DEPENDENCY AND UNDERDEVELOPMENT IN AFRICA; THE NIGERIA EXPERIENCE.

ABSTRACT

Dependency describes a situation in which a country’s economy is vulnerable because it depends on the growth and prosperity of another country. In the global system while  countries are able to expand while remaining self-sufficient, other countries who dependent ones, like Nigeria have only been able to do so as a reflection of expansion which may have either a negative or positive effect. It is necessary to conduct this research since Nigeria’s heavy reliance on foreign aid has led to significant gaps in the country’s growth. The goals of this research were to better understand the dynamics at play in Nigeria’s development crisis, to assess the factors that contribute to dependency which are apparent across Africa and in Nigeria, to educate Nigerians on the complexities of these twin problem of dependency and underdevelopment, and to suggest strategies for addressing them. These four questions were formulated specifically for the current investigation. Data was analyzed using both quantitative and qualitative methods in this study. The dependency theory served as the framework for the analysis, which was based on both primary and secondary sources. The study found that a lack of internal stability, such as a skewed value system and failing institutions, contributed to Nigeria’s dependence on other countries. This leads to a weak government and a loss of political independence. Instead of looking inward for measures to strengthen finances, governments frequently turn to borrowing money in order to pay for ongoing capital expenditures. The study also observed that dependency is responsible for the substantial disparity in Nigerian savings and investment, worsening the country’s poverty, insecurity, and unequal development. It was believed that moving away from a monoculture economy would help the government break its reliance on a single commodity. The study concluded that in order for the government to be effective in its fight against social maladies that leads to underdevelopment, it must boost its efforts to reorient the society by setting rigorous ethical standards that everyone is obligated to follow. As an added measure, auditing and consulting organizations can be brought in to investigate whether or not government projects and records are being carried out in accordance with established protocols and all institutional and structural loopholes within the government should be nipped in the bud to foster true and even development.