ABSTRACT: – Nigeria’s developmental challenges are often framed within the context of failed leadership and ineffective followership. The argument centers on whether poor governance or a complicit populace is more responsible for the country’s steady decline. Leadership failures are evident in the rampant corruption and resource misallocation that have characterized the Nigerian state. Leaders are frequently accused of using public funds for personal enrichment, exacerbating underdevelopment and poverty. Conversely, critics argue that Nigerian citizens share responsibility by failing to hold leaders accountable, often complicit in corrupt practices for short-term benefits.

This study introduces the concept of neo-feudalism as a framework for understanding the Nigerian state’s structural problems. Neo-feudalism refers to a system where power and wealth are concentrated in the hands of a small elite who control state resources and maintain authority through wealth extraction rather than productive investment. In Nigeria, this dynamic has led to the financialization of the economy, where speculative investments and rent-seeking activities are prioritized over critical sectors like manufacturing and agriculture. This not only increases inequality but also stifles economic growth.

Addressing these challenges requires institutional reforms, anti-corruption efforts, and a shift towards inclusive governance and economic diversification.

Keywords: Leadership failure, flawed followership, Neo-feudalism, Neo-Liberalism, fiscal borrowing, State capture