CHAPTER ONE
BACKGROUND TO THE STUDY
Introduction
Economic diplomacy has played a crucial role in Nigeria’s economic development, particularly since the country’s return to democratic rule in 1999. The concept of economic diplomacy, which involves the use of economic resources and policies to achieve foreign policy objectives, has a long history in Nigeria dating back to the colonial era. During this period, the British colonial authorities used economic diplomacy to promote their economic interests in Nigeria, particularly in the areas of trade and investment. After Nigeria gained independence in 1960, the country continued to use economic diplomacy as a tool for promoting its economic development and foreign policy objectives.1 However, it was not until the country’s return to democratic rule in 1999 that economic diplomacy became a major plank of Nigeria’s foreign policy. Under the new democratic dispensation, Nigeria’s economic diplomacy has focused on promoting trade, investment, and economic cooperation with other countries, particularly in the areas of oil and gas, agriculture, and manufacturing.2
Nigeria has used several strategies and initiatives to promote its economic diplomacy under the new democratic dispensation. The establishment of the Nigerian Investment Promotion Commission (NIPC) in 1999 to promote investment in Nigeria, the introduction of the National Economic Empowerment and Development Strategy (NEEDS) in 2004 to promote economic growth and development in Nigeria, and the launch of the Nigerian Export Processing Zones Authority (NEPZA) in 2004 to promote export-led growth in Nigeria are examples of such initiatives. The impact of economic diplomacy on Nigeria’s economy has been significant.3 The country has experienced rapid economic growth and development since 1999, particularly in the areas of trade and investment. Nigeria’s economic diplomacy has also helped to promote the country’s foreign policy objectives, particularly in the areas of regional integration and global governance. However, despite these successes, Nigeria’s economic diplomacy has also faced several challenges, including corruption, inadequate infrastructure, and a lack of skilled manpower. These challenges have limited the effectiveness of Nigeria’s economic diplomacy and have hindered the country’s ability to achieve its economic development goals.4
This research work will provide an in-depth examination of Nigeria’s economic diplomacy under the new democratic dispensation from 1999 to 2015. The study will highlight the significant role that economic diplomacy had played in promoting Nigeria’s economic development and foreign policy objectives.
Aim and Objectives of The Study
The aim of this research work is to examine the economic diplomacy of Nigeria under the new democratic dispensation from 1999 to 2015. Specific objectives are:
1. to examine the history of Nigeria’s economic diplomacy before 1999.
2. to analyze conceptual meaning of diplomacy and it’s usefulness in economic development.
3. to investigate the meaning of economic diplomacy and its tools in the Nigerian example.
4. to explore the impact of economic diplomacy on Nigeria’s economic development.