The history of Nigeria’s economy is complex, largely because of the country’s colonial era and the gradual transition out of it. Looking back at this history, however, the beginning of that colonial era makes for a fitting place to start. To that point, it has been noted that the arrival of missionaries from Britain’s Church Missionary Society (CMS) in 1845 came with an intent of “economic and political dominance.”
The ostensible reasoning behind the missionaries’ arrival was, of course, to spread Christianity to new parts of the world. Soon after the CMS established a presence in what is now Nigeria, however, a colonial administration began to collect the country’s raw materials; a “deem fit” system was developed, whereby new policies concerning production were designed to benefit the British. In effect, this marked the establishment of a new, export-driven economy –– albeit an oppressive one that wasn’t built to benefit the Nigerian workforce.
In the years following the initial establishment of this system, the country was first run by the Royal Niger Company and then split into the Northern Nigeria Protectorate and Southern Nigeria Protectorate. Despite these jarring shifts in British control over the area, relatively little changed from an economic standpoint during this period. Nigerian production consisted primarily of agricultural and mining activity and was used to benefit the British. Indeed, a similar situation persisted even when Britain unified the country in 1914.
Around this time, Nigeria was exporting raw materials to Britain and Europe and importing usable goods. Slowly, a vague economic hierarchy emerged wherein there were hints of emerging economic elites and investment practices. Nevertheless, there was still very little in the way of true development, diversification, or industrialization concerning the economy.
In fact, Nigeria’s predominant focus on agriculture actually intensified in the decades to follow, with global conflicts limiting import options for European nations. World War II, in particular, cut off East and Southeast Asian suppliers of a range of raw materials, causing Britain and other European nations to depend even more on Nigerian production.
Following the era of the world wars, Nigeria saw gradually increasing calls for independence. With these calls came a growing sense that a more modern economy –– and one built to benefit Nigerians rather than Europeans –– could be built. And so,..Continue..Reading..
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
