Investment-centred transitioning from agrarian-tourism economy to manufacturing in cross river state, south-eastern/south-south, Nigeria: A theoretical perspective and background

Abstract

Embattled by ministries, departments and agencies of Nigeria’s federal government, that worked together with neighbouring (Akwa Ibom) State government to remove Cross River State from the country’s oil-producing states entitled to receipt of larger statutory allocations compared to their counterparts, Cross River State Government’s policy of promoting regional development through attraction of foreign direct investment (FDI) since 2009 is receiving praises. This article presents contexts, core-periphery theoretical perspectives, and comments elucidating intricacies of FDI-centred sub-national regional development strategizing in the context of phenomenal globalization of neoliberal capitalism. It is argued that the core-periphery theory’s current status promises ‘depressed’ sub-national regions the development strategies they require for transiting from backwardness to growth. This assertion derives from the theory’s encouragement of Nigeria’s ‘depressed’ sub-national regions to aspire towards applying innovative policies/instruments capable of reversing undesirable circumstances that sometimes surpass standards previously/currently attained by counterparts placed higher on the development ladder.

Keywords

• Foreign direct investments
• development strategizing
• core-periphery theory/model
• Cross River State
• Nigeria
• manufacturing
• Calabar FTZ (city)
• low per capita income