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Any country’s economic score sheet is influenced by the events within and from

abroad. The reality of globalization has come to mean that the former speaks

louder now than in the days past when domestic measures dictated matters. The

passion being expressed by the Nigerian for investments

needs to be examined in the context of the two tendencies broadly shown by a

nationalistic approach in which nationalization, indigenization and control are key

factors and by liberalization in which deregulation and privatization are notable.

Nigeria indeed practised the first hoping to achieve growth, development and self-

sufficiency that way before courting, gently at first, the second.

This study begins where the former stopped. It examines the high points of the

national approach which relied so much on domestic measures and legislation, in

this case exchange control and indigenization laws. It then considers the crisis

stage when Nigeria was torn between the two: this is shown for instance in her not

totally repealing the indigenization laws but conceding some participation without


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