Introduction
Political economy, a field that merges the disciplines of economics and political science, delves into the intricate interactions between political institutions, economic systems, and societal dynamics. This interdisciplinary framework not only examines how policies affect economic performance but also explores how economic structures shape political behavior and governance. Understanding the political economy is essential for analyzing contemporary issues, particularly in countries like Nigeria, where historical legacies and current challenges intersect in complex ways.
Nigeria, as one of Africa's largest economies and most populous nations, presents a compelling case for the study of political economy. Its rich political-economic history is marked by colonial legacies, resource wealth, and persistent governance challenges, creating a unique landscape for analysis. While Nigeria boasts significant economic potential due to its vast natural resources, the interplay of political power, corruption, and social inequalities has led to a mixed record of development. Identifying the strengths and weaknesses of Nigeria's political economy is crucial for understanding its trajectory in both regional and global contexts.
As the world emerges from the disruptions of the Covid-19 pandemic, Nigeria faces a turning point in its political economic landscape. The pandemic has exacerbated existing vulnerabilities while simultaneously offering opportunities for reform and revival. This paper aims to provide a comprehensive overview of Nigeria’s political economy by first defining the concept itself, followed by a historical analysis, an evaluation of its current strengths and weaknesses, and a critical assessment of its prospects in the post-Covid-19 era. By investigating these dimensions, this work seeks to contribute to a more nuanced understanding of Nigeria’s challenges and potential pathways toward sustainable development and political stability.