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Addressing the natural resource curse: An illustration from Nigeria
Sala-i-Martín, Xavier; Subramanian, Arvind
Universitat Pompeu Fabra. Departament d'Economia i Empresa
Some natural resources oil and minerals in particular exert a negative andnonlinear impact on growth via their deleterious impact on institutionalquality. We show this result to be very robust. The Nigerian experienceprovides telling confirmation of this aspect of natural resources. Wasteand corruption from oil rather than Dutch disease has been responsible forits poor long run economic performance. We propose a solution for addressingthis resource curse which involves directly distributing the oil revenuesto the public. Even with all the difficulties of corruption and inefficiencythat will no doubt plague its actual implementation, our proposal will, atthe least, be vastly superior to the status quo. At best, however, it couldfundamentally improve the quality of public institutions and, as a result,transform economics and politics in Nigeria.
Macroeconomics and International Economics
Labour, Public, Development and Health Economics
natural resources
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