The Oil, Political Dynamics of Elite Capture and Sustainable Development in Nigeria

This paper examines the interplay between oil and political dynamics in Nigeria, specifically examining how the concentration of oil wealth in the hands of a small number of political and economic elites has influenced the country's governance and development. The main purpose is to investigate the relationship between oil wealth, political power, and economic inequality, and the mechanisms through which elites retain control over the nation's resources and political structures. The study employed the historical/qualitative approach and gathered relevant data from secondary sources. The theoretical framework draws upon Elite Theory and Rentier State Theory, which suggest that elites exploit national resources for personal enrichment, while the state becomes overly dependent on oil revenues rather than taxation. This development has far-reaching implications for sustainable development. The finding reveals that the concentration of oil income among Nigeria's political elite has led to entrenched corruption, economic stagnation, and growing socio-economic inequality. The study advocates for policy reforms aimed at decentralising oil resource management, improving transparency, and reinforcing democratic institutions to break the cycle of elite capture and promote inclusive development. Tackling the structural factors that sustain elite control is essential for Nigeria to shift from a rentier state to a fairer and more sustainable economy.