From Consumption To Production


Recession in the Nigerian economy and the recent slow-down in Nigeria’s aggregate economic performance have, in part, been a result of the weak performance of the oil and gas sector which resulted both from the sharp drop in global oil prices and the loss of production capacity arising from the domestic challenges in the Niger Delta; and, in part, been problems associated with institutions for sound economic governance. The fall in oil prices from over $100 to less than $50 per barrel dramatically affected Nigeria’s GDP output. However, as this book rightly argues, while the above may well be the most immediate reasons, the roots of our current conundrum are deeper. Simply put, Nigeria, despite a preponderant of historical opportunities to develop a strong industrial manufacturing base, progressively descended into a consumption economy and there is much scope for consolidating institution for sound economic governance and achieving coherence between fiscal, monetary and structural reform policies.

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This book by Professor Banji Oyeyinka, a Nigerian and well-known global expert, lays bare a narrative spanning several decades of our developmental history that is well-researched and supported with well-argued facts and figures backed by experiential knowledge. While the book draws on historical materials, it makes use of contemporary objective knowledge and theories to explain the factors that led Nigeria into a descent to what he aptly describes as a consumption nation.

Chief Olusegun Obasanjo

Former President of the Federal Republic of Nigeria


At the centre of Nigeria’s current developmental challenge is poor diversification from our oil and mineral endowments which has strongly shaped the evolutionary paths of Nigeria’s growth. Professor Oyebanji Oyeyinka, a committed Nigerian and a globally respected scholar, has shown with this well-researched book that economic growth is closely interconnected not only with industrial development, but necessary for the realisation of higher living standards.

Dr Okechukwu Enelamah

Ministry of Industry Trade and Investment,

Federal Republic of Nigeria

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