Abstract

The study examines the intricacies that are inherent in the Nigeria s economic crisis since independence The paradoxical state of Nigeria s economic as the giant of Africa attracts global attention This study sheds light on the phases of economic development of the nation using historical methods It surveys the place of agriculture in the Nigeria s economy before the discovery of petroleum in the 1950s It is the central argument of this study that the transmogrification of Nigeria s economy from agric-based to petroleum-based that laid the foundation of the current economic crisis The persistent flow of cheap petrodollars accruable from daily exploration of petroleum killed agriculture and led to massive rural-urban migration Moreover the problems of unemployment corruption wasteful and unrewarding execution of moribund projects by the government are products of petroleum economy in Nigeria