The Predicament of Nigeria Economy: A Historical Analysis

Abstract

This study examined Nigeria's economic development conundrum from a historical standpoint. It argued that a society's ability to meet its requirements and ensure its members' wellbeing depends on its ability to thrive economically. Post-colonial Nigeria, on the other hand, seems to be at a crossroads in its economic development. In this sense, attempts at economic development have encountered numerous obstacles since Nigeria was freed from colonial rule in 1960. According to this paper, although Nigeria started conceptualized development planning in 1946, actual economic development efforts in the nation were started after independence because British colonial economic policies were primarily implemented to serve British economic interests. British need for raw minerals in colonial Nigeria led to to the launch of novel agricultural goods and a transition from food crop to cash crop production. In order to incentivize farmers to cultivate cash crops, taxes were also implemented. Additionally, infrastructure and financial institutions were established to sustain Nigeria's colonial economy. During that time, these advances in the economy helped to monetize and commercialize the Nigerian economy. This study argues that Nigeria's exposure to new economic development models and viewpoints as a result of its contact with Western civilization has generated a conundrum regarding the best course of action for achieving sustainable economic development. As a result, it was recognized that, as people are still a society's primary means and purposes of development, economic development initiatives should be domesticated, democratically regulated, and independent of the government