The Political Economy of Development In Nigeria: From The Colonial To Post Colonial Eras

Abstract

Most African countries were dominated by the Western countries. This is the resultant effect of their integration into the Western capitalist system. Nigeria's political economy has actually been driven by this integrative process to the point that it is now a problem achieving sustainable development no matter the efforts put in by the people. For the purpose of this study, information was gathered from secondary sources. The work was mainly based on review of relevant literature. Its focus is on the political economy of the development of the Nigerian society from the colonial to the post colonial eras. It examined the politics in development, the practice of this politics, the various developmental policies initiated in Nigeria, their implementation and level of success. The findings revealed that the political economy of the Nigerian society has experienced pitfalls resulting in an economy powered by visionless leaders, known for reckless spending, over-invoicing, diverting state finances into private account, thereby plunging the country into economic, social and political woes. Among other recommendations made, value re-orientation was proposed, disabusing the minds of the citizens from xenocentrism, wrong consumption patterns and import oriented culture.