IDEAS home Printed from https://ideas.repec.org/a/bcp/journl/v7y2023i3p1330-1345.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://www.rsisinternational.org/journals/ijriss/Digital-Library/volume-7-issue-3/1330-1345.pdf
    Download Restriction: no
    File URL: https://www.rsisinternational.org/journals/ijriss/articles/nigerian-state-and-rent-dependent-economy-an-exposition-of-vision-2020-policy-strategies-for-future-sustainable-development/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Luqi Wang & Xiaolong Xue & Zebin Zhao & Zeyu Wang, 2018. "The Impacts of Transportation Infrastructure on Sustainable Development: Emerging Trends and Challenges," IJERPH, MDPI, vol. 15(6), pages 1-24, June.
    2. Onesmus Mbaabu Mutiiria & Qingjiang Ju & Koffi Dumor, 2020. "Infrastructure and inclusive growth in sub-Saharan Africa: An empirical analysis," Progress in Development Studies, , vol. 20(3), pages 187-207, July.
    3. Nurudeen Abu & Marcin Waldemar Staniewski, 2019. "Determinants of corruption in Nigeria: evidence from various estimation techniques," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 32(1), pages 3058-3082, January.
    4. Incham Manggat & Rajwani Zain & Zakiyah Jamaluddin, 2018. "The Impact of Infrastructure Development on Rural Communities: A Literature Review," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 8(1), pages 647-658, January.
    5. Peterson K. Ozili, 2020. "COVID-19 pandemic and economic crisis: the Nigerian experience and structural causes," Journal of Economic and Administrative Sciences, Emerald Group Publishing Limited, vol. 37(4), pages 401-418, October.
    6. Alexandre Guimarães Vasconcellos & Bruna de Paula Fonseca e Fonseca & Carlos Medicis Morel, 2018. "Revisiting the concept of Innovative Developing Countries (IDCs) for its relevance to health innovation and neglected tropical diseases and for the prevention and control of epidemics," PLOS Neglected Tropical Diseases, Public Library of Science, vol. 12(7), pages 1-20, July.
    7. Peter Samuel Ubi & Lionel Effiom & Emmanuel O. Okon & Anagha Emiemu Oduneka, 2012. "An Econometric Analysis of the Determinants of Electricity Supply in Nigeria," International Journal of Business Administration, International Journal of Business Administration, Sciedu Press, vol. 3(4), pages 72-82, July.
    8. Shakirat Adepeju Babatunde, 2018. "Government spending on infrastructure and economic growth in Nigeria," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 31(1), pages 997-1014, January.
    9. Mogues, Tewodaj & Morris, Michael & Freinkman, Lev & Adubi, Abimbola & Simeon, Ehui & Nwoko, Chinedum & Taiwo, Olufemi & Nege, Caroline & Okonji, Patrick & Chete, Louis, 2008. "Agricultural public spending in Nigeria:," IFPRI discussion papers 789, International Food Policy Research Institute (IFPRI).
    10. Fisayo Fagbemi & Grace Omowumi Adeoye, 2020. "Nigerian Governance Challenge: Exploring the Role of Natural Resource Rents," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 12(3), pages 335-358, September.
    11. Oladiran Afolabi* & Dr. Badmus Bidemi G., 2019. "Oil Wealth, Democratic Governanace and Development in Nigeria: The Predicaments of a Rentier State," Sumerianz Journal of Social Science, Sumerianz Publication, vol. 2(6), pages 61-67, 06-2019.
    12. Adenuga Fabian ADEKOYA & SNor Azam Abdul RAZAK, 2016. "Effect Of Crime On Poverty In Nigeria," Romanian Economic Business Review, Romanian-American University, vol. 11(2), pages 29-42, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Fisayo Fagbemi, 2021. "COVID-19 and Sustainable Development Goals (SDGs): An Appraisal of the Emanating Effects in Nigeria," Research Africa Network Working Papers 21/026, Research Africa Network (RAN).
    2. Fisayo Fagbemi, 2021. "COVID-19 and Sustainable Development Goals (SDGs): An Appraisal of the Emanating Effects in Nigeria," Working Papers of the African Governance and Development Institute. 21/026, African Governance and Development Institute..
    3. Fisayo Fagbemi, 2021. "COVID-19 and Sustainable Development Goals (SDGs): An Appraisal of the Emanating Effects in Nigeria," Working Papers 21/026, European Xtramile Centre of African Studies (EXCAS).
    4. Dhabia Alefari & Abeer Dar Saleh & Mahmoud Haggag, 2024. "The Impact of Light Rail Transit on Urban Development in Dubai, UAE," Sustainability, MDPI, vol. 16(17), pages 1-20, September.
    5. Agunyai Samuel Chukwudi & Ojakorotu Victor, 2022. "Budgetary Allocations and Government Response to COVID-19 Pandemic in South Africa and Nigeria," JRFM, MDPI, vol. 15(6), pages 1-18, June.
    6. Abere Omotayo Johncally & Ojikutu Abdul Rasheed Kola, 2021. "Covid-19 Pandemic: Assessment of Its Impact and Insurability of Pandemic Risks in the Nigerian Insurance Business," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 11(4), pages 66-80.
    7. Giacomo Falchetta & Nicolò Stevanato & Magda Moner-Girona & Davide Mazzoni & Emanuela Colombo & Manfred Hafner, 2020. "M-LED: Multi-sectoral Latent Electricity Demand Assessment for Energy Access Planning," Working Papers 2020.09, Fondazione Eni Enrico Mattei.
    8. Nurudeen Abu & Awadh Ahmed Mohammed Gamal & Musa Abdullahi Sakanko & Ana Mateen & David Joseph & Ben-Obi Onyewuchi Amaechi, 2021. "How have COVID-19 Confirmed Cases and Deaths Affected Stock Markets? Evidence from Nigeria," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 15(1), February.
    9. Fresenbet Zeleke & Girma T. Kassie & Jema Haji & Belaineh Legesse, 2021. "Would Market Sheds Improve Market Participation and Earnings of Small Ruminant Keepers? Evidence from Ethiopia," Journal of Agricultural Economics, Wiley Blackwell, vol. 72(2), pages 470-485, June.
    10. Ofori, Isaac K. & Dossou, Marcel A.M. & Asongu, Simplice A. & Armah, Mark K., 2023. "Bridging Africa’s income inequality gap: How relevant is China’s outward FDI to Africa?," Economic Systems, Elsevier, vol. 47(1).
    11. Lenis Saweda O. Liverpool-Tasie, 2017. "Is fertiliser use inconsistent with expected profit maximization in sub-Saharan Africa? “Evidence from Nigeria”," Journal of Agricultural Economics, Wiley Blackwell, vol. 68(1), pages 22-44, February.
    12. Paola Perez-Aleman & Tommaso Ferretti, 2023. "Creating innovation capabilities for improving global health: Inventing technology for neglected tropical diseases in Brazil," Journal of International Business Policy, Palgrave Macmillan, vol. 6(1), pages 84-114, March.
    13. Zehua Wang & Fachao Liang & Sheng-Hau Lin, 2023. "Can socially sustainable development be achieved through homestead withdrawal? A hybrid multiple-attributes decision analysis," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-18, December.
    14. Ofori, Isaac Kwesi, 2021. "Catching The Drivers of Inclusive Growth in Sub-Saharan Africa: An Application of Machine Learning," EconStor Preprints 235482, ZBW - Leibniz Information Centre for Economics.
    15. Apata Temidayo Gabriel, 2019. "Public spending mechanisms and gross domestic product (GDP) growth in the agricultural sector (1970–2016): Lessons for Nigeria from agricultural policy progressions in China," Bulletin of Geography. Socio-economic Series, Sciendo, vol. 44(44), pages 57-72, June.
    16. Oladiran Afolabi* & Dr. Badmus Bidemi G., 2019. "Oil Wealth, Democratic Governanace and Development in Nigeria: The Predicaments of a Rentier State," Sumerianz Journal of Social Science, Sumerianz Publication, vol. 2(6), pages 61-67, 06-2019.
    17. Fisayo Fagbemi & Tolulope T. Osinubi, 2020. "Leveraging Foreign Direct Investment for Sustainability: An Approach to Sustainable Human Development in Nigeria," Working Papers of the African Governance and Development Institute. 20/090, African Governance and Development Institute..
    18. Mogues, Tewodaj & Yu, Bingxin & Fan, Shenggen & Mcbride, Linden, 2012. "The impacts of public investment in and for agriculture: Synthesis of the existing evidence," IFPRI discussion papers 1217, International Food Policy Research Institute (IFPRI).
    19. Danilo Silva Carvalho & Lucas Lopes Felipe & Priscila Costa Albuquerque & Fabio Zicker & Bruna de Paula Fonseca, 2023. "Leadership and international collaboration on COVID-19 research: reducing the North–South divide?," Scientometrics, Springer;Akadémiai Kiadó, vol. 128(8), pages 4689-4705, August.
    20. ERER, Deniz, 2022. "The Asymmetrical Impact Of Policy Responses On Volatility Of Sovereign Default Swaps," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 26(3), pages 35-54, September.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bcp:journl:v:7:y:2023:i:3:p:1330-1345. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Pawan Verma (email available below). General contact details of provider: https://rsisinternational.org/journals/ijriss/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.