The Barclay's Bank and the British Petroleum Company in Nigeria were nationalized in the late 1970s for transacting business with ...

Analyze the question: It asks why Barclays Bank and British Petroleum (BP) were nationalized in Nigeria in the late 1970s. The reason was a business link with a particular country.

Explain the concept: In the 1970s, Nigeria's foreign policy was strongly anti-apartheid. Nigeria used economic measures as a weapon against the white minority regime in South Africa.

Step-by-step solution:

1. July 1979: Under General Olusegun Obasanjo's military government, Nigeria nationalized BP's Nigerian assets (its shareholding in Shell-BP). This was widely seen as a protest against British policy on Rhodesia (Zimbabwe), and also over the allegation that BP was supplying oil to South Africa.
2. 1978: Barclays Bank's Nigerian operations were nationalized over its large investments in South Africa and its support for the apartheid economy. It was later renamed Union Bank of Nigeria.
3. Both actions were aimed at companies accused of doing business with apartheid South Africa.

Checking the options:

• A. Libya: Nigeria had no quarrel with Libya over these firms.
• B. South Africa: matches the anti-apartheid motive.
• C. France: no link to these nationalizations.
• D. Portugal: Nigeria opposed Portuguese colonialism in Angola and Mozambique, but this was not the reason for these takeovers.

Answer: B. South Africa

Exam tip: Nigerian foreign policy in the 1970s centred on Africa as the "centrepiece" and on opposing apartheid and colonialism. If a question on nationalization, boycotts, or sanctions mentions the 1970s, think South Africa and apartheid. Also remember the link: Barclays became Union Bank, and BP's holding was taken over, so both targets were tied to apartheid-era business.