Q. What were the main features of the Nigerian colonial economy under British rule?

The Nigerian colonial economy under British rule was primarily extractive and export-oriented. The main features included the exploitation of natural resources such as palm oil, cotton, and tin. The British established a system of cash crops, where Nigerians were forced to cultivate crops like cotton and rubber for export to Britain. The economy was also characterized by the development of infrastructure, such as railways and ports, to facilitate the transportation of these exports. Additionally, the British introduced a monetary system based on the British pound, which replaced traditional forms of exchange. The colonial economy was heavily reliant on foreign capital and expertise, with British companies dominating key sectors like mining and commerce. Overall, the colonial economy was designed to serve the interests of the British metropole, rather than the Nigerian people, leading to significant economic disparities and underdevelopment.