Project Abstract

Abstract
Economic diplomacy plays a crucial role in shaping a country's external relations and fostering economic development. This research project focuses on analyzing the impact of Economic Diplomacy on Nigeria's external relations, with a specific emphasis on the National Economic Empowerment and Development Strategy (NEEDS). Nigeria, as a major player in Africa, has been actively engaged in economic diplomacy to enhance its global positioning and attract foreign investments. The NEEDS program, launched in 2004, aimed to address the country's economic challenges and promote sustainable development through various strategic initiatives. The study employs a qualitative research methodology, incorporating data from official documents, reports, and scholarly articles to assess the effectiveness of NEEDS in advancing Nigeria's economic interests on the global stage. By examining the key components of economic diplomacy, such as trade negotiations, foreign investments, and international partnerships, the research seeks to provide insights into how Nigeria has utilized economic diplomacy to strengthen its external relations. Through a comprehensive analysis of Nigeria's economic diplomacy strategies within the framework of NEEDS, this research project seeks to evaluate the successes and shortcomings of the country's efforts in promoting economic growth and development. By examining the alignment between economic objectives and diplomatic initiatives, the study aims to offer recommendations for enhancing Nigeria's economic diplomacy framework and improving its engagement with the international community. The findings of this research will contribute to the existing literature on economic diplomacy and provide valuable insights for policymakers, diplomats, and scholars interested in understanding the dynamics of Nigeria's external relations. By shedding light on the interplay between economic interests and diplomatic engagements, the study aims to offer a nuanced perspective on the role of economic diplomacy in shaping Nigeria's foreign policy and promoting sustainable development. Overall, this research project serves as a critical analysis of Nigeria's economic diplomacy within the context of NEEDS, highlighting the opportunities and challenges facing the country in leveraging economic resources to enhance its global standing. By exploring the linkages between economic policies and diplomatic practices, the study aims to offer a comprehensive understanding of how economic diplomacy influences Nigeria's external relations and contributes to its long-term development goals.

Project Overview

The study examined the nexus between economic diplomacy and conduct of Nigeria’s external relations with emphasis on the National Economic Empowerment and Development Strategy (NEEDS). The broad objective of this study was to examine how the use of economic diplomacy helped in the implementation of the National Economic Empowerment and Development Strategy; and the implication for sustainable development of Nigeria. The central thesis of this study was that the use of economic diplomacy in the conduct of Nigeria’s external relations is pronounced each time the political leadership is desperately pursuing received development model from advanced capitalist economies. The study was based on survey research design. Particularly, we adopted trend pattern of longitudinal research design. We adopted secondary source of data collection and hence, relied more on library materials and relevant primary documents from the World Bank, International Monetary Fund, Ministry of Foreign Affairs, and Nigerian Institute of International Affairs. We also relied on materials from United Nations International Development Organization, United Nations Development Programme, United Nations Educational Scientific and Cultural Organization and internet materials. Content analysis of texts, journals, seminars/conference papers, official publications, magazines, newspapers and other published and unpublished materials were effectively utilized. We adopted a logical data framework which enabled us use some basic propositions emanating from the Marxian political economy paradigm to analyze our data. The findings of this study revealed that the economic diplomacy of National Economic Empowerment and
Development Strategy did not reduce the incidence of poverty in Nigeria. Secondly, the study revealed that economic diplomacy of National Economic Empowerment and Development Strategy did not reduce the incidence of unemployment in Nigeria. Again, the study revealed that economic diplomacy of National Economic Empowerment and Development Strategy remarkably enhanced the inflow of foreign direct investment from advanced capitalist economies to Nigeria. Finally, the study revealed that the economic diplomacy of National Economic Empowerment and Development Strategy was responsible for the debt relief extended to Nigeria by international financial institutions. The study recommended among others, a pro-active foreign policy of economic diplomacy that will enhance sustainable development of Nigeria.