EJIST - European Journal of Interdisciplinary Studies

The article takes an insight into the nature of the oil based mono-cultural economy of Nigeria, providing an in-depth analysis of the situation. It clearly assesses the oil resource based economy, highlights the impacts- positive and negative on Nigeria’s economic development and why Nigeria urgently needs to diversify its economy away from oil resource dependence. If Nigeria will not change the oil dependency economy, there will be grave implications for its economic growth and development as it already negatively affects annual budgetary provisions and other fiscal responsibilities. As it is well known, Nigeria is one of the foremost countries in the global oil export, with disruptions in its supply affecting the international oil market in some ways, huge reliance on oil as a resource has seen one of the foremost economies in Africa challenged in her economic growth and development with oil price volatility and decline on the global market. The research made use of secondary data to assess the situation and also drew the conclusion that Nigeria needs to diversify her economy as reliance on a basic resource discourages growth. Read more

Keywords:
Nigeria, mono-culture, mono-cultural economy, oil, price volatility
JEL:
O13

This research makes an in-depth assessment of the underdevelopment conditions in the African continent. It reveals the extent of suffering in Africa, despite enormous resources across the entire region. The challenges before many of the African countries regarding development are not just those of structural, micro-economic or macro-economic indices, but mainly such as considerably caused by some African people. A careful analysis of the prevailing and ongoing situation in African societies reveals that a lot of economic failures are elicited by human factors and not by environmental, location or the absence of resources. The research uses the African continent as the case study and assesses the socioeconomic impediments to the continent’s development. The research uses secondary data to assess the situation and drew the conclusion that Africa must shelve such human based impediments in order to foster accelerated economic development. Read more

Keywords:
African countries, underdevelopment, economic development, resources, socioeconomic impediments
JEL:
O10, O20, O55