"Democracy without dividends." That's the phrase you're likely to hear from many Nigerians asked to assess the country's democratic experience under President Olusegun Obasanjo. Two years into civil democracy, Nigeria is once again an accepted member of the international community. But Obasanjo, who portrayed himself as a political messiah, has so far failed to redeem his promises to Nigerians of a better life.

When Obasanjo took the oath of office as Nigeria's elected President on May 29, 1999, after the country had endured fifteen years of adventurism and brigandage under military rule, it was regarded as a turning point in its political history. And indeed, there were many early positive developments. The media and the civil population regained their freedom, investor confidence was restored and international financial institutions like the IMF were willing to discuss the rescheduling of Nigeria's debt. The Obasanjo administration also won plaudits for passing an anticorruption act that prescribes stringent punishments for corrupt officeholders and for forcing the retirement of more than 120 military officers whose careers were judged to be tainted by politics. A government-sponsored panel investigated human rights violations during the period of military rule based on thousands of petitions, thereby achieving, to some extent, a national catharsis.

But more recent developments are far less encouraging. The economy remains nearly comatose, with imports accounting for more than 80 percent of manufactured goods consumed. The value of the national currency has gone from 100 to 135 naira to the dollar in the past four months. The collapse of the social infrastructure remains unaddressed, as do crime and the battered education system. The imposition of Sharia (Muslim law) in the northern states has upset many southerners and Christians.

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