A Historical Perspective of Petroleum on Nigerias Economy Crisis since Independence

Paul, Ilesanmi Akanmidu

A Historical Perspective of Petroleum on Nigerias Economy Crisis since Independence

Paul, Ilesanmi Akanmidu * §

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Adekunle Ajasin University

A Historical Perspective of Petroleum on Nigerias Economy Crisis since Independence

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Abstract

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.

Ethical Approval

No ethics committee approval was required for this article type.

Data Availability

Not applicable for this article.

How to Cite This Article

Paul, Akanmidu. 2015. "A Historical Perspective of Petroleum on Nigerias Economy Crisis since Independence". Global Journal of Human-Social Science, 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

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Journal Specifications

Crossref Journal DOI 10.17406/GJHSS

Print ISSN 0975-587X

e-ISSN 2249-460X

Keywords

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Classification

GJHSS-E Classification FOR Code: 149999

Submission ReceivedFebruary 13, 2015
Peer Review Double Blind
Handling Editor
Accepted February 28, 2015
Published March 15, 2015

Version of record

v1.2

Issue date

April 7, 2015

Language

English

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Article Matrices

Total Score: 102

Country: Nigeria

Subject: Global Journal of Human-Social Science

Authors: Paul, Ilesanmi Akanmidu Ph.D (PhD/Dr. count: 0)

View Count (all-time): 358

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Total Downloads (simulated): 59

Publish Date: 2015 03, Sun

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