An Appraisal of Economic Development and Nation Building in Nigeria

Abstract

Nigeria attained independence in 1960, and since then, economic development in the country has undergone several phases. Beginning with an agrarian economy that helped in sustaining and supporting the immediate family, and by the commencement and close of colonial rule, up to the early decades of independence, provided avenues for regional and national development. Agricultural exports further deepened Nigeria’s economic development in the First Republic but witnessed a steady decline following the discovery and gradual dependence on oil shortly after the country attained a major oil-producing status in the world. As revenues from oil increased and were relied on for the nation’s development, the prospects for agriculture declined. The consequence of declining agricultural production heightened, resulting in greater imports of much-needed food for the teeming population. Also, the incident of oil glut decreased the prospects for economic development, creating a dangerous trend for the country. This paper examines the trajectory of Nigeria’s economic development and its impact on nation-building. It takes a look at the beginning of Nigeria’s developmental profile through the different phases of development plans and the factors that truncated its effective implementation across the board.