How did newfound oil wealth affect the development of Nigeria from the 1960s?

Question

Quizplus · Accepted Answer

The newfound oil wealth led to an economic boom in Nigeria, but also created a reliance on oil exports and a volatile economy prone to boom and bust cycles. This instability and the unequal distribution of wealth from the oil industry contributed to political and cultural divisions, making political and cultural unity elusive. It also led to corruption and a weak political system, rather than steady economic development. The military remained influential in Nigerian politics, and religious differences continued to play a role in political divisions.

How Did Newfound Oil Wealth Affect the Development of Nigeria