State and Economy in Nigeria: Rentier Perspective 2011-2015

Itanyi Chukwuma, Nornubari Frank J


The Nigerian State is the most diversified State in Africa, with estimated population of 150 million and potentially one of the richest in African continent, abundantly endowed with human and natural resources as well as beneficiaries of large internal markets, yet plagued with manifold challenges. It is on this premise that the paper seeks to examine the state and economy in Nigeria 2011-2015.Sifting through literature, researchers have contributed to the aforementioned subject, but blamed the failure of the economy on inept leadership, bad governance, rent seeking, corruption, mono-based economy, and policy inconsistencies. Most of these scholars anchored their explanations on Marxian political economic approach. In this light, the study employed capture theory of politics to explicate the state and economy, rentier outlook. Furthermore, this paper utilizes documentary method of data collection while content analysis was adopted as a method of data analysis. Equally, the paper is based on a single-case ex-post facto design. However, the paper argues that the social milieu have been structured to the advantage of rent seekers which had threatened the viability of a productive economy; the paper further noted that the mono based economy was responsible for the economic downturn as currently experience. Therefore, the paper recommended inter alia a robust economic climate that would encourage public and private commitments to aid Nigeria establish itself as a fully democratic and free-market economy.

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