A Historical Perspective of Petroleum on Nigerias Economy Crisis since Independence

1
Paul, Ilesanmi Akanmidu
Paul, Ilesanmi Akanmidu
2
Paul
Paul
3
Ilesanmi Akanmidu  Ph.D
Ilesanmi Akanmidu Ph.D
1 Adekunle Ajasin University

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The study examines the intricacies that are inherent in the Nigeria’s economic crisis since independence. The paradoxical state of Nigeria’s economic as the giant of Africa attracts global attention. This study sheds light on the phases of economic development of the nation using historical methods. It surveys the place of agriculture in the Nigeria’s economy before the discovery of petroleum in the 1950s. It is the central argument of this study that the transmogrification of Nigeria’s economy from agric-based to petroleum-based that laid the foundation of the current economic crisis. The persistent flow of cheap petrodollars accruable from daily exploration of petroleum killed agriculture and led to massive rural-urban migration. Moreover, the problems of unemployment, corruption, wasteful and unrewarding execution of moribund projects by the government are products of petroleum economy in Nigeria.

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

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No ethics committee approval was required for this article type.

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Not applicable for this article.

Paul, Ilesanmi Akanmidu. 2015. \u201cA Historical Perspective of Petroleum on Nigerias Economy Crisis since Independence\u201d. Global Journal of Human-Social Science - E: Economics GJHSS-E Volume 15 (GJHSS Volume 15 Issue E2): .

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GJHSS Volume 15 Issue E2
Pg. 17- 24
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Crossref Journal DOI 10.17406/GJHSS

Print ISSN 0975-587X

e-ISSN 2249-460X

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v1.2

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April 7, 2015

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English

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The study examines the intricacies that are inherent in the Nigeria’s economic crisis since independence. The paradoxical state of Nigeria’s economic as the giant of Africa attracts global attention. This study sheds light on the phases of economic development of the nation using historical methods. It surveys the place of agriculture in the Nigeria’s economy before the discovery of petroleum in the 1950s. It is the central argument of this study that the transmogrification of Nigeria’s economy from agric-based to petroleum-based that laid the foundation of the current economic crisis. The persistent flow of cheap petrodollars accruable from daily exploration of petroleum killed agriculture and led to massive rural-urban migration. Moreover, the problems of unemployment, corruption, wasteful and unrewarding execution of moribund projects by the government are products of petroleum economy in Nigeria.

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A Historical Perspective of Petroleum on Nigerias Economy Crisis since Independence

Paul
Paul
Ilesanmi Akanmidu  Ph.D
Ilesanmi Akanmidu Ph.D

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