Fail to develop Nigeria

The Nigerian government is so consumed with the exploration and production of oil it is forcing its country to fail in other developmental aspects. In order for an economy to grow it cannot only be reliant on one source of income. The Nigerian people have a thriving agriculture sector but the sector is not able to develop because it cannot compete with the oil industry. The oil industry has taken over the Nigerian economy and government so much that as independent centers of economic and governmental activity there is no chance in surviving.  In 1972-1973 oil revenues were thriving but the government choose not to reinvest the oil revenues in order to grow and diversify the non-oil economy.

The fate of Nigeria’s economy was so closely related to the oil industry, Nigeria per-capita gross domestic product was a reflection of its oil revenue during the 1970’s to the 1990’s. While reading this information I began to think about how it related to other articles we have read and even though in a different context I think the Nigerian government alike most of us is consumed and blindsided by the short-term gains of revenue from oil production. If the government in 1970 could of looked at the bigger picture and taken a long term approach on developing his economy not only could he have created a booming oil exploration and production economy but developed other aspects of its country as well.

This entry was posted in Cases (Real World), Ethics, Uncategorized and tagged , . Bookmark the permalink.

2 Responses to Fail to develop Nigeria

  1. jwhite17 says:

    I completely agree that this can be related to short-termism. This is endemic of any country that is rich in resources as well. While resources can help a country develop to an extent, the only sustainable long term solution to economic prosperity always has been, and always will be, investment in people. This is obviously a long-term plan, and governments have no incentive to do this when they can reap short term profits from their resources. If you want to read a more detailed article outlining this I would suggest The First Law of Petropolitics by Thomas Friedman.
    (If you go to google and search first law of petropolitics, and click on the third result there should be a pdf you can download)

  2. bucknell92 says:

    I would agree with this post about the relations with short-termism and the problems that countries face in cattering to it. Something that needs to be considered when looking at situations like this is the needs of Nigeria during the 1970s. Though they did focus on the oil industry and how it fit in with their counrties economy, but was there a different solution that would increase the countries economic growht? Unfortunately a country must make choices to bring money in right now but may effect the country in the future.

What do you think?

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s