POLITICAL ECONOMY AND NATIONAL DEVELOPMENT IN NIGERIA: AN HISTORICAL SURVEY

Abstract

Political economy is concerned with the study of nation’s production, trade and general services and their relationship with the law and the government. It also studies how different economic theories influence and shape the nature and structure of different socio-economic system. In a broader sense, political economy has to do with advice from economic experts to the government on general economic policies and on certain specific proposal created by politicians.  This paper titled “political economy and national development in Nigeria: An historical survey” seeks to examine among others, the Nigerian economic crisis since independence in 1960; Nigerian national development history since 1960; constraints to national development in Nigeria; the political economy of Nigeria: issues and challenges since 1960; political economy and national development. The paper concludes by pointing out that our nation’s political leaders have not explored the gains of political economy for the achievement of national development. They are still busy enacting economic policies that will only favour the elite or few privileged individuals in the society without minding its ultimate effect on the economy and national development. It thus recommends that the government should ensure that only public friendly economic policies should be enacted, effectively implemented and monitored to ensure maximum impact on our national development.