Nigeria and World Trade

Paper Summary:

This paper explains the relationship of Nigeria and world trade from a realist rather than from a more classical liberalism approach; therefore, this investigation is more interested with the distribution of power within the capitalist system than economic issues. The author points out that, from a realist's point of view, the heavy reliance of Nigeria on one main trading commodity, even if it is liquid natural gas, makes it more vulnerable to outside economic factors thus putting at stake its sovereignty and capacity to withstand external pressures. The paper concludes that Nigeria's position in the international economic system is not at all advantageous and is very unlikely to change. The paper uses MLA style footnotes but does not include a works cited page.

From the Paper:

"Being one of the actors on the world stage, Nigeria should pursue its own interests and lead a foreign economy policy that would best fit its benefit. As an oil producer and member-state of OPEC (an organization realists are interested in because of its sometimes successful attempts to exercise power in the international economic system), Nigeria has a relative advantage to other developing countries but its badly conducted economy policy of the 70s and 80s led the country to a series of financial crises and the accumulation of a serious foreign debt."

Sample of Sources Used:

• Theodore H. Cohn: Global Political Economy. Theory and Practice. 4th ed., 2008
• The Economist, http://www.economist.com/countries/Nigeria/profile.cfm?folder=Profile-FactSheet
• I. Husain, R. Faruqee, Adjustment in Africa, Lessons for Country Case Studies, 1994, The World Bank, Washington D.C.
• M. Hodd, The Economies of Africa, 1991, University of London, Dartmouth
• World Bank, http://ddp-ext.worldbank.org/ext/ddpreports/ViewSharedReport?&CF=&REPORT_ID=9147&REQUEST_TYPE=VIEWADVANCED&HF=N/CPProfile.asp&WSP=N

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