Abstract

The chapter explores the relationship between natural resources, development, and democracy by critically examining the oil–politics nexus. It interrogates mainstream theoretical approaches aimed towards explaining the nexus and argues in favor of a structural and radical political economy framework that critiques the resource-determinism and ahistorical nature of the dominant perspectives to resource politics. Drawing on oil-related politics based on a case study of Nigeria—Africa’s largest oil producing and exporting country—the chapter provides compelling proof as well as analysis of the oil–development–democracy nexus. In conclusion, it examines the prospects for structural and political transformation of resource-rich African countries on the basis of a new social contact, and suggests areas for further research.