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Issues and Perspectives on Nigeria’s International Economic Relations
Dele Seteolu
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DOI:10.17265/2328-2134/2017.04.003
The integration of Nigeria’s economy into the
international capitalist system was a defining context of its international
economic relations. The country was integrated into the international
capitalist system as dependent, peripheral, neo-colonial formation. The nature
of external debt, foreign direct investment and economic policy choices reflect
the influence of the global north on Nigeria’s international economic
relations. The management of the national economy and external economic
relations respond to the logic of externally defined economic policy choices.
This article examines strands of Nigeria’s
international economic relations and it offers positions to mediate the
country’s peripheral status. The article prescribes state-led development paradigm and assertive state to address the
country’s underdevelopment and actualizes robust and assertive foreign economic
relations. The state-led development paradigm negates the neo-liberal policy
and its preference for state withdrawal. The article insists that the state
should play leading role in the development process to reverse the country’s
underdevelopment and reequip its foreign economic relations.
neo-liberal, neo-colonial, dependent, peripheral, state-led development paradigm, assertive state, global north, external debt, foreign direct investment (FDI)