Behind Bf Takeover
Socialist Press1979 1979-08-08Read it in the scan (PDF), scan page 2 →
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The nationalisation of BP's exploration and production operation in Nigeria has been hailed by British capitalists as the beginning of a major offensive against foreign capital.
in fact-as the Nigerian Obasanjo authorities themselves have been at pains to point out-there is no anti-capitalist element in this take over, for which Nigeria will pay full 'compensation' to the oil multi-national.
Nigeria is a military state in the middle of its own economic crisis which has seen a big decline in the level of production:
British companies have more than £2,000 million invested in the country and trade which has fallen through economic stagnation from £1,000 million a year to £600 million this year.
The military government of General Obasanjo-and the civilian government due to replace it this year-will both maintain Nigeria as a capitalist state which exploits its workers and peasantry.
Invest
Foreign capitalists from the United States and from Germany are still queueing up to invest there.
The oil operation, of which BP was a part, was itself a tripartite arrangement between BP, the Nigerian government and Shell, whose stake is the same size as BP's but whose interests have not been interfered with.
While we favour steps to expropriate imperialist holdings in the semi-colonial countries, therefore, this particular nationalisation has no measure of 'socialisation' about it.
It is an opportunist move by the Nigerian government to boost popularity at home by taking a 'tough line' over one Rhodesian sanctions buster.
In fact many of the companies operating freely in Nigeria have strong links with South Africa and Zimbabwe.
Foreign capitalists were favoured by the Nigerian government partly because of the enthusiastic support given to them by governments such as Britain during the annihilation of Biafrans.
The Nigerian government adopts a tough line towards South. Africa and white Rhodesia to appease its own black masses.
Yet the government they wish •to see established in Zimbabwe is a capitalist government, run by black businessmen but dependent, like Nigeria itself, on strong links with overseas capital.