THE NIGERIAN ECONOMY FROM AGRICULTURE TO OIL DEPENDENCY

This study investigates the colonial legacies and institutional evolution that have shaped Nigeria’s economic development from the colonial period to the present day. It specifically analyzes how colonial administrative structures, economic exploitation, and legal reforms laid the foundation for post-colonial governance challenges, economic dependency, and institutional weaknesses. Using a historical and qualitative approach, the study draws upon primary and secondary data from scholarly works, government records, and international reports to trace the transition from colonial rule to a post-independence rentier economy dominated by oil revenue. The research highlights how political instability, military interventions, poor policy implementation, and weak institutional frameworks have hindered diversification and sustainable development in Nigeria. It also examines the emergence of activism and civil society responses to state failure, particularly in regions like the Niger Delta. Findings reveal that Nigeria’s economic underdevelopment is deeply rooted in extractive colonial institutions, entrenched corruption, and centralization of power, which continue to obstruct meaningful reforms. The study concludes that for Nigeria to achieve sustainable economic growth and inclusive development, there is a need for comprehensive institutional reforms, improved governance, and stronger engagement with local communities. It recommends greater fiscal decentralization, enhanced accountability mechanisms, and the promotion of economic diversification beyond the oil sector. This research contributes to the understanding of Nigeria’s economic institutional development within the context of its colonial past and post-colonial struggles.