Resource Nationalism and the Global Capitalist System: Implications for Economic Sovereignty and Development in Nigeria

Abstract

This study examined the relationship between resource nationalism and the global capitalist system in Nigeria, focusing on its implications for economic sovereignty and national development. The study sought to understand how Nigeria’s participation in the global economy has shaped its ability to control its natural resources and translate resource wealth into meaningful national development. A qualitative research design was adopted, relying mainly on secondary data obtained from scholarly publications, government documents, reports of international organisations, regulatory agencies and credible media sources. The data were analysed through thematic and qualitative content analysis. Dependency Theory provided the theoretical framework for understanding the unequal relationships that often exist between resource-rich developing countries and advanced capitalist economies. The findings showed that Nigeria’s engagement with the global economy has brought both opportunities and challenges. Foreign investment, technology, specialised expertise and access to international markets have supported activities in the petroleum and solid-minerals sectors, creating opportunities for revenue generation, investment and employment. However, the country’s continued reliance on commodity exports, foreign technology, external finance and changing global market conditions has limited its practical economic autonomy. The study further found that legal ownership of natural resources does not always translate into effective control over their exploitation, processing and value creation. In addition, weaknesses in domestic productive capacity, infrastructure, governance and revenue management have reduced the extent to which resource wealth contributes to broad-based development. The study concluded that Nigeria’s participation in the global capitalist system has expanded economic opportunities while also sustaining forms of dependence that continue to limit economic sovereignty and the effective transformation of natural-resource wealth into sustainable national development.