By Stanley Ekpa
When the International Monetary Fund, IMF, categorises resource-rich countries, it classifies the countries according to their export baskets. At least 20 African countries, including Nigeria, Angola, Ghana, and Tanzania, are classified as resource-rich, with their export bases comprising a bulk of unprocessed crude oil, minerals and agricultural commodities.
The classification of countries in other continents, such as Japan, Malaysia, and Indonesia, is based on the diversity of their export bases and value-added products. Since 1973, the year of the first oil boom, crude oil has constituted more than 90% of Nigeria’s export earnings, making Nigeria a global classic case of a monocultural economy. Though a monocultural economy has the advantage of product specialisation, it runs contrary to the spirit of Section 16 of the 1999 Constitution (as amended) in building a balanced and resilient economy.
