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The Intertwined Burden: Income Inequality, Resource Curse, and the Failure of Oil-Led Development in Nigeria

In: Proceedings of the 2025 International Conference on Hybrid Commerce, Human Capital, and Economic Dynamics (ICHCH 2025)

Author

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  • Bochen Li

    (Beijing Normal-Hong Kong Baptist University, Faculty of Business and Management)

Abstract

Nigeria, despite being one of Africa’s largest economies, continues to grapple with extreme poverty and profound income inequality. This paper examines the intertwined challenges of poverty, inequality, and the failure of oil-led development in Nigeria, emphasizing the role of the resource curse. Through empirical analysis of poverty headcount ratios, Gini coefficients, and regional economic data, the study demonstrates a strong positive correlation between income inequality and poverty. It argues that Nigeria’s heavy reliance on oil exports has led to Dutch disease, widespread corruption, and significant capital flight, which collectively undermine inclusive growth and effective redistribution. The breakdown of the dual circulation model—where oil exports drive both domestic employment and foreign exchange earnings—has further exacerbated economic vulnerabilities, particularly following the 2016 oil price crash. The paper concludes that reducing inequality is essential to poverty alleviation and recommends anti-corruption measures and technological reforms, drawing lessons from successful international cases such as Uzbekistan, to improve governance and resource management.

Suggested Citation

  • Bochen Li, 2026. "The Intertwined Burden: Income Inequality, Resource Curse, and the Failure of Oil-Led Development in Nigeria," Advances in Economics, Business and Management Research, in: Ata Jahangir Moshayedi (ed.), Proceedings of the 2025 International Conference on Hybrid Commerce, Human Capital, and Economic Dynamics (ICHCH 2025), pages 924-935, Springer.
    • Handle: RePEc:spr:advbcp:978-2-38476-585-0_104
    DOI: 10.2991/978-2-38476-585-0_104
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