ECONOMIC FOUNDATION OF NIGERIA’S FOREIGN POLICY, 1960-1966.

ABSTRACT

In spite of the claim of the Nigerian government from the beginning right up to the very end of the First Republic that its foreign policy was one of non-alignment, there were several factors that disputed this claim.¹ The declaration of Balewa in his Nigerian foreign policy statement that “We shall never forget our old friend” was a clear testimony that Nigeria was still to continue the tutelary, which hitherto had existed with Britain.² it further demonstrated that there were contradictions in the theoretical principles of Nigeria’s foreign policy which proclaimed a position of neutrality and non-alignment in her relationship with the Eastern and Western power blocs during the Cold War.³ It could also be taken to signify the proof that Balewa and his aides had no good understanding of the workings of the international system as a forum where there is no permanent friend or permanent enemy but permanent interest.⁴

The Western countries, especially Britain and the European Economic Community (EEC) of six (6) countries, took over 90 percent of Nigeria’s exports during the first few post-independence years.⁵ Over 90 percent of Nigeria’s imports were also sourced from them during the period. In 1961, 94.8 percent of Nigeria’s foreign private investment came from the West.⁶ It was 78 percent in 1962, 94.5 percent in 1963, 92.5 percent in 1964, 91.5 percent in 1965, and 93.9 percent in l966.⁷ The First National Development Plan (1962-1968) envisaged 50 percent of the total resources for the implementation of the plan to come from external sources in form of foreign aid and loans. The West was expected to contribute the bulk of these foreign aid and loans.⁸