Gains of Effective Economic and Multilateral Diplomacy

Diplomatic Discourse With Chief Robert Opara

I have taken a focused interest in international relations, economic diplomacy, multilateral, bilateral trade arrangements, countries quests for foreign direct investments because no country lives in isolation. The biggest economic powers in the world like US and China are dependant on smaller nations in the areas of buying and selling of products. They engage in bilateral and multilateralism to survive as powerful nations.

They use their effective diplomatic contacts and tools to engage in free trade agreements to allow other countries access to their markets. Having hosted a diplomatic programme on AIT for 3 years, my massive exposure to diplomatic and strategic engagements with ministers of foreign affairs, economic and trade matters were years of diplomatic experience and cognate exposure. From my understanding, free trade agreements can force local industries to become more competitive and rely less on government subsidies, open new markets, increased GDP and invitation for new investments. Under free trade agreements, increased international trade has the following main advantages:

•increased economic growth • more dynamic business climate • lower government spending • foreign direct investment portfolios will attract investors to flock the country • global companies have more technical expertise than local companies to develope local resources • local companies also receive access to the latest technologies from their multinational partners.

In developing a strategic format and focus for our valued readers on this DIPLOMATIC DISCOURSE column, I will focus my attention and research in developing valuable information from the 28 countries that form the EU/Shengen block including US, UK, Canada, Australia, China, Hong Kong, Singapore, Malaysia, UAE etc. These countries have formed strategic economic partnerships with Nigeria over the years and played solid roles in the economic growth of our country during the period in question. Nigeria’s volume of trade with the EU block has astronomically increased over the years: 20 billion Euros in 2016, 26 billion Euros in 2017 and 34.4 billion euros in 2018.

Nigeria has just received USD168 .5 million to Nigeria in new development assistance to Nigeria. Under a 5 years assistance agreement that’s ending in 2020, that underscores the strategic importance of the US/Nigeria bilateral agreement. This total assistance value of USD805.5 Million covers ministries of health, agriculture and national planning.

Nigeria’s Diaspora Community remains an outstanding socio-economic and political power house in Europe, US, Canada, China, Australia and host of other countries. About 1.2 million migrants from Nigeria are in the diaspora. (2017 figure). With the latest trend in migration from Nigeria, the above number, must have gone through the roof by now. The migration remittance to Nigeria amounted to USD23.63 billion while 2017 witnessed USD22 billion. This represented 6.1% of Nigeria’s GDP. The 2018 remittance translates to 83% of the FG budget in 2018. Nigeria’s diaspora remittance inflows was also 7.4 times larger than the net official Development Assistance (foreign aids)received in 2017 of USD3.4 billion. Nigeri’s present diaspora remittance stands at US2 billion monthly. I intend to focus on our Diaspora Community around the world with short interviews with the leadership to give the to have a strong voice on sociopolitical and economic development in Nigeria.

Embassies And High Commissions in Nigeria
I would devote a sizeable chunk of my space to cover the activities of foreign embassies and high commissions in the areas and issues of trade balance growth, seamless immigration strategies that largely supports FDI, balance of trade, technology transfers, ICT development, support for actions against victimisation of girls and young boys, economic cooperation projects that supports the youths and women. The US and the EU Economic Development Policies in Nigeria would be treated extensively in this space for obvious economic benefits for Nigeria. My focus in this regard will stretch beyond the 2 national economic areas. Immigration, such a picky thorny issues will be extensively discussed.

The preparations for the upcoming US-Nigeria Investment Summit in September this year will receive attention here because of the strategic economic value to US and Nigeria. Each Investment Summit focuses on Nigeria and the US investment environment, industry trends, and new economic opportunities. The Investment Summit features senior government officials, C-Suite business executives, and other strong political leaders from the 2 countries. The 2018 US Nigeria Investment Summit Themed: “Nigeria Is open for Business” was the maiden Edition Sponsored by the Nigerian Consulate, which drew over 700 attendees.The 2021 Investment Summit Themed, “Nigeria: The future of Global Business” will build on the success of 2018. With Topics ranging from infrastructure to workforce development will once again feature prominent industry experts and government officials from both countries.USNIIS is an organization of People, Purpose and Posterity that seeks to ensure that the significant potential in a US-Nigeria commercial, investment and trade engagement is fully and mutually realized. I believe that such an engagement will align this important purpose to long term posterity as it positively impacts the people of both great nations.

The Mission of the organisers is to host the most advanced and influential annual summits, bringing together the direct connection of national, state and industry policy makers and regulators, finance directors, economists, investors, industry leaders, corporations big and small, startups, entrepreneurs and influencers that impact the economic mission of both nations. The 2021 summit is expected to bring key representatives from the largest global sectors including healthcare, agriculture, ICT/Fintech, Education, Manufacturing, Infrastructure / Real Estate, media & entertainment, Transportation and Logistics etc. The trade and investment value of opportunities is expected to exceed $5B. While primarily targeted at US-Nigeria engagement, participants from around the globe are expected to participate
Finally, DIPLOMATIC DISCOURSE will focus on the promotion Foreign Direct Investments flows into Nigeria. My attractions here will be to promote trade, balance of trade with other nations on bilateral relationship that will promote business stimulation and increase in the employment prospects of our Youths and women. I will also focus on multilateral agencies and UN agencies like WHO, WTO, UNHCR, RED CROSS, INTERNATIONAL MONETARY FUND(IMF), WORLD BANK, USAID, EU CENTRAL BANK, EUROPEAN UNION etc. I will also focus on foreign immigration services and harsh treatment of Nigerians, foreign airlines and harsh treatment of Nigerians.
My promise here’s to provide unbiased incisive insights and forensic investigations into varied subject matters that will be treated here.