ABSTRACT
From the colonial era, the history and political economy of Yorubaland have largely become subsumed in the general history of Nigeria. This has implications for the development of Yoruba economy: its features and fortunes depended on the character and performance of the Nigerian economy as a whole. It was in this context that Yorubaland, while not an oil-producing region, experienced economic boom like the rest of Nigeria in the “time of plenty.” This chapter discusses the “oil boom” of the 1970s and examines the role of petroleum in Nigeria’s public finance during the 1970s and 1980s. It also examines the impact of the oil boom on Yoruba economy and society. This sets the stage for the next chapter, which focuses on the social and cultural crisis in Yorubaland following the adoption of Structural Adjustment Program (SAP) in the late 1980s. 1
