ECONOMIC DIPLOMACY AND NIGERIA’S NATIONAL DEVELOPMENT: 1999-2007

This project is about the Foreign policy tool-Economic Diplomacy adopted in Nigeria between 1999-2007. The project made considerable research on Nigeria's debt and Foreign Direct Investment and its impact on Nigeria's National development.

It covers literature review on Foreign Policy, Economic diplomacy, Debt relief, Foreign Direct Investment and National development.

This project also present data on history of Nigeria debt profile, debt ,management and relief, poverty and unemployment rate between 1999-2007 and challenges of attaining socio-economic development in Nigeria.

Included are recommendations for socio-economic development

ECONOMIC DIPLOMACY AND NIGERIA’S NATIONAL DEVELOPMENT: 1999-2007

ABSTRACT

Economic diplomacy is a foreign policy instrument for the promotion and protection of anation’s economic national interest objectives. The adoption of economic diplomacy underObasanjo administration is predicated upon the need for National development. The majorobjective  of  Obasanjo’s  foreign   policy  was  national   development  which   include  povertyreduction and reduction in unemployment rate. Obasanjo’s intend to achieve these objectivesthrough the instrumentality of economic diplomacy and this informed his decision to employeconomic   tools   to   achieve   its   national   interest.   After   over   7   years   of   Obasanjo’sadministration, there was no visible reduction in poverty rate and unemployment in Nigeriathereby casting doubt on the effectiveness of Foreign Direct Investment and Debt relief onpoverty and unemployment reduction. Extant analysis has not clearly shown the impact ofObasanjo’s economic diplomacy on poverty and unemployment in the country. This study istherefore intended to fill this gap in existing knowledge of the subject. To this, the studyexamines   whether   the   economic   diplomacy   brought   about   poverty   reduction,   and   alsoreduction in unemployment rate in Nigeria. The study made use of qualitative descriptivemethod of collecting secondary data, and the data was analyzed using content analysis. Theneo-realist   theory   of   International   relations   was   adopted   as   its  theoretical   framework   ofanalysis. This study found that the economic diplomacy of debt relief under the Obasanjo’sadministration did not bring about reduction in the poverty level of Nigerian, and that theinflow   of   Foreign   direct   investment   under   Obasanjo’s   administration   fail   to   reduceunemployment rate in the country. The study therefore recommends among other things thatthe Federal government of Nigeria should make effort to curb corruption among politicalleaders in other to be able to use National resources effectively for her development need

CHAPTER ONE

 1.1 Introduction/background to the study………………………………………. 2

1.2 Statement of the problem………………………………………..…..….……6

1.3 Research questions……………………………………...…………….……...9

1.4 Research objectives…………………………………………………………..9

1.5 Significance of the study……………………………………………......……10 

1.6 Scope of the study………………………………………………..…….…….10 

1.7 Limitation to the study……………………………………….....…….….......116

1.8 Definition of terms………………………………………..………………….11

1.9 Research methodology………………………………………...…….………15

1.10 Organization of the study……………………………………..…...……….15

References……………………………………………………………………….17

CHAPTER TWO: LITERATURE REVIEW AND THEORETICAL FRAMEWORK

2.0 Introduction………………………………………………………………….19

2.1 Literature Review…………………………………………………………....19

2.1.1 Nigeria Foreign Policy.…………………………………………………....19 

2.1.2 Nigeria’s Foreign Policy objectives and principle.………………………..2

12.2 Foreign Policy Thrust in Nigeria...…………………………………………..23

 2.2.1 Nigeria Afrocentric Policy.………………………………………………..24

2.2.2 Nigeria’s Citizen diplomacy…...………………………………………….26

2.2.3 Nigeria Shuttle Diplomacy ….…………………………………...……….29

2.2.4 Nigeria Economic Diplomacy…………………………………………….30

2.2.5 Objectives of Nigeria’s economic diplomacy…………….……….............35

2.3 Debt relief and National Development…….………………………………...36 

2.4 Foreign Direct Investment and National Development…….………………..41

2.5 Theoretical Framework (neo-realism) ………………………….…………...437

References……………………………………………………….…….…………48 

CHAPTER THREE: DATA PRESENTATION AND ANALYSIS3.0 Introduction……………………………………………………………………52

3.1 Obasanjo’s Economic Diplomacy……………………………….…………….52

3.2 History of Nigeria’s Debt………………………………………………………53

3.2.1 Nigeria’s external debt Profile ………………...…………………………….56

3.2.2 Debt management and relief in Nigeria 1999-2005 ………………..………..61

 3.3 Obasanjo’s economic diplomacy and Foreign Direct Investment Inflow in Nigeria…62

3.4. Debt relief and poverty reduction in Nigeria…………………………………………67 

3.5 Foreign Direct Investment and Unemployment rate in Nigeria 1999-2007…………...72

3.6 Challenges of attaining socio-economic development through economic diplomacy inNigeria…. …………………………………………………………………………………74

References…………………………………………………………………………………77

CHAPTER FOUR: SUMMARY, RECOMMENDATION AND CONCLUSION

4.1 Summary………………………………………………………………..……...………79

 4.2 Recommendation…………………………………………………………..………...…8

24.3 Conclusion…………………………………………………………………..…...……..81

Bibliography……………………………………………………………………………..…84