Third World Dependency: The Nigerian Perspective
Uchechukwu Igwe and Austine Ifeanyi Okere
Department of History and International Studies
Nnamdi Azikiwe University, Awka, Nigeria.
E-mail: drsky2002@gmail.com
Abstract
Nigeria marks the centenary anniversary of its creation by the British colonial government in January, 2014. The amalgamation of Northern and Southern Protectorates on 1st January 1914 officially signaled the political creation of Nigeria. This British creation continued its existence as one nation-state throughout the years of colonial administration, which ended on 1st October, 1960. With attainment of political independence, Nigeria was seen as a promising nation due to its abundant natural and human resources. However, post-independence management of its economy by successive political leaders left much to be desired, and gave credence to the contention among many observers that Nigeria will celebrate its centenary as an under-developed country. Against this background, this paper examines the issue of “economic dependency” as a major challenge to sustained growth and enduring economic development in Nigeria. By the adoption of the eclectic Research method, the essay argues that despite the transition from an agrarian to a mono-economy based on petroleum resources, Nigeria failed to make effective use of abundant revenue derived from petroleum resources as a result of its dependence and lack of political will by its leaders during the last century. The paper concludes that for Nigeria to attain sustained growth and enduring economic development, it must put its abundant natural and human resources into proactive use through internal mechanism, which will lead to diversification of the sectors that could ultimately ensure economic development of Nigeria.