THE NIGERIAN STATE AND THE DOLLARIZATION OF POLITICS: THE CASE OF 2023 GENERAL ELECTIONS
Abstract
This paper investigated the dollarization of Nigerian politics using the 2023 general elections as a reference point. The paper was guided by two research questions and two corresponding research objectives. Neopatrimonialism Theory was adopted in this paper to explain the persistence of clientelist networks and personalized forms of governance in Nigeria, where political leaders often prioritize the distribution of resources to their loyal supporters rather than pursuing broader public interest. The paper adopted qualitative methodology and relied on secondary data. The data collected from document analysis were transcribed, coded, and thematically analyzed. The findings of this paper indicated that the dollarization of politics exerted a substantial effect on the electoral process, with financial resources from external actors playing a significant role in shaping the outcomes of elections. Also, the use of foreign currency in political campaigns, the influence of wealthy individuals and corporations, and the manipulation of financial resources have all contributed to the distortion of the electoral process and undermined the fairness and integrity of elections. The study also highlighted the underlying factors that have facilitated the dollarization of politics in Nigeria, including widespread corruption, weak campaign finance regulations, and the lack of transparency and accountability in political financing. These factors have created an environment conducive to the inflow of external financial resources and the dominance of money in politics. The study concludes that the dollarization of politics during the 2023 general elections in Nigeria posed negative implications to electoral process and democratic governance in Nigeria. The paper recommended among others that there is a need for robust and enforceable campaign finance laws that restrict the inflow of external funds, promote transparency, and ensure accountability in political financing.
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