An empirical analysis of economic dependency and underdevelopment of Nigeria

This study examines the determinants of economic dependency and underdevelopment in Nigeria. It shows dependency as a phenomenon or problem of relationship that gave rise to the economic growth and development of the western world in expense of the third world societies which are economically underdeveloped, and lack the capacity and ability to control the economic system or productive processes of the societies. In our attempt to analyze and address this problem we used dependency theory as theoretical framework while survey research method was employed in gathering and analyzing data. Finding from the study shows that, Unequal exchange relationship between Nigeria and countries of the western world coupled with negative role of the Nigeria elite was discovered as the major problem underdevelopment of Nigeria. The study recommends that, patronizing Nigerian home made goods can also reduce economic dependency in Nigeria. This home made goods can help in the eradication of unemployment and then developed our economy. More so, local resources should be adequately deployed for innovation and creativity. This should be practical rather than theoretical.