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Books > Social sciences > Politics & government > International relations
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Economic Diversification in Nigeria - The Politics of Building a Post-Oil Economy (Hardcover)
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Economic Diversification in Nigeria - The Politics of Building a Post-Oil Economy (Hardcover)
Series: Politics and Development in Contemporary Africa
Expected to ship within 12 - 17 working days
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Nigeria has for long been regarded as the poster child for the
‘curse’ of oil wealth. Due to what is regarded as an African
political culture of neopatrimonialism, irreconcilable
ethno-religious divisions and predatory subversion of institutions,
Nigeria is seen incapable of overcoming the economic deterioration
of this ‘resource curse’. Yet, Nigeria achieved strong economic
growth for over a decade in the twenty first century driven largely
by policy reforms in non-oil sectors. The book argues that
Nigeria’s major development challenge is not an ‘oil curse’,
but one of achieving economic diversification beyond oil,
subsistence agriculture, informal activities and across its
subnational entities. Through analysis drawing on economic data,
policy documents and interviews, the book argues that Nigeria’s
challenge of economic diversification is situated within a
political setting of an unstable distribution of power among
individual, group and institutional actors. Nigeria’s ruling
elites have lurched from one political crisis to another throughout
the country’s history and especially in the last two decades of
democratic rule. A perpetual state of crisis management orients
economic policy to be episodic rather than the systematic and
long-term focus necessary to drive the economic transformation
Nigeria aspires for. Since the turn of the century, policymaking by
successive Nigerian governments despite superficial partisan
differences has been oriented towards short-term crisis management
of macroeconomic stabilization, restoring growth and selective
public sector reforms. To diversify Nigeria’s economy, successive
governments must reorient towards a consistent focus on:
pro-productivity and pro-poor policies, alongside comprehensive
civil service and security sector overhaul. These policy
priorities, Nigeria’s ruling elites are belatedly acknowledging,
are crucial to achieving economic transformation. However, this
policy shift requires tackling the roots of perpetual political
crisis, especially stabilizing the balance of power towards equity
and inclusion.
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