NIGERIAN FOREIGN POLICY 1985-1990:-AN APPRAISAL OF NIGERIA’S ECONOMIC DIPLOMACY

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NIGERIAN FOREIGN POLICY 1985-1990:-AN APPRAISAL OF NIGERIA’S ECONOMIC DIPLOMACY

Abstract:

This is a study of Nigeria’s Foreign Policy in the period 1985-1990. It is primarily concerned with the theme of Economic Diplomacy which constituted a major policy thrust in the period. The emphasis on economic diplomacy represented new emphasis in the orientation of the country’s foreign policy from largely political to primarily economic goals. The study seeks to identify the basic objectives that underlie this shift such as the search for greater access to foreign credits, debt rescheduling and the attraction of foreign investments and opening up of new markets for Nigerian products. The need for this study can hardly be over-emphasized. Nigeria’s foreign policy has usually been explained by reference to Africa as centre piece of her external affairs since independence. This fact is not devoid of the pursuit of economic, strategic, military, and other interest of Nigeria in international relations. The scope of this study which covers the 1985-90 of Nigeria’s foreign policy, is crucial as it tends to reveal the Nigeria’s total submission and alliance with capital, through the diplomacy of debt acquisition rooted in the structural adjustment program. This position have a negative effect on the pursuit of our national interest. This is seen in the total devaluation of the Naira and government deregulation from the economy in the name of the operating the market forces of demand and supply forming the basis of foreign policy which was conceived to attract foreign investors and boost local manufactures. xii Thus this study shows that the whole mechanism of Nigeria’s foreign policy strategy of economic diplomacy rather than achieving its goals of boasting trade and investment, is locked in dependency on the west, a trend which most developing countries face; seen in the form of division of values created on world scale through unequal exchange (extraction of surplus labour); globalization of national categories of commodity form and value in international competition whereby trade is dominated by the West, making relevant the dependent development thesis. Consequently, the nations monetary policy is marred by huge credit which manifest in the scarcity of foreign exchange, high interest rate, low purchasing power, productivity, and high unemployment rate. Evidently, boosting investment for exportable produce for the domestic, and foreign market especially to our West African neighbours were marred with trade restriction, resulting in too huge transaction across the border unrecorded. Our experience in this study so far reveal the difficulty of forming a cohesive regional bloc and the unity of African Economic bloc. National domestic priorities threatens the signing of the regional protocol. Evident in the French member countries apathy to peace keeping in Liberia. However, this study applauds, to the reawakening of Marcus Graveys and Martin Luther King’s dream of the Blacks in diaspora forming a significant constituency toward African Foreign Policy like the Black caucus, taking a leaf from the Jewish community in the US, especially with the end of the cold war in which new meaning is given to the concept of conflict xiii management and resolution. Finally, this study portend that the Nigerian Economic diplomacy must seek to transform the structure of the economy and free it from the burden of debt and dependency which corrupt and self-fish leadership perpetuate with consequences such as, hunger, poverty, illiteracy and low productivity due to high cost of production, leading to the lack of basic necessities of life which is a function of national security.

NIGERIAN FOREIGN POLICY 1985-1990:-AN APPRAISAL OF NIGERIA’S ECONOMIC DIPLOMACY

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