Nigeria political economy pdf

The nigerian economy is one of the largest in africa. Pdf a political economy of nigerias capitalist system tunde. A series of unfortunate political and economic events have stalled. Nigeria is a multiethnic and culturally diverse federation which consists of 36 autonomous states and the federal capital territory. This paper uses a political economy perspective to analyze the governance weaknesses along the petroleum sector value chain and attempts to establish the links between challenges in sector regulation and the following major political and economic attributes. Severe instability, interventionism and corruption will be major obstacles to economic development over 202024. This study examines the issue of the political economy of recession in nigeria 2016. Under the 1999 constitution, executive power is vested in a president who serves as both the head of state and the chief executive, is directly elected to a fouryear term, and nominates the vice president and members of the cabinet. National and state elections in 2019 were deeply competitive, with scattered instances of violence amid a mostly peaceful process. The political economy of nigerias foreign policy under babangidas administration, 19851993 international journal of history and cultural studies ijhcs page 30 pursued a foreign policy posture that was heavy on politics and in which the countrys own needs and interests in terms of economic well being were neglected. Growth and fiscal consequences of terrorism in nigeria.

There are several manifestations of underdevelopment in the political economy and, in general, the governance of several countries in africa. However, historically low voter turnout signals a deepening distrust in government and institutions. Nigerias economy is based on the traits and characteristics of the capitalist economic system and the capitalist system. The political economy of recession in nigeria request pdf. This further illustrates that the country has a dual economy system in which private individuals and the state government handle and control the means of production, distribution, and exchange in the country.

For people that are not familiar with pestel, it is an acronym for political, economic, social, technological, environmental and legal factors. This excellent collection of essays fills an important gap in the contemporary study of nigeria, pulling together data on political developments and economic development which add up to the most complete picture available of africas troubled giant. However, nigerias economy is highly dependent on oil and is therefore very vulnerable to fluctuations in crude oil prices and production. Corruption, leadership, political economy and development. The highlights of the structure of the nigerian economy and changes therein are as follows. The paper concludes that for nigeria to experience sustainable socioeconomic. The constitution provides for a bicameral national assembly, which consists of the house of representatives. The material has been developed with the nigerian context in view. Thus an examination of the socio economic and political development processes in nigeria provides a useful background for the analysis of the. Nigeria will be holding presidential and parliamentary elections against a backdrop of negative sentiment in the country about the state of the economy and political system. The political economy of development in weak states.

The recent work by the central bank of nigeria cbn, 2000 puts most of the structural issues in perspective, with supporting data as evidence. Nevertheless, we still celebrate our unity in diversity. Nigeria as a country has been a monoeconomy with total dependence on oil revenue. Unlike most parts of europe, united states of america, australia that are advanced in development, and even asia where remarkable economic growth is rapidly paving the way for development. The military, ethnic politics and development kelechi a.

Nigeria economy, politics and gdp growth summary the. Meanwhile, the economy still faces serious structural and performance issues. Ap comparative government and politics nigeria briefing paper. Learn more about the nigeria economy, including the population of nigeria, gdp, facts, trade, business, inflation and other data and analysis on its economy from the index of economic freedom.

Jun 26, 2015 thus, in the quest to understand the economic predicates of nigerias current security challenges, this paper provides a general description of nigerias political economy and its tendency to fuel violenceincluding terrorism, as presently observed in the country and threatening its very existence. Nigeria is sub saharan africas largest economy and relies heavily on oil as its main source of foreign exchange earnings and government revenues. In terms of the ethnicity, the dominance rests with the wazobia group and to some extent, the peoples of the nigerdelta. Federal, states and local governments, revenue has to be shared. With the current glut in the oil market, the revenue coming to the country has come down drastically. Africas leading economy, nigeria in close competition with south africa has a population of nearly 200 million people. The political economy of a country is pivotal to its economic dynamics as well as its social system. A political economy of nigerias capitalist system dr tunde oseni, department of political science, lead city university, ibadan e. Nigeria is diversified in term of ethnicity and religion.

While politics and the process of politicking do not necessarily. Utility, wealth, value, commodity, labour, land, capital, are the elements of the subject. Find nigeria economy updates, comments and expert analysis in naija. At present, the emergence of retired generals in the political arena has. Because this led to a great influx of rural people into the larger urban. Religion is very pronounced in nigeria and it is a very sensitive issue. According to the updated imf forecasts from 14th april 2020, due to the outbreak of the covid19, gdp growth is expected to fall to 3. Nigeria has many opportunities to transform its economy, particularly in agroprocessing. The science of political economy rests upon a few notions of an apparently simple character. Following the 200809 global financial crises, the banking sector was effectively recapitalized and regulation enhanced.

The political, economic and social dynamics of nigeria. Colonialism is a major feature of the economic history of nigeria. Applied political economy analysis supports policy processes in three ways. Since independence in 1960, nigerias unstable political history can be characterized by a series of military dictatorships interspersed with brief interludes of limited democracy and civilian rule. Britain eventually gained control of nigerian administration. Adewale the political economy of a country is pivotal to its economic dynamics as well as its social system. Nigeria economic outlook top 10 themes for 2019 diaspora remittances continues to support the economy 14,640 16,932 18,014 19,203 18,368 19,745 20,617. After the civil war between 1970s and 1980s, nigeria started reaping the rewards of crude oil which it has earlier discovered in 1956. Get the latest nigerian politics news, latest african political news.

Feb 14, 2016 nigeria s political economy has always been predominantly elitist, patriarchal and theist. Political economy in nigeria 231 isting strategies of economic development reflect the colonial model of central planning and emphasis on export over consumption products. The current situation in nigeria united states institute. A key regional player in west africa, nigeria accounts for about half of west africas population with approximately 202 million people and one of the largest populations of youth in the world. We provide breaking news about nigerian politicians that will shape 2018, updates, opinions and reports on everything political. Definitions and characteristics central characteristics which mutually constitute a political economy approach. Nigerias political economy has always been predominantly elitist, patriarchal and theist. Introduction nigerias economic potential is well recognized. Kalu introduction ethnicity as a concept is not necessarily deleterious to the process of political and economic development of a country. While it is not realistic to imply that nigeria needs the same amount of time as. Nigerias economy, challenges and way forward date of submission. Political economy focuses on power and resources, how they are distributed and contested in different country and sector contexts, and the resulting implications for development outcomes. Likewise, mexico became independent from spain well over a century ago, giving the country more time to institutionalize its political system and evolve toward a more democratic order.

The african nation of nigeria has long been a case of interest for the study of political and economic development. After independence, the nigerian economy seemed very promising. Nigerians give countrys economy, political system low. Many saw nigeria, with 15% of africas population, as an emerging economy.

In this post, well take a look at the structure of the nigerian economy and how it has evolved from the precolonial times to the present day nigeria. Department of political science and international studies, ahmadu bello university zaria, nigeria. Political economy underscores the central importance of the mode of production and relations of production as a major casual factor in all social phenomena onimade, 1985. The political, economic and social dynamics of nigeria africa portal. The case of nigeria is particularly interesting because, in spite of the challenging political and economic context, some of the policy and institutional.

Early in the forecast period nigeria will be in a state of nearstagflation, with tight credit conditions, low growth, rising unemployment and high inflation mainly policy induced. Worldwide, it is the 30th largest economy, by gdp volume. These attitudes were evident in a pew research center survey conducted in the summer of 2018. Economic development in nigeria, although has been rocked back and forth by various political, sociocultural, financial and infrastructural setbacks, the economic development of a country like nigeria cant be said to have totally been where it used to be, or to have back tracked as some people insinuate. Request pdf political economy of nigeria this paper takes a historical foray into the prevailing conditions that form the bedrock of collective. Nigeria has the appropriate credentials for greatness. Causes of nigerias economic challenges ineffective leadership and corruption. The third section takes a critical look at globalization and nigerian political economy in terms of dislocations and squandered opportunities, while the last segment is the concluding remarks. Doing business in nigeria requires that you understand the religion and cultural values of each group. Nigeria incentives for growth updated october 2007 2 table of contents summary 3 1 introduction 10 2 political economy dimensions of nigerias economic performance 12 2.

Why incumbents seeking reelections benefit from negotiating treaties that are weak and imperfectly enforced. Political economy of nigeria request pdf researchgate. In nigeria, the level of perpetration with respect to leaders and policy makers, have become alarming. The political economy of development in nigeria iosr journal. The dominant unifying question for the authorswhether or not a politics of class is emerging in nigeria is answered from a variety of. For an analysis of the political economy of economic reforms in nigeria see utomi et. Causes and remedy money wont create success, the freedom to make it will. This article will xray the macro economic variables in nigeria and how they affect businesses. Beyond the political economy of covid19, the most profound lesson of the moment is the recognition of the onesness of mankind, a moral asset needed. As africas most populous country, largest economy, and biggest democracy, nigeria is a bellwether for the continent. Colonial political reengineering and the genesis of modern corruption in african public service. This course is a threecredit unit course for undergraduate students in political science. Its focus is on the political economy of the development of the nigerian society from the colonial to the post colonial eras.

May 24, 2019 sacrificing the climate for reelections. The specific objectives of the study are to investigate how politics impacted in this period on the. Special agroprocessing zones could promote agroindustrial development and employment. As a result, the political parties between 1951 and 1960 had begun playing leading roles in unifying and mobilizing the economic elites.

Nigeria has a population of 3 million, a landmass of 923,768km2, a bountiful endowment in arable land, solid minerals and petroleumgas resources. The malaise of corruption is a threat to the survival of the nigeria economy, no doubt. Political leadership and corruption in nigeria since 1960. This study presents a political economy analysis of the economic community of west african states ecowas, focusing in particular on what drives and hampers this regional organisation in preventing and resolving conflicts in west africa, and in promoting a regional approach to agriculture and food security. Case study the african nation of nigeria has long been a case of interest for the study of political and economic development. The issue of the warrant chiefs of south eastern nigeria as a case in point jan 1994 99116. Nelson mandela nigeria is africas most populous country with an estimated population of about 150 million and a land mass of 923,768 square kilometers which is more than twice the. Nigeria and the political economy of underdevelopment. Because nigeria operates a federalism system of government with three tiers of government namely. This country is a great example of a postcolonial developing nation and its developmental history contains very important lessons about the political and economic retardation of the developing world. Political economy of the petroleum sector in nigeria. Growth and fiscal consequences of terrorism in nigeria 1 chuku chuku, dominic abang, and imaabasi isip jel codes. The journal of political economy jpe will move from a bimonthly to a monthly publication schedule beginning in january 2020 volume 128, issue 1. Since then, nigerias economic growth has been driven by growth in.

Nigeria experienced direct military rule for 29 of its 45 years as an independent nation. This work examines the politics surrounding the idea and process of amalgamating the areas later to be known as nigeria. The course guide gives you an overview of the course. Pdf colonialism has impacted the political and economic conditions of the contemporary africa. While politics and the process of politicking do not necessarily give rise to the social. Adopting a political economy approach therefore, this paper. Corruption is a big cankerworm that has really eaten deep into the fabric of our nation. Nigeria was approximately onefifthof africas total popula tion.

The dominant unifying question for the authorswhether or not a politics of class is emerging in nigeriais answered from a variety of. Nigeria is the largest geographical unit in west africa, with land area of 923,768 square. The history of the nigerias economy can be traced to the precolonial era when agriculture was the mainstay of the economy. Since the late 1960s it has been based primarily on the petroleum industry.

The case of nigeria offers a cautionary tale of the excesses of military rule bolstered by oppression, force, prebendalism, and. However, applied to a multiethnic state such as nigeria, the notions of cultural separatism and. The economic context of nigeria economic and political. International political economy, nigeria, amalgamation, realist theeory, means to an end. Economic outlook 3 contents theme 1 oil prices still lower for longer theme 2 economy growth gets a boost from high oil prices theme 3 inflation declines sharply, driven mainly by base effects theme 4 monetary policy rate set to fall, and then rise theme 5 governments fiscal deficit expands above budget. The political system still faces problems regarding state integrity, institutional efficiency of the government system, internal security, patterns of democratic representation and attitudes, enforcement of the rule of law and economic reform. Eventually, nigeria became an independent nation in 1960. Thus, in the quest to understand the economic predicates of nigerias current security challenges, this paper provides a general description of nigerias political economy and its tendency to fuel violenceincluding terrorism, as presently observed in the country and threatening its very existence. A series of world oil price increases from 1973 produced rapid economic growth in transportation, construction, manufacturing, and government services. Yesufu programme leader noun abdulrahoof adebayo bello coordinator noun national open university of nigeria course guide. The tool i am going to use to analyse the business environment in nigeria is pestel analysis. Introduction nigeria and nigerians have been caught in the frenzy of centenary celebration. The political economy of nigerias foreign policy under. An analysis grace malachi brown, phd department of history and diplomatic studies faculty of humanities rivers state university of education pmb 5047, rumuolumeni port harcourt, rivers state nigeria.

Also, it is important to point out that the informal period of british inter ests in nigeria was characterized by exploitation of nigerias economic re. A theoretical and empirical analysis, christopher tamina 2015 benchmarking to identify comparison countries for nigeria 0 20 40 60 80 100 120 140 160 180 200 0 10 20 30 40 50 60 70 total natural resources rents % of gdp average 2011 20 nigeria malaysia colombia ghana natural. This implies that a proper understanding of nigerias political economy is very critical and probably the only basis for comprehending and interpreting the nature and content of the countrys foreign policy. Latest news and breaking stories on nigerian polity. Thus, in the quest to understand the economic predicates of nigeria s current security challenges, this paper provides a general description of nigeria s political economy and its tendency to fuel violenceincluding terrorism, as presently observed in the country and threatening its very existence.