| | Economic Crisis Since our last special issue on Nigeria, ROAPE No. 13, numerous changes have taken place within the Nigerian political economy. Of particular importance are the collapse of the OPEC oil pricing structure and the huge increase in the indebtedness of the country. Nigeria is particularly susceptible to pressures emanating from the price collapse, because of its large population and its expensive development plans. But as Okogu argues in this issue, the good old days of the oil bonanza appear to be over for good. The question is not when the oil market will pick up again, but what alternative, source or sources of revenue will augment diminishing resources from oil as the basis of the fiscal structures fo the Nigerian State. That this calls for a major rethinking of the development strategy is not in doubt. What is not often emphasised, however, is that new approaches to development strategy cannot be neutral, in a society deeply divided along class and other lines. Neither can the state be seen as an independent arbiter, making rational choices between different proposals put forward. Thus, the intimate connection between the intensification of the crises of the political economy, and the political question, is one of the major themes of this issue. |
