An interesting point to note is that there was, and perhaps still is a body of opinion in Nigeria that believes that Equatorial Guinea should have been annexed in 1973, when Nigerian contract labour working on the cocoa plantation there under a Labour Agreement between the two countries were expelled summarily and without any justification. At the time, there were about 25,000 Nigerian farmers and petty traders in the country who had dominated commerce in Equatorial Guinea.
"The Nigerian military and the state" By Jimi Peters
One plausible explanation has been the fear of domination, if not complete annexation by Nigeria, which was felt by Equatorial Guinea. The sources of this phobia were quite obvious. Even though Nigerian labourers were treated as second-class citizens in Malabo, relations between Nigeria and Equatorial-Guinea had been skewed ab initio. It would seem in retrospect that the authorities in Malabo had lived in continuous fear of their much bigger and stronger neighbour. But then events which had followed in the wake of every row could only have served to deepen the already existing fear. We refer here to the constant clamour for the annexation of the country by a vocal section of the Nigerian public. In this regard, it was argued that since Nigerian labour had built up the economy of Equatorial Guinea, it was only logical that it, i.e. Equatorial Guinea, should make working conditions for Nigerian labourers more humane, failing which the Nigerian authorities should “annex that island” (Daily Times, January 26th 1976, p. 1). Notably, this irredentism enjoyed particular ventilation in the press, where both private and government-owned publications forged an unusual consensus.
"Constructing Pax Nigeriana? The Media and Conflict in Nigeria-Equatorial Guinea Relations" By Ebenezer Obadare
Public concern over the treatment of the short-term migrants - most contracts are for two years - resulted in considerable pressure from political and press groups on the Federal government to take a tougher line with Spain and some even argued for Nigerian annexation of the island.
"Nigeria and Fernando Poo, 1956-1966 The Politics of Irridentism" by Bolaji Akinyemi
At the time, the young Equatorial Guinea was ruled by its first (*cough* worst) president (*cough* dictator) Francisco Macías Nguema, who had the 60,000 Nigerian laborers (compared to approx. 330,000 citizens) brought in and subsequently evicted during his regime.
How would the world react?
Would Nigeria treat it as a colony, or would it attempt to outright incorporate it?
Could such a move be beneficial to either country?
Supposing it somehow lasted, what would Nigeria and its equatorial territories look like today?