Affluence and Underdevelopment: The Nigerian Experience (1978)Public Deposited
A half-century of high revenues from petroleum export has failed to elevate more than a small percentage of Nigerians above the poverty level. The failure to manage the vicissitudes of global oil markets, and to grow other sectors of the economy, has led to constant budget deficits and unsustainable national debts. ‘Discordant development’ has therefore been the consequence. A large state role in the economy created an overhang of non-productive enterprises. As a textbook example of the ‘resource curse,’ Nigerians citizens have paid a punishing price for the country’s illusory wealth. Boom and bust cycles have undermined political stability.