Nigeria’s Regional Hegemonic Conundrum: The Oil Connection

Abstract

This article, using documentary analysis, adopts a fresh perspective to understanding why Nigeria, in spite of its exceptional potentials, has not attained hegemonic pre-eminence in Africa. Specifically, it seeks to decipher the central driver of the country’s hegemonic conundrum. It notes and argues that although many endogenous factors, alone or in combination, could have worked and are still at work to undercut Nigeria’s quest for regional hegemony, the central factor is the oil-induced rentier political economy which has not only marginalized the indigenous productive sector, but has also institutionalized rentier culture that had tended to feed into the country’s foreign policy processes and, by extension, diminished its stature in the comity of nations. It concludes that in as much as oil remains the central locus and vertebra of the country’s economy, and the country continues to be presided over by leaders who lack the willpower to strategically diversify the economy and institute effective framework for governing the oil sector, the country’s quest for hegemonic pre-eminence in West Africa is more likely to remain a cherished dream.

Economic Crisis Management During the COVID-19 Pandemic: The Role of Entrepreneurship for Improving the Nigerian Mono-Economy

“…Dode ( 2012 ) also stresses that a mono-product economy—Nigeria, a diversified economy until the early 1950s, needs rigorous diversifying efforts. Scholars have tabled various discussions on the relevance of entrepreneurship and diversification of the Nigerian economy (Basiru et al, 2020 ; Mukhtar et al, 2018 ; Abasilim et al, 2017 ; Asogwa & Dim, 2016 ), especially in this era of overdependence of Nigeria on oil products. However, most importantly, questions are being asked on how the government would support the private sector’s efforts towards driving entrepreneurship to the extent of contributing to an increased Gross Domestic Product (GDP) in Nigeria (Enweremadu, 2013 ; Osakede et al, 2017 ).…”

Economic Crisis Management during the Covid-19 Pandemic: The Role of Entrepreneurship for Improving the Nigerian Mono-Economy

“…Dode (2012) also stresses that a mono-product economy-Nigeria, a diversi ed economy until the early 1950s needs rigorous diversifying efforts. Scholars have tabled various discussions on the relevance of entrepreneurship and diversi cation of the Nigerian economy (Basiru et al, 2020;Mukhtar et al, 2018;Abasilim et al, 2017;Asogwa et al, 2016), especially in this era of overdependence of Nigeria on oil products. However, most importantly, questions are being asked on how the government would support the private sector's efforts towards driving entrepreneurship to the extent of it contributing to an increased Gross Domestic Product (GDP) in Nigeria (Osakede et al, 2017;Enweremadu, 2013).…”