John Struthers, Senior Lecturer in Economics at Paisley College (High Street, Renfrewshire, Paisley PA12BE, Scotland) has taught at the University of Ilorin (Nigeria) and the University of Sierra Leone, and has published articles in Development and Change, Journal of Energy and Development and Journal of Economic Issues. He is co-author (with H. Speight) of Money, Institutions, Theory and Policy (1986) and is currently working on chapters on international finance for a book on the economic environment of international business.
Nigerian Oil and Exchange Rates: Indicators of ‘Dutch Disease’
Article first published online: 22 OCT 2008
© 1990 Institute of Social Studies
Development and Change
Volume 21, Issue 2, pages 309–341, April 1990
How to Cite
Struthers, J. J. (1990), Nigerian Oil and Exchange Rates: Indicators of ‘Dutch Disease’. Development and Change, 21: 309–341. doi: 10.1111/j.1467-7660.1990.tb00379.x
- Issue published online: 22 OCT 2008
- Article first published online: 22 OCT 2008
This article assesses the impact of expanding oil revenues on non-oil sectors of the Nigerian economy from 1960 to 1985/6. Emphasis is placed on the effects of exchange rate appreciation during the 1970s on the agricultural, manufacturing and non-traded goods sectors. The analysis is conducted within a Dutch disease context. Two main conclusions are that the decline of Nigerian agriculture during these years can be attributed to a combination of low real producer prices and insufficient government investment, as well as the overvalued Nigerian naira; and that the high real exchange rate may have benefited the manufacturing sector.