Crude Oil and the Politics of Nigerian Foreign Policy: Issues and Explanations

Abstract

The paper examined the role of crude oil on Nigeria’s foreign policy. The paper is qualitative in approach, historical and exploratory methods where used to analyze the data. The paper revealed that crude oil not only contribute in the economy of Nigerian state but also influences its foreign policy objective at the international system. The study found out that Crude oil sustains Nigeria’s economy the over years 80% of revenue in Nigeria is derived from oil. This crude oil in Nigeria but ironically, the huge amount realized from the oil does not really translate to development and improvement of its foreign policy achievement. The paper concludes that Foreign policy not only shapes Nigeria’s identity at large but also determines its place and its future in the world. Without exception, the foreign of states in today’s world consider issues of production, exchange, technology, market alliance, economic development, political stability and predictability, quality of governance, and prevailing leadership and its qualities.

Keywords: Crude oil, Nigerian state, Foreign policy and Nigerian Economy