Global Economic Meltdown and Nigeria’s Dependent Political Economy: A Litmus Test

Salihu Mohammed Niworu

Abstract


Dependency entails structural linkages between two countries particularly developed and under developed to the extend that the periphery is always awakened from its slumber by the internal dynamics of the center. The internal workings of the periphery are as usual the reflection of the center. This is the situation of Nigeria with viable economic potentials for diversification with the resultant effects of development. But unfortunately, the nation still remains a mono cultural economy with a significant number of her citizens employed in the extractive industry. Since the primary sector of the economy is the largest employer of labour and exchange of the primary product is determined by the forces of demand and supply in the international market, the global economic meltdown would therefore have a devastating economic hardship on Nigerians because virtually all consumables from the secondary and tertiary sectors of the economy are imported into the country. This paper therefore looks at the implications of dependency in the face of global economic meltdown on Nigeria and suggests that a wholesome investment in human capital development to enhance the tertiary sector of the economy should be encouraged.

Full Text: PDF DOI: 10.5539/ass.v8n12p216

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Asian Social Science   ISSN 1911-2017 (Print)   ISSN 1911-2025 (Online)

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