In a provocative new policy paper titled “After the Repo-Man Cometh: Nigeria’s American Romance and the Don-Row Doctrine of Asset Liquidation,” Dele Kelvin Oye, Chairman of the Alliance for Economic Research and Ethics (AERE), has issued a stark warning regarding Nigeria’s fiscal trajectory.
Oye argues that Nigeria’s increasing reliance on the United States and international financial institutions (IFIs) like the IMF and World Bank puts the nation at risk of a “sovereignty crisis” similar to that of Venezuela.
The “Don-Row Doctrine” and Asset Liquidation
Oye introduces the concept of the Don-Row Doctrine, which he describes as a modern, more aggressive evolution of 19th-century foreign policy. Under this doctrine, international relations have shifted toward a “Repo-Man approach.”
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From Influence to Control: In this scenario, creditor nations no longer seek mere diplomatic influence but move toward direct intervention and the seizure of strategic national assets (oil, minerals, infrastructure) when a debtor nation defaults.
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The Venezuela Precedent: Oye cites recent geopolitical actions in Caracas (January 2026) as evidence that the U.S. and other powers are increasingly willing to treat sovereign resources as “unrecovered property” of external creditors.
The Vulnerability Triple-Threat
Oye identifies three critical internal failures that make Nigeria susceptible to this external “restructuring”:
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Bloated Recurrent Expenditure: The rising cost of maintaining the government machinery leaves little room for capital development or debt servicing.
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Deficit Financing & External Loans: A heavy dependence on World Bank/IMF prescriptions creates a cycle of borrowing that Oye describes as “dancing with the tiger.”
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Security Dependence: While the joint war on insurgency provides immediate relief, Oye warns it provides a “foot in the door” for foreign powers to exert influence over Nigerian territory and resources.
Comparison: Sovereign vs. Managed Economics
| Feature | Sovereign Path (Oye’s Recommendation) | Managed Path (The “Repo-Man” Risk) |
| Funding | Internal revenue & domestic investment | High-interest external loans (IMF/WB) |
| Expenditure | Lean government; infrastructure focus | Bloated bureaucracy & recurrent costs |
| Resources | Controlled by Nigerians for Nigerians | Treated as collateral for foreign debt |
| Governance | Transparent & self-reliant | Influenced by “creditor conditions” |
The Call for Internal Restructuring
The former NACCIMA President insists that Nigeria must pivot toward economic resilience before external forces do it by force. His recommendations include:
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Drastic Reduction in Governance Costs: Moving away from the current “unrestrained” spending.
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Fiscal Discipline: Enforcing strict limits on deficit financing to avoid the “loan default” trap.
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Self-Reliance: Building a nation where natural resources are used to grow local industry rather than being “fair price” for repatriation by foreign powers.
“Nigeria must be built by Nigerians for Nigerians; if not, we will be managed by others for themselves.” — Dele Kelvin Oye
