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NIGERIA AND THE DEPENDENT CAPITALIST ECONOMIC DEVELOPMENT
Abstract
Economic System. In a quest to attain this goal, it adopted a mixed economy patterned along the IJSERst The Nigerian political independence on 1 October, 1960 came with enthusiasms and hope. The country’s nationalist dream was to build an independent country with a strong economy destined to take the country to its economic development, and compete favorably in the International
western capitalist system. The Unbalanced Growth Strategy and Import Substitution Strategy were introduced among others to bridge the economic gap and reduce poverty. But this gradually derailed the country’s economic growth leading to dependency and underdevelopment. Is this because these two major policies were poorly implemented or the country was not ready for such policies? The data for the research were mainly from secondary sources, and at the end of the work it was found that these policies only made the economy dependent on western capitalist countries, and further created a vicious cycle of poverty and corruption. Recommendations were made as a remedy to bring the economy on track.
Key words: Development, Underdevelopment, Dependent Capitalist Economy.