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ABSTRACT
This study examines the relationship between the third world countries and the western capitalist countries. It shows dependency as a phenomenon or problem of relationship that gave rise to the economic growth and development of the western world in expense of the third world societies which are economically underdeveloped, and lack the capacity and ability to control the economic system or productive processes of the societies. In our attempt to analyze and address this problem we used dependency theory for the analytical framework while documentary research method was employed in gathering and analyzing data. Unequal relationship between Nigeria and countries of the western world coupled with negative role of the Nigeria economic elite was discovered as the major problem, it was ascertained that this problem is historically rooted in foundation of the society, as such, ordinary measures are not suitable, rather concrete type in form of socialist transformation is recommended by the study.
