Dependency and Third World Underdevelopment: Examining Production-Consumption Disarticulation in Nigeria

Abstract

This paper examined the crises of underdevelopment in the third world with specific reference to Nigeria arising from colonially imposed economic dependency and inherent disarticulation in its production and consumption patterns as measured by its recent import and export trends. The paper adopted the dependency theory as its theoretical framework. The paper largely adopted the library research method as secondary data were utilized and content analyzed. Also descriptive tools such as tables and charts were used to corroborate analyses. The paper concludes that the colonially imposed export oriented production and import oriented consumption economy of Nigeria has negative implications on the overall socio-economic development of Nigeria as reflected in its weak industrial base, food insecurity and dependence on foreign capital. Following these submissions, the paper recommends that the Nigerian government should pursue diversification of the Nigerian economy from oil, while vigorously enhancing rural development and promotion of internally oriented regional trade amongst the African Union countries.

Key words: Dependency, Production-Consumption Disarticulation, Under Development, Nigeria