Financialisation, Capital Accumulation and Economic Development in Nigeria: A Critical Perspective
The inadequacies of many past studies that have tried to highlight the causes of the persistent underdevelopment in developing countries—such as Nigeria—have been noted to derive mainly from the focus and, in some cases, the methodologies adopted by the researchers. It has been suggested that, although many researchers recognize the inability to reproduce sufficient profit as undermining the capitalist accumulation process (and as a result the development of an economy), they have nevertheless often tended to ignore the importance of the political-economic arrangement and historical factors in the formation of expectations about the rate of profit. Indeed, in some cases, they have failed to provide a substantive account of these critical variables. This book highlights how the inherent contradictions of the contemporary political-economic arrangement and some historical factors undermined the peculiar capital accumulation processes in Nigeria, which, in turn, has slowed economic development in the country. This book contributes to the field of Nigeria studies by filling gaps that exist in both theoretical and empirical literature on growth and development in the country, deviating from the orthodox approach of analysing the nation’s problems purely based on the factors internal to the country and by imposing ready-made theoretical logics on history. Rather, it studies Nigeria’s problems in juxtaposition with the world system and imposes historical evidence on theoretical logics. This book represents a good resource for both undergraduate and postgraduate courses on area studies. Researchers and policy-makers will also find it useful as a reference.
Dr Ejike Udeogu is a Senior Lecturer in Economics and the BSc (Hons) Economics programme director at the School of Business and Law at the University of East London. He holds a Bachelor’s degree in Mathematics and Economics, a Master’s degree in Financial Management and PhD in Economics. He is a Fellow of the Higher Education Academy, and previously worked as a statistical analyst in the public sector before turning to academia. His research interests are in the areas of economic development, capital accumulation, and globalisation. His article “Financialisation and Economic Growth in Nigeria” was published by the Review of African Political Economy (ROAPE) Journal.
"Versed in the tradition and debates of such Africanist scholars and post-Marxists as Immanuel Wallerstein and Giovanni Arrighi, this book succeeds in advancing this tradition and debates further. Therefore, it deserves our most serious attention and discussion."
Vassilis K. Fouskas Professor of International Relations, University of East London
"This book analyses Nigeria’s persistent underdevelopment as shown by underutilization of economic capacity (human and capital) and her un-competitiveness through different lenses. […] What can policy makers do in order to turn the tide, and how could this be done in a country where politics and economics do not complement each other? This book is a guide for not only economists or other social scientists, but policy makers and anyone who intends to understand the issues facing Nigeria and the way everything went wrong for a country once regarded as the giant of Africa."
Uzochukwu Amakom Senior Research Fellow, Institute for Development Studies, University of Nigeria, Enugu Campus
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