Socio-Economic Impact Assessment of a Mono-Culture Economy: The Case of Nigeria
Toyin Adefolaju

Nigeria’s quest for rapid socio-economic development prompted the harnessing and exploitation of her human and natural resources. The exploration of these resources formed the platform of the socio-economic agenda of all administrations in the country. However the discovery and subsequent exploitation of petroleum changed the face and direction of the economy as agriculture was relegated to the background. The exportation of crude oil presented a major source of foreign exchange and subsequently, increased the revenue base of government as petroleum plays a very significant role in the economy by contributing substantially to export earnings and government’s total revenues. This large revenue base was expected to trigger accelerated national development and improve the quality of life of the people. This paper posits that, rather than improving the lot of the people, the exploitation of oil resources which has turned Nigeria to a mono-culture economy has exacerbated national under-development. This is because the neglect of agriculture and other sectors of the economy made it impossible for any backward integration of the economy. The paper concludes by suggesting ways by which accrued revenue from petroleum products will enhance socio-economic development of the country and thereby improve the quality of life of the people.

Full Text: PDF