Unlike the commodity boom of Victorian England, which was generated by the Industrial Revolution, Nigeria's bonanza was fueled by oil, reversing the historic relationship between spheres of production and circulation. The visual ontology of “seeing is believing” and the signs of development that refashioned the nation represented a virtual productive sphere that was actually a hoax, producing at losses that could never be recouped. And here, in such reversals, lies the origin of the occult economies that have emerged so clearly under neoliberal reform, but were already reflected in FESTAC's mirror of cultural production, when signs became the basis of generating value rather than the media of its accumulation through exchange.
Keywords: oil boom; Nigerian economy; occult economies; neoliberal reforms; cultural production; exchange
Chapter. 2702 words.
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