ABSTRACT
The chapter, while underlining the pitfalls of Nigeria’s mono-economy framework dependent almost solely on oil, explores how economic planning and economic development have been undermined by both negative political culture and constraining social realities. The focus on oil, and revenues from it, have boosted a largely rentier economy with adverse consequences for growth and development. Despite a good history of development planning, these elaborate and often articulate blueprints have neither been faithfully followed nor allowed time to bear fruit. Thus, the economy is constantly undermined by policy reversals and inconsistencies often determined by political and leadership fancies. In recent times, the much-needed foreign direct investments and external participation have been affected by pervasive insecurity in the country. There is no gainsaying the fact that sustained economic growth is imperative for meaningful development; thus, Nigeria can only achieve its development aspirations in the context of a robust economy. In spite of marginal improvement in the ease of doing business in 2019, there is a need for economic diversification and a committed pursuit of economic development plans over time in Nigeria.
