THE POLITICAL ECONOMY OF OIL AND THE REFORM PROCESS IN NIGERIA’S FOURTH REPUBLIC: SUCCESSES AND CONTINUE CHALLENGES

Abstract

Nigeria economic history since independence in 1960 has been dominated by
ebbs and flows of crisis and lackluster recovery. Though blessed with large reserve of oil
and gas and other precious minerals, Nigeria’s resources endowment has been more of a
curse than blessing to the course of the nation development. Like most resource
dependent developing economies Nigeria economy exhibit most of the pathologies
associated with the ‘Dutch disease’ syndrome while a rentier mentality pervades the
process of national wealth management. Though numerous reforms have been embarked
upon, faulty conception and poor implementation has work to diminish their intended
positive impacts. This, piece takes a cursory look at the series of latest economic and
social reforms that has so far been implemented since Nigeria’s return to civil rule in
1999. It assesses the reforms successes and continues challenges.