ABSTRACT
This chapter examines the development vicissitudes of Nigeria within the framework of extant theories of development. It examines the main theories of development that have been utilized in explaining or interpreting development overtime. These theories include modernization theory; dependency perspective (a critique of perceived pejorative tendency of modernization theory; links development challenges of the developing countries to the nature of relations between the developing nations and the capitalist nations of the West); World Systems Analysis (a further elaboration of the thesis of dependency); globalization and neoliberalism; the political economy approach and the new political economy perspective. However, it is tasking to neatly locate Nigeria’s development experiences and challenges within the ambit of a given theory or perspective – a situation produced by both the varied history of Nigeria and its complex socio-historical experience since independence. All the same, one sees the complex realities of Nigeria’s development as captured mainly by both the globalization/neoliberal perspective and more especially by the new political economy approach which underlines the culpability of the political class and privileged elites in development dilemma in the country.
