THE IMPACT OF POLITICAL INFLUENCE ON ECONOMIC DEVELOPMENT IN NIGERIA
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Authors
Ifafesobi, Adejoke
Raynor, Tim
Issue Date
2022-04-05
Type
Other
Language
en
Keywords
Political influence , Economic development , Nigeria , Gross domestic development , Poverty
Alternative Title
Abstract
Africa, the cradle of humankind, has excellent economic development potential due to a rich supply of mineral resources and agricultural productivity. Studies indicate that in the early-1970s, the median income of resource-ample developing countries was estimated at 50% higher than countries whose resources were deemed poor (Auty, 2008). Therefore, countries with abundant or ample resources had a profitable additional investment and import resources through commodity rent. Nigeria is Africa's most populated country, ranked second in oil reserves. In addition to the oil reserves, which are ranked eighth worldwide, Nigeria also has a large productive agricultural land regarded as 10th worldwide. Despite the wealth in mineral resources, in terms of economic development, Nigeria still suffers a low gross domestic development (GDP) per capita of around $ 2100, thus ranking below the top 200 worldwide (World-Bank, 2020). Nigeria has a poverty rate of about 70% and a life expectancy of around 50yrs, making it among the poorest country per capita worldwide (Bouchat, 2013). Scholars highlighted a significant factor as the cause of instability in the Nigerian Economy is the corrupt practices of political leaders in public offices. According to Seteolu (2005), political offices are seen as a means for acquiring wealth; thus, they misuse their offices for financial gain (Agwu, 2011). This study discusses the impact of politics on the Economy of Nigeria.