Pirate Capitalism and the Inert Economy of Nigeria

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Abstract
Twothese are presented in this article. The first is that since the great surge in oil revenues during 1973—1974, there has emerged in Nigeria an intert economy. By this I mean an economy which has reacted passively to the increased revenues, but which has had no growth-generating power of its own outside of the crude oil-producing sector. The other-than-oil economy has not had any internal ebgine of growth. In support of this thesis, I shall make three points: (1) the growth of Nigeria' economy, apart form oil, has been strikingly small, give the huge increase in oil revenues; (2) even the linited growth rate has been dwindling; and (3) the pattern of the growth that has been achieved suggests a passive response to an exogenous stimulus.

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