Abstract
Since the 1860s when Nigeria became part of the world capitalist economy — initially as a result of the commercial activities of British trading companies on the coast of present-day Nigeria and of the later imposition of British imperial control — she has over the years witnessed a qualitative and progressive process of integration into the world system. This notwithstanding, subsequent structural developments particularly in the Nigerian political economy have over the years made the Nigerian state relatively autonomous of external capitalist agents; a development that has put the Nigerian state at a relatively advantageous position in its bargaining with agents of international monopoly capital and in its moulding of a domestic capitalist socio-economy.
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Notes and References
This development strategy is discussed in greater detail in conjunction with others in S. G. Tyoden, ‘State, Class and Capital Accumulation in the Periphery’, Nigerian Political Science Association, Kano, April 1981.
James F. Petras, ‘New Perspectives on Imperialism and Social Classes in the Periphery’, Journal of Contemporary Asia, 5 (3), 1975, p. 298.
Sir Abubakar Tafawa Balewa, Nigeria Speaks (London: Longman, 1964) p. ix (emphasis added).
The government had stated, ‘our policy is not to go all out spending public funds trying to establish industries in all parts of the country. Our policy is to encourage private enterprise’, quoted in R. O. Ekundare, ‘The Political Economy of Private Investment in Nigeria’, Journal of Modern African Studies, 10 (1), March 1972, p. 39.
T. A. Oyejide, Tariffs and Industrialisation in Nigeria (Ibadan University Press, 1975), p. 44.
P. C. Asiodu, ‘Industrial Policy and Incentives in Nigeria’, Nigerian Journal of Economic and Social Studies (NJOESS), 11 (2), 1969, p. 329.
A. O. Philips, ‘The Significance of Nigeria’s Income Tax Relief Incentives’, NJOESS, 11 (2), 1969, p. 329.
O. Aboyade, ‘Industrial Location and Development Policy: the Nigerian case’, NJOESS, 10 (3), 1968, pp. 277–8.
The Six Budget Speeches, pp. 5–6. A detailed analysis of the scheme is given by Sayre P. Schatz, Nigerian Capitalism (Berkeley: University of California Press, 1977) ch. 10.
Nigeria started borrowing from the World Bank in 1958. By 1978 the Bank had lent Nigeria up to $912.4m. See J. P. Olinger, ‘The World Bank and Nigeria’, Review of African Political Economy, 13, May–August 1978, pp. 101–7.
See Terisa Turner, ‘The Transfer of Oil Technology and the Nigerian State’, Development and Change, 7 (4), 1976, pp. 353–90.
P. C. Asiodu, Nigeria and the Oil Question (Ibadan: Nigerian Economics Society, 1979), p. 23.
Ibid. For further discussion on the centrality of fractional and personal interests in the evolution of Nigeria’s oil policy, see Terisa Turner, ‘Commercial Capitalism and the 1975 Coup’ in Keith Panter-Brick (ed.), Soldiers and Oil (London: Frank Cass, 1978) pp. 166–7 and
her ‘Multinational Corporations and the Instability of the Nigerian State’, Review of African Political Economy, 5, January–April 1976, pp. 63–79.
Gavin Williams, ‘Nigeria: a Political Economy,’ in his edited work Nigeria: Economy and Society (London: Rex Collings, 1976) p. 33.
See P. C. W. Gutkind and P. Waterman (eds), African Social Studies: a Radical Reader (London: Heinemann, 1977) p. 285. Mistaken because Nigeria’s economic nationalism does not indicate in any way a questioning of capitalist development or of participation in the global capitalist system or, indeed, of the participation of agents of monopoly capital in Nigeria’s political economy.
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© 1983 Timothy M. Shaw and Olajide Aluko
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Tyoden, S. (1983). Nigeria’s Development Strategy in Global Perspective. In: Shaw, T.M., Aluko, O. (eds) Nigerian Foreign Policy. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-06301-7_8
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