Dependency and underdevelopment in the third world countries: A Nigeria experience

https://doi.org/10.35912/jgas.v3i2.1964
Published: Mar 25, 2024

Abstract:

Purpose: This study aimed to examine dependency and underdevelopment in Nigeria. The themes of underdevelopment and dependency are used to characterize the social and economic circumstances of the third world.

Research methodology: This article incorporates primary data through questionnaires, observations, and secondary data through consultation with several textbooks, magazines, journals, and other publications. Using simple random selection, thirty-seven out of 40 electronically presented surveys were completed.

Results: The Nigerian economy is subject to the influence of the global political economy and the country does not have complete control over its economic system. Some elements, such as the actions of members of the economic elite and multinational firms, negatively impact the Nigerian economy.

Limitations: Time constraints and availability of relevant literature, papers, and data are some of the main obstacles to the study project.

Contribution: The findings will help policymakers and government officials develop effective economic strategies that address fundamental reasons for economic reliance.

Keywords:
1. Dependency
2. Underdevelopment
3. Political Economy
Authors:
Ojo Oluwatoyin Emmanuel
Kwara State University, Nigeria
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How to Cite
Emmanuel, O. O. (2024). Dependency and underdevelopment in the third world countries: A Nigeria experience. Journal of Governance and Accountability Studies, 3(2), 137–155. https://doi.org/10.35912/jgas.v3i2.1964
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Issue & Section
Vol. 3 No. 2 (2023): July
Articles
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This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

References

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  1. Akinlo, A. E. (2004). Foreign direct investment and growth in Nigeria: An empirical investigation. Journal of Policy modeling, 26(5), 627-639.
  2. Akor, M. (2001). The Nigerian economy (A selected study). Jos: Macedonia Trust International.
  3. Baran, P. A. (1957). The Political Economy of Growth: Monthly Review Press.
  4. Baumol, W. J., & Blinder, A. S. (1979). Economics: Principles and policies: Harcourt Brace Jovanovich.
  5. Bernard, A. (2007). Raymond Barre, 83, Former French Premier, Dies.
  6. Escobar, A. ( 1995). Encountering Development: The Making and Unmaking of the Third World.
  7. Frank, A. G. (1967). Capitalism and underdevelopment in Latin America (Vol. 93): NYU Press.
  8. Gilpin, R. G. (1987). The Political Economy of International Relations.
  9. Harris, J. M. (2000). Basic principles of sustainable development. Dimensions of Sustainable Developmnet, 21-41.
  10. Heda. (2021). A Compendium Of 100 High Profile Corruption Cases In Nigeria. Retrieved from
  11. Hill, C. W. L. (2005). International Business: Competing in the Global Marketplace: McGraw-Hill/Irwin.
  12. Ikiara, M. (2003). Foreign direct investment (FDI), technology transfer, and poverty alleviation: Africa's hopes and dilemma: African Technology Policy Studies Network.
  13. Illich, I. (2013). Beyond Economics and Ecology: the Radical Thought of Ivan Illich.
  14. Kim, W. (2000). The changing nature of multinational business. Strategic management journal, 18(3), 145-152.
  15. Love, J. L. (1980). Raul Prebisch and the origins of the doctrine of unequal exchange. Latin American Research Review, 15(3), 45-72.
  16. Mankiw, N. G. (2014). Principles of Economics.
  17. Manna, M., Ghosh, P., Ghosh, B., & Singh, K. (2001). Comparative effectiveness of phosphate-enriched compost and single superphosphate on yield, uptake of nutrients and soil quality under soybean–wheat rotation. The Journal of Agricultural Science, 137(1), 45-54.
  18. muanya, c. (2022). 800 Nigerian doctors emigrated in last eight months, NARD confirms. .
  19. Nairobi, N., Ambya, A., Afif, F. Y., & Pratikno, D. D. (2022). Ownership rights and ASEAN-5 economic growth. Studies in Economy and Public Policy, 1(1), 1-13.
  20. Nairobi, N., Santi, N. R., & Afif, F. Y. (2021). The impact of the quality of democracy on the economic growth of provinces in Indonesia. Journal of Governance and Accountability Studies, 1(2), 121-132.
  21. O'Neill, A. (2024). Nigeria: Unemployment rate from 2003 to 2022. Retrieved from https://www.statista.com/statistics/382366/unemployment-rate-in-nigeria/
  22. opanuga, j. (2024). How former governor Bafarawa diverted ?4.6bn security fund
  23. Ostrom, E. (1990). Governing the commons: The evolution of institutions for collective action: Cambridge university press.
  24. Otokiti, B. O. (2012). Mode of Entry of Multinational Corporation and their Performance in the Nigeria Market. Covenant University.
  25. Prebisch, R. (1950). The Economic Development Of Latin America And Its Principal Problems.
  26. Robinson, J. A., & Acemoglu, D. (2012). Why nations fail: The origins of power, prosperity and poverty: Profile London.
  27. Rodrik, D. (2011). The globalization paradox: Democracy and the future of the world economy: WW Norton & Company.
  28. Rugman, A. M., Lecraw, D. J., & Booth, L. D. (1985). International business: firm and environment. New York: McGraw-Hill.
  29. Samuelson, P. A., & Nordhaus, W. D. (2009). Economics: McGraw-Hill Education.
  30. Santos, T. D. (1970). The structure of dependence. The american economic review, 60(2), 231-236.
  31. Seers, D., & Vaitsos, C. V. (1980). Integration and Unequal Development: The Experience of the EEC (Studies in the Integration of Western Europe): Palgrave Macmillan.
  32. Statista. (2023). Gross Domestic Product (GDP) of Nigeria from 1st quarter 2019 to 2nd quarter 2023. Retrieved from https://www.statista.com/statistics/1207926/quarterly-gdp-of-nigeria/
  33. Statistics, N. B. o. (2024). Nigeria Inflation Rate. Retrieved from https://tradingeconomics.com/nigeria/inflation-cpi
  34. Suberu, O., Ajala, O., Akande, M., & Olure-Bank, A. (2015). Diversification of the Nigerian economy towards a sustainable growth and economic development. International journal of Economics, finance and Management sciences, 3(2), 107-114.
  35. Wallerstein, I. (1974). Dependence in an Interdependent World: The Limited Possibilities of Transformation within the Capitalist World Economy. African Studies Review, 17(1), 1-26.