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Towards Reversing the Oil Curse in Nigeria: Adequate Government Funding for the Development of Technology-Based Research as the Panacea
Abstract
The resource curse is a paradox in which nations abundant in natural resources, such as Nigeria, frequently experience slower economic growth and less favorable development outcomes compared to countries with fewer resources. Despite significant revenue from oil exports, Nigeria faces economic volatility, rampant corruption, and underdeveloped infrastructure and social services. This situation occurs because resource wealth can lead to complacency, mismanagement, and neglect of other crucial economic sectors. This paper explores whether increasing government funding for technology-based research and development (R&D) can effectively counteract the resource curse in Nigeria. Enhanced R&D investment could diversify the economy, promote innovation, and drive sustainable development. By investing in technological advancement, Nigeria can reduce its heavy reliance on oil and develop sectors such as agriculture, renewable energy, and information and communication technology (ICT). This study examines the historical context of Nigeria's resource curse, identifying factors contributing to economic challenges, such as underfunding, infrastructure deficits, brain drain, policy inconsistency, and limited private sector involvement in the R&D sector. The paper also explores the potential benefits of increased R&D investment, including economic diversification, enhanced productivity, job creation, and improved societal well-being. By learning from successful international examples and implementing targeted policies, Nigeria can harness technology-driven research to develop a more resilient and inclusive economy. This analysis offers a strategic approach for deploying R&D funding to counter the negative impacts of the resource curse and foster sustainable economic growth and stability..
