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.