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Journal for Studies in Management and Planning

Available at

http://edupediapublications.org/journals/index.php/JSMaP/

ISSN: 2395-0463

Volume 03 Issue 08

July 2017

Available online: http://edupediapublications.org/journals/index.php/JSMaP/ P a g e | 182

State and Economy in Nigeria: Rentier Perspective 2011-2015

Itanyi Chukwuma

Department of Political Science University of Nigeria, Nsukka

ibychuxx@yahoo.com

08172765118

Nornubari Frank J.

Department of Political Science University of Nigeria, Nsukka

franknancy45@gmail.com

08050845380

Abstract

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.

Keywords: State, Economic Recession, Capture Theory, Rent seekers, Free-market

Economy.

Introduction

Nigeria is the most heterogeneous 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

(AEO, 2013). Despite her large markets

and population, Nigerians are yearning for

a favourable state economy. In spite of

abundant natural resources, the greatest

obstacle to Nigeria‟s advancement is deep- rooted in its economic policies. Over the

years, economic policies have been hazy

and do not seem to respond to favourable

cure. However, Callaghy (1988) noted that

most Africans countries are suffering from

dual crises of the state and the economy

which is largely due to diminishing

control, repression, corruption and mal- administration, economic waste, poor

policy performance, unemployment, debt,

infrastructural decay, environmental crises,

insecurity, insurgency, militancy, pipeline