The incoming administration of president elect Asiwaju Bola Ahmed Tinubu has made one of its mantra to “kick the ground running”, when it comes into power. The thought of the new government is that, time is of the essence and it hasn’t got much of such time to spare as it aims to satisfy the yearnings of Nigerians.
While the government would want to be seen to be functional, it’s also more important to be seen as focused and deliberate. This is where priority comes into play. For the purpose of this discourse, the focus is on foreign policy. What should be the new government’s priority in the area of Nigeria’s foreign relations?
Since its independence, Nigeria has sought to have Africa as the centre of its foreign policy with the emphasis on pushing the continent’s economic and political development, through integration. The Tinubu administration may not necessarily deviate from the existing policy. Going forward it’s important to note that there are two existing variables which are managing Nigeria’s economic relations and interests with the west and its allies on one hand and that of the China/Russia axis on the other hand. Nigeria by virtue of its strategic importance is caught in the middle. This scenario should be used to the country’s advantage. The world is also moving in the direction of a new global order with multiple financial systems. Nigeria must integrate itself with this reality. However, for Nigeria to make a success of it, significant progress must be made in the area of governance. While the country pushes for inward investments, better governance through the streamlining of bureaucracy and reducing corruption should encourage increased exports initiatives.
To accelerate exports would require consolidating Nigeria’s influence in the ECOWAS subregion. The Tinubu government would need to move further by revisiting the issue of the region’s common currency, the ECU. It’s necessary to anticipate the French opposition, but the French economic gains in west Africa should be of much concern rather than the threat of a common currency, which is meant to ginger, deepen and sustain economic growth in the sub region.
Managing the Americans and the British should be based on the principles of mutual benefits and understanding. It’s in the interest of the United States and the United Kingdom that Nigeria enjoys both economic and political stability. Nigeria is too big to fail and the consequences would be too overwhelming for the two countries to deal with. Nigeria may be a developing country, but it’s a very strategic nation in the world’s global power play. This shouldn’t be ignored. On the part of China, the country has played a significant part in the developmental revival of Nigeria. The past 8 years has seen the Chinese co-operating extensively with the outgoing Buhari administration. This can only be built upon. In the process, emphasising the country’s interests must be protected further.
While Nigeria pushes for increased trade and investment, it must be hinged on technological cooperation with countries that are willing to take advantage of Nigeria’s massive market. The days of dumping cheap imports is fast coming to an end, but it’s up to policymakers working with the new administration in Abuja to reinforce the new thinking.
(C) 2023 Olugbenga Adebanjo
Ojuriblog 