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Nigerian State and Rent-Dependent Economy: An Exposition of Vision 2020 Policy Strategies for Future Sustainable Development

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  • Cornelius O. Okorie

    (Department of Political Science, Alex Ekwueme Federal University Ndufu Alike, Ebonyi State, Nigeria)

  • Christopha C. Arua

    (Department of Political Science, Alex Ekwueme Federal University Ndufu Alike, Ebonyi State, Nigeria)

  • Felix M. Nwankwo

    (Department of Political Science, Alex Ekwueme Federal University Ndufu Alike, Ebonyi State, Nigeria)

Abstract

Nigeria has crafted and experimented with many National Development Plans. The citizenry received each with fanfare and hope, believing that each of the policy thrusts would herald socio-economic development. The most recent of such National Development Plans was Vision 20:2020 which was launched in 2009. Among others, the vision was meant to drive the economy out of rent-dependence status through economic diversification by 2020. In recent times, about 62% of over 200 million Nigerians still live in extreme poverty because of the nation’s continued mono-economic status. This study sets to review the policy strategy of Vision 2020 with a view to evaluating its economic contribution towards exiting Nigeria from rent-dependent economic status. This study sourced data from secondary materials while content analytical technique was used for data analysis. This study found that Vision 2020 was faced with challenges such as paucity of funds to drive the economy, poor diversification strategies, incompetent leadership, non-recognition of the potency of socio-cultural and ethno-religious compositions of Nigerian state.

Suggested Citation

  • Cornelius O. Okorie & Christopha C. Arua & Felix M. Nwankwo, 2023. "Nigerian State and Rent-Dependent Economy: An Exposition of Vision 2020 Policy Strategies for Future Sustainable Development," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(3), pages 1330-1345, March.
    • Handle: RePEc:bcp:journl:v:7:y:2023:i:3:p:1330-1345
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