ECONOMIC DEPENDENCY AND UNDER-DEVELOPMENT OF THIRD WORLD COUNTRIES (A NIGERIAN EXPEREINCE)

ABSTRACT

This research examined the relationship between economic dependency and the under-development of third world countries (A case study in Nigeria. The survey research was used in this study to sample the opinion of respondents. This method involved random selection of respondents who were administered with questionnaires. Relevant conceptual, theoretical and empirical literature was reviewed. The target population of the study comprised selected citizens in Nigeria. The questionnaire administered was three hundred and ten (310) copies and three hundred copies (300) retrieved which constitute the sample size. The descriptive and analytical approach was adopted using Chi-square to test and analyze the hypotheses earlier stated. The result revealed that there is a significant impact of economic dependency on the under-development in Nigeria. The finding of the study also reveals that mismanagement of funds is one of the negative roles of Nigeria economic elite in the contribution of under-development. The findings of the study also reveal that there is a significant relationship between economic dependency and under-development in Nigeria. The finding of the study also reveals that the problem of corruption funds is one of the negative roles of Nigeria economic elite in the contribution of under-development. The findings of the study reveal that the absence of Nigerian government in conceiving, designing and implementing manufacturing firms is one of the negative roles of Nigeria economic elite in the contribution of under-development. It was therefore concluded that economic dependency significantly has effect on the underdevelopment of third world countries specifically Nigeria. It was recommended that local factors should be adequately deployed resources known and unknown should be adequately deployed.

CHAPTER ONE

INTORDUCTION

1.1. Background of the Study

For many years, social scientists, national governments, and international development organizations have discussed the crises of underdevelopment in the third world. The majority of the world's poorest nations—those in Africa, Asia, and Latin America—are mired in socioeconomic underdevelopment.According to Abraham (2010), third-world nations are technologically and economically backward, and they are generally distinguished by underdeveloped structures, high rates of maternal and infant mortality, low rates of general literacy, a sizable rural population, and other factors. The situation in Nigeria is the same; with a population of over 170 million, it was rated 152 out of 187 nations in the most recent Human Development Index Report by the United Nations Development Programme, with an HDI value of 0.514 (UNDP 2015). This demonstrates that there is a significant gap between economic growth and social wellbeing, contributing to the nation's struggles with low human development. In the report's list of 42 nations with the lowest levels of human development, Nigeria was ranked ninth, behind Nepal, Pakistan, and Kenya, with the Central African Republic, Congo, and Niger coming in last. The persistent underdevelopment in the third world in general and Nigeria in particular has historically been linked to the states' ingrained dependency on the colonial-imposed economy. The historical integration of the third world economy into the global capitalist economy and the ensuing reliance on the Western economies are involved in this(Stokes & Anderson, 1990; Ake, 2002). Dependency is linked to structural disarticulation, which hinders third-world socioeconomic development even more. In establishing this fact, Haung (1995) asserted that structural disarticulation—a feature of the economy and society manifested by unequal sectoral development and a lack of correspondence between domestic production and consumption patterns—is one factor that contributes to the underdevelopment of the third world.In light of these arguments, this paper was created to add to the theoretical and empirical literature on Nigerian development crises brought on by dependency and structural disarticulation, as evidenced by the production and consumption incoherence tracked by recent trends in Nigeria's foreign trade (import and export) patterns.

In its history as a human society, the African continent is currently experiencing a crisis or difficulties that are unique and unheard of. These issues go beyond earlier analyses of socioeconomic backdrop, balance of payments deficit, bad health statistics, material poverty indebtedness, inadequate education, disorganized ethnic welfare, quick capital flight, purported law capacity usage of resources, etc. The aforementioned issues are what make Africa, and Nigeria specifically, dependent and underdeveloped because of its inability to resolve or effectively combat them. By using Nigeria as a point of comparison, this study seeks to investigate the dimensions of dependency and underdevelopment and access the impact of Africa.

1.2. Statement of the Problem

With the number of natural resources in which African countries possess, they were supposed to be the most developed and coordinated like the developed countries but the exploitation of the colonial masters has one way or the other as well as bad leadership/corruption in these countries has continued to make it under-developed. Nigeria for example is blesses with tonnes of petroleum and green lands for agricultural purposes but it is still being regarded as one of the developing countries in the world meaning that their resources are till yet to be effectively utilized. It is based on this backdrop the present study seeks to understand the reason for this underdevelopment, and try to sort out possible solutions that will help Nigeria and other third world countries to become economically independent.

1. 3.Objectives of the Study

The main objectives of this study are to examine the relationship between economic dependency and under-development of third world countries (A Nigeria experience). Other objectives of the study include;

1. To determine the role of economic dependency on under-development of third world countries especially Nigeria
2. To examine the factors that cause of economic dependency inthird world countries especially Nigeria
3. To ascertain if there is a relationship between economic dependency and under-development of third world countries especially Nigeria
4. To recommend ways that can will help Nigeria and other third world countries to become economically independent.

Research Questions

Against the backdrop which have been stated earlier in the background of the study, this study attempts to provide answers to the following questions;

1. What is the role of role of economic dependency on under-development of third world countries especially Nigeria?
2. What are the factors that cause of economic dependency inthird world countries especially Nigeria?
3. Is there a relationship between economic dependency and under-development of third world countries especially Nigeria?
4. What are the possible ways that can will help Nigeria and other third world countries to become economically independent?

Research Hypotheses

The following hypotheses were stated in the present study;

Hypothesis 1

H0: There is no significant effect of economic dependency on under development in the third in Nigeria.

H1: There is significant effect of economic dependence on under development in the third in Nigeria.

Hypothesis 2

H0: There is no significant relationship between economic dependency and under development in the third in Nigeria.

H1: There is significant relationship between economic dependency and under development in the third in Nigeria

1. Significance of the Study

The significance of this study cannot be over emphasized because it is of great importance and adds to the existing knowledge towards the concept (Dependency and underdevelopment). As such the ongoing analysis becomes of great importance to these who particularly seek to understand why Africa or Nigeria is dependent on the western world. Also of high value of today’s government of Nigeria, which tries to eradicate the concept of dependency and underdevelopment from the Nigeria, socio-economic and political system.

This work will serve as material to other researcher and in practical it will serve as a tool to the government guiding them on implementation of policies, this policies shall serve as a guide to Nigerians development.

This work, prescribes how to manage the nations resources, for the benefit of the general citizens, and this will determine the relevance of the existing government policies.

This study is finally important to Nigeria and Africa as a whole because it explores and attempts to bring possible solution on how Nigeria could attain a sustainable development, inspite of her dependent nature.

1.7 Scope of the Study

The scope of this study centers around the dependency status of Africa, particularly, how the dependency status endangers the economic development of most African states. The scope of this study also emphasis on how a sustainable development can be attained inspite of the dependent nature of Africans and particularly Nigeria.

1.8 Operational of Definition

Economy: An economy is a complex system of interrelated production, consumption, and exchange activities that ultimately determines how resources are allocated among all the participants. 

Dependency:A dependency describes the relationship among activities and specifies the particular order in which they need to be performed.

Under-development:Underdevelopment is low level of development characterized by low real per capita income, wide-spread poverty, lower level of literacy, low life expectancy and underutilisation of resources etc.

1.9 Limitation of the Study

Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

1.10 Organization of the Study

This research work is classified into five main sections. chapter one contains the introduction of the study, chapter two contains the literature review, chapter three contains the methodology, chapter four covers analysis of data and interpretation of result, and chapter five covers the summary, recommendations and conclusion of the study.