A Case Study of Nigeria and its
Integration in the Global Economy
By Allison Beaufort
Worldview and Economics
◦
Eurocentric and African
◦
Capitalism and African Socialism
Integration in the Global Market
Nigerian Traditional Economic Systems
◦
Igbo
◦
Yoruba
Proposal of a cultural framework for
economic issues
Societal generalizations and their implications
for the individual
Case study – uncertain how widespread
European and African
Perspectives
African
Western
Community
Societal equilibrium
Orientation of the individual within the community
Individual redistributes success
Interconnectedness
Benefit the community
Nurture relationships: communal, spiritual
Communal Equilibrium
Only engage in activities to benefit all Redistribute success to others
Interpersonal Relationships
Considered most valuable
Individuality
Individual first, community second Use of the community for advancement
of the individual
Individual boasts own successes
Progress/Achievement
Benefit the individual
Tangible rewards: material, wealth Move up the hierarchy
Competition
Perpetuate self advancement/success Little regard for welfare of others
Materialism/Wealth
African Socialism
Capitalism
Purpose: Collective Welfare
Public ownership
Modernization and unification Centralization
Cooperation Egalitarianism
Respect for the individual
Class differences ceased to exist – the people as a whole became important
Purpose: Profit
Investment in order to make profit Institutions enable conversion to
capital
Commodity exchange for money Maximum returns
Private Gain/Individual Benefit
Profit
Use of all available resources Striving towards personal success
Competition
No/little regard for the “loser” Individual motivation
Exploitative
Most efficient/inexpensive form of labor to earner greater profit
GNI Per Capita (2003)
◦
World:$7,375
◦
Less-developed countries:
$3,850
◦
More developed countries:
$26,989
◦
Sub-Saharan Africa:
$1,831
Per Capita GDP Growth –
Annual (1965-1999)
◦
High-Income Nations: 2.4%
◦
Sub-Saharan Africa: -0.2%
Annual Percentage
Growth in Total Factor
Productivity (1965-1994)
◦
Crops
Western Europe: 2.50%
Sub-Saharan Africa: -0.32%
◦
Livestock
Western Europe: 1.19%
Sub-Saharan Africa: -0.01%