to have been overshadowed by the severity of economic challenges faced upon taking office.

Countries that have recently overcome poverty, underdevelopment and stagnation have typically identified and focused on a unifyi...