Nigeria’s foreign policy and economic relations under Yar’Adua’s administration: A general appraisal
Author(s): Bailey Saleh
Abstract: President Umaru Musa Yar’adua who took over the mantle of Nigeria’s leadership from his predecessor, President Olusegun Obasanjo also undertook so many diplomatic visits to further launder the image of the country. This was aimed at diversifying her foreign revenue sources. Just as his predecessor, he effectively utilized Nigeria’s foreign policy to attract foreign investors and other international business/development partners to do business in the country. Yar’adua’s less than three years tenure maintained the status-quo of sustaining the influx of more FDI into the country; but still with the tip tilting more in favour of Oil and Gas (O&G). There was however underperformance of the country’s foreign policy where it failed to support its economic relations instrument for directing the attracted FDI towards boosting the industrial and manufacturing sector and subsector of the economy. These critical sectors and sub-sectors have the highest likelihood of expanding the country’s foreign revenue sources through the manufacture of unique products and goods in which Nigeria has comparative competitive advantage in the international market. It is this failure that motivate the study. The study is a qualitative one where data generated through scrutiny of published works like academic journals, books, and internet materials was analyzed through discourse and explanatory method. The implication of the neglect of the industrial and manufacturing sector is that it will be so injurious to the domestic economy that has been hitherto solely dependent on Oil & Gas as the main foreign revenue source. At the end, recommendations were made for effectively utilizing the country’s foreign policy for attracting more FDI that should be directed at the manufacture of unique products and goods that will expand Nigeria’s foreign revenue sources towards the general development of the domestic economy.
Bailey Saleh. Nigeria’s foreign policy and economic relations under Yar’Adua’s administration: A general appraisal. Int J Political Sci Governance 2022;4(1):107-123. DOI: 10.33545/26646021.2022.v4.i1b.144