EZEDINACHI, IFEOMA E. and Orizu, Oluchukwu N. (2020) REORGANIZING NIGERIA’S ECONOMY IN THE 21ST CENTURY: PROBLEMS AND PROSPECTS. THINKERS JOURNAL, 1 (3). pp. 131-145.
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Dr. Ezedinachi Reorganizing Nigeria's Economy in the 21st Century Problems and Prospects.pdf Download (7MB) |
Abstract
The economy of Nigeria has remained underdeveloped from the pre-independence period into the First Republic and beyond. For instance, the single-crop economies in the Northern and Eastern Regions left both zones vulnerable to price fluctuations in the world market, unlike the more diversified economy of the Western Region. Powerful external control by multinational companies adapted themselves to changes in political power within the country, while the indigenization exercise of military regimes failed to ensure equitable distribution of business opportunities. Instead, wealth was concentrated in the hands of a few industrial barons and others who acted as fronts for multinational corporations. Even the oil boom of the 1970s did not eliminate external dominance. The greatest dividend Nigeria received from the oil industry was revenue, while the economy remained dependent on foreign capital for development. Thus, the colonial state, nationalist leaders, military successors, and democratic administrations left most aspects of the economy—including oil, exports, and the limited manufacturing sector—dominated by multinational companies and their Nigerian representatives. This continued dependence further depressed economic growth. The study employed chronological and thematic methods of discourse and relied largely on secondary sources. It concludes that restructuring the economy will enhance stable and viable development in Nigeria. Such restructuring should provide the necessary foundational meta-level socio-political and governance architecture for the sustainability of a secure and prosperous economy.
| Item Type: | Article |
|---|---|
| Subjects: | H Social Sciences > HC Economic History and Conditions |
| Divisions: | Faculty of Law, Arts and Social Sciences > School of Humanities |
| Depositing User: | Uchenna Eneogwe |
| Date Deposited: | 05 Sep 2025 13:08 |
| Last Modified: | 05 Sep 2025 13:08 |
| URI: | http://eprints.gouni.edu.ng/id/eprint/5481 |
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