Today, when so many ipe scholars plunder economics for testable theories of political economy, some ask whether the pendulum has swung too far in that direction. 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. 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. The political economy of a country is pivotal to its economic dynamics as well as its social system. 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. The nigerian economy and the natural resources 69 general development of the nigerian economy 69 development plans 76 agriculture, forestry and fisherles 78 mining, fuel and power 82 industry 87 communications 90 marketing boards, cooperatives and trade unions 91 marketing boards 91 the cdoperative movement 93 trade unions 93 education health. This course is a threecredit unit course for undergraduate students in political science. At present, the emergence of retired generals in the political arena has. Nigeria experienced direct military rule for 29 of its 45 years as an independent nation. The material has been developed with the nigerian context in view. Nigeria is a multiethnic and culturally diverse federation which consists of 36 autonomous states and the federal capital territory.
Political economy analysis is a powerful tool for improving the effectiveness of aid. Pdf a political economy of nigerias capitalist system. 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. It will discuss how poor governance has affected the economy and created social problems which are the key stress points common to developing countries.
Nigeria has one of the largest populations in africa with over 200 million citizens. Asia, no problem has more fiercely challenged political order in nigeria than ethnoreligious conflicts. The study empirically investigated the relationship between political stability and economic growth in nigeria for the period 1999 to 2014 using the ardl model approach. Request pdf political economy of nigeria this paper takes a historical foray into the prevailing conditions that form the bedrock of collective actions and organized violence against the. There has been a significant amount of corruption in nigeria by both the military and democratic leaders. The political, economic and social dynamics of nigeria africa portal. 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. Request pdf political economy of nigeria this paper takes a historical foray into the prevailing conditions that form the bedrock of collective. While politics and the process of politicking do not necessarily. This article draws from a larger project on the political economy of economic diversification in nigeria for which 120 interviews were conducted, mostly in nigeria between 2014 and 2015. Alongside a phased transition to democratic rule, the new president outlined farreaching reforms intended to alleviate major distortions in the economy, to resolve a lingering impasse with external creditors, and to reduce. The sixteenth century marked a high point in the political history of northern nigeria.
The political economy of recession in nigerias fourth. Utility, wealth, value, commodity, labour, land, capital, are the elements of the subject. Since the late 1960s it has been based primarily on the petroleum industry. Political economy in nigeria 231 isting strategies of economic development reflect the colonial model of central planning and emphasis on export over consumption products. Nigeria has the appropriate credentials for greatness. 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. In terms of the ethnicity, the dominance rests with the wazobia group and to some extent, the peoples of the nigerdelta. The political economy of capitalism1 microeconomics is the study of how marketsthe usual defining institution of capitalismcoordinate decentralized decision making through a price mechanism to bring supply and demand into equilibrium. The course guide gives you an overview of the course. A series of unfortunate political and economic events have stalled.
Nigeria economic outlook top 10 themes for 2019 source. Nigeria has a population of 3 million, a landmass of 923,768km2, a bountiful endowment in arable land, solid minerals and petroleumgas resources. The term political economy is derived from the greek polis, meaning city or state, and oikonomos, meaning one who manages a. The dominant unifying question for the authorswhether or not a politics of class is emerging in nigeriais answered from a variety of.
Isip 2017, growth and fiscal consequences of terrorism in nigeria, working paper series n 284, african development bank, abidjan, cote divoire. As the purposes of studying political economy evolve, so too does appropriate methodology. Political economy of nigeria request pdf researchgate. World bank rising oil prices will not be sustained in the long term as oil production increases globally and demand stagnates. Federal, states and local governments, revenue has to be shared. The political economy of development in nigeria iosr journal. It is the study of how economic theories affect different socioeconomic systems such as socialism and communism, along with the creation and implementation of public policy. International political economy 3 thought necessary. 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. Nigeria as a country has been a mono economy with total dependence on oil revenue. A political economy of africa by claude ake goodreads. The dominant unifying question for the authorswhether or not a politics of class is emerging in nigeria is answered from a variety of.
Political economy definition, components, and theories. Because this led to a great influx of rural people into the larger urban. Its focus is on the political economy of the development of the nigerian society from the colonial to the post colonial eras. Fluctuating prices leave nigerias oildriven economy vulnerable to external shocks the oil production curve continues to slope downward and below the 2 mbpd. A political economy of nigerias capitalist system dr tunde oseni, department of political science, lead city university, ibadan e. The shift in trade had serious economic and political consequences in the interior, which led to increasing british intervention in the affairs of yorubaland and the niger delta. How to note on political economy analysis july version final. However, nigeria s economy is highly dependent on oil and is therefore very vulnerable to fluctuations in crude oil prices and production. Social implications the prevalence of insecurity to lives and property as well as a growing level of poverty in nigeria will lead to the failure of the nigerian state. 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. Introduction nigeria and nigerians have been caught in the frenzy of centenary celebration. In 1999, nigeria again elected a civilian government.
Successes and failures of economic reform in nigerias. Growth and fiscal consequences of terrorism in nigeria 1. Nigeria as a country has been a monoeconomy with total dependence on oil revenue. Its economy was booming from the oil industry in the niger delta, and was said to become the leading economy in africa by 2020. This work examines the politics surrounding the idea and process of amalgamating the areas later to be known as nigeria. 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. In 1885 at the berlin conference, the european powers attempted to resolve. Nigeria was approximately onefifthof africas total popula tion.
Notes on the political economy of state intervention in nigeria core. Adewale the political economy of a country is pivotal to its economic dynamics as well as its social system. A series of world oil price increases from 1973 produced rapid economic growth in transportation, construction, manufacturing, and government services. 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. Definitions and characteristics central characteristics which mutually constitute a political economy approach. Pdf a political economy of nigerias capitalist system tunde. Meanwhile, the economy still faces serious structural and performance issues. The science of political economy rests upon a few notions of an apparently simple character. 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. 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. It draws on some of the elite interviews, in addition to economic data, documentary evidence and insider knowledge of the country from personal networks. The economic context of nigeria economic and political. The african nation of nigeria has long been a case of interest for the study of political and economic development.
Ezirim2 1department of political science, akwa ibom state university, obio akpa campus nigeria. Because nigeria operates a federalism system of government with three tiers of government namely. Why incumbents seeking reelections benefit from negotiating treaties that are weak and imperfectly enforced. While politics and the process of politicking do not necessarily give rise to the social. Many saw nigeria, with 15% of africas population, as an emerging economy. May 24, 2019 sacrificing the climate for reelections. Political economy of the petroleum sector in nigeria. Feb 14, 2016 nigeria s political economy has always been predominantly elitist, patriarchal and theist. Political stability and economic growth in nigeria 1dennis terpase nomor, ph.
The political economy of recession in nigerias fourth republic monday e. Growth and fiscal consequences of terrorism in nigeria. Political economy, branch of social science that studies the relationships between individuals and society and between markets and the state, using a diverse set of tools and methods drawn largely from economics, political science, and sociology. Alex gboyega is professor at the university of ibadan. Britain eventually gained control of nigerian administration. Department of political science and international studies, ahmadu bello university zaria, nigeria. Nigerias political instability made implementing consistent agricultural policy difficult.
In several years, however, the state government achieved the rehabilitation of 70 percent of the industry. The political economy of nigeria and the continuing agenda of recolonizaton. Also, it is important to point out that the informal period of british inter ests in nigeria was characterized by exploitation of nigeria s economic re. The political, economic and social dynamics of nigeria. Political economy thus can be understood as the study of how a countrythe publics householdis managed or governed, taking into account both political and economic factors.
The political economy of development in weak states. The political economy of recession in nigeria request pdf. 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. The role of the state in economic development and in economics 3 14. 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. Political economy this is a cu colorado springs student blog for the following courses. This study examines the issue of the political economy of recession in nigeria 2016. After independence, the nigerian economy seemed very promising. The specific objectives of the study are to investigate how politics impacted in this period on the. Upon taking power in august 1985, general ibrahim babangida promised a decisive course of economic and political change for nigeria.
The political economy of recession in nigeria request. Growth and fiscal consequences of terrorism in nigeria 1 chuku chuku, dominic abang, and imaabasi isip jel codes. During this period, the songhai empire reached its greatest limits, stretching from the senegal and gambia. Nigerias political economy has always been predominantly elitist, patriarchal and theist. Although their economy was doing well, 35 percent live in absolute poverty. The political economy of nigerias foreign policy under. 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.
The nigerian economy is one of the largest in africa. Colonialism is a major feature of the economic history of nigeria. Political economy is a social science that studies production, trade, and their relationship with the law and the government. In this timetested perspective, capitalism is a largely selfregulating economic system in which the. Pdf the political economy of nigeria and the continuing. The journal of political economy jpe will move from a bimonthly to a monthly publication schedule beginning in january 2020 volume 128, issue 1.