Suffering in the Midst of Plenty: Rentier Economy and Challenges of Good Governance in Nigeria

Abstract

The rentier status of the Nigerian economy has become one of the challenges faced in ensuring good governance for her citizens. This study evaluated the implications of a rentier economy on Nigerian socio-political life. The study adopted observation method of data collection which enhanced the usage of secondary sources of data. The relative deprivation theory was utilised as the framework of analysis around which the study was done which helped the study proved among other things that aggression and violence are consequences of frustration and relative deprivation of the socio-political and economic needs of the people of Nigeria. This is as a result of an oil dependent and rentier economy which allows the monopolisation of the economy by the political elite, thereby denying the masses their inalienable share of the boom. The study, therefore, believes that the rentier posture of Nigerian economy has a link with the prevailing socio-political crises in Nigeria. The study recommends diversification of the economy and Industrialisation and deemphasizes dependence on the volatile oil economy which stunts her economic growth and create socio-political crises in Nigeria