Nigeria, a nation at the heart of Africa, has been one of the continent’s main oil exporters for decades and a key player on the global natural resources stage. The study titled «Nigeria’s Oil Wealth and International Relations: Multilateral and Bilateral Lending and Decolonial Therapies» by Fidelis Allen, published by the French Institute of International Relations (Ifri), invites us to reflect not only on the economy and oil politics but also on the deep colonial wounds that still permeate the country’s social, economic, and political structures.

The Rise and Paradox of Nigerian Oil

Since before its independence in 1960, Nigeria began exploring its vast oil resources, quickly becoming a significant actor in the global energy landscape. However, despite its resource wealth, the paradox manifests in well-being indicators: persistent poverty, high unemployment, income inequality, and vulnerability to global market fluctuations show that abundance has not equated to inclusive development. Contemporary Nigerian history reveals that oil revenues have not been a driver of welfare for the population, but rather a source of conflict, corruption, and environmental degradation.

In reality, oil wealth has reinforced a system of social exclusion that leaves local communities behind—particularly those affected by pollution and environmental degradation. The official narrative contrasts with the lived reality of millions, illustrating how resource wealth has not translated into tangible improvements in living conditions.

Economy and International Relations: A Dangerous Dependency

Nigeria’s engagement with international relations, mediated through loans and alliances with global powers, reveals a structural dependence that limits its sovereignty. The approval and enactment of the Petroleum Industry Bill in 2021, aimed at attracting foreign investment, has not fully dispelled the shadows of external control. Financial assistance from organizations such as the IMF and World Bank has been crucial but also added layers of debt that the country struggles to manage.

The presence of oil companies, particularly Chinese ones, symbolizes an unequal exchange where economic and strategic interests outweigh local needs. Additionally, Nigeria uses oil as a tool of “soft power” in its international relations, although these agreements often do not guarantee equitable benefits or sustainable impacts within the country.

Decoloniality and Therapies Against Neocolonial Extraction

The analysis suggests that current policies do not address the deeply rooted issues stemming from colonial legacies. Excessive dependence on oil has undermined other economic sectors and hindered the development of a diversified, resilient economy. Resource management crises and the lack of a sovereign economic vision reinforce a dependent and vulnerable state.

Decolonial therapies focus on rethinking Nigeria’s economic narrative and practices. Strategies include reforming the local credit system, promoting non-oil industries, and transforming power relations that externalize resource management. Only through these measures can Nigeria better withstand external shocks—such as the COVID-19 pandemic—and foster genuine inclusive and sustainable development.

Final Reflection

Fidelis Allen’s study reveals that Nigeria’s oil history is not merely an economic matter but also a reflection of colonial wounds and the ongoing struggle for genuine sovereignty. Oil, as a strategic resource, has been both an opportunity and a trap, highlighting the urgent need for economic decolonization that amplifies local voices and envisions a different future.

Transforming dependence into self-management, while acknowledging structural inequalities, could pave the way toward a development model that truly benefits all citizens—aligned with aspirations for social justice, environmental sustainability, and sovereignty. Only then can Nigeria position its resources not just as symbols of wealth but as catalysts for genuine progress.