Impact of Nigeria's Foreign Policy on the Management of Nigeria's Economy
Abstract
This study examined the impact of Nigeria’s foreign policy on the management of Nigeria’s economy with emphasis on how external relations influence economic development, trade performance, investment inflows, regional integration, and overall economic governance. Foreign policy remains a strategic instrument through which states pursue national interests and promote economic prosperity within the international system. Since the return to democratic governance in 1999, Nigeria’s foreign policy has increasingly incorporated economic objectives aimed at attracting foreign investment, expanding international trade, strengthening diplomatic relations, and enhancing regional and global economic cooperation. Despite these efforts, persistent economic challenges including dependence on oil exports, exchange rate instability, unemployment, and external economic shocks continue to raise questions regarding the effectiveness of foreign policy in achieving sustainable economic outcomes. The study adopted a qualitative research design and relied exclusively on secondary sources of data obtained from academic journals, government publications, policy documents, reports of international organisations, textbooks, conference papers, and credible institutional databases. Data were analysed using thematic content analysis to identify patterns and themes relating to foreign policy implementation and economic management. Findings revealed that Nigeria’s foreign policy has contributed to economic management through diplomatic engagement, international trade promotion, foreign direct investment attraction, regional economic integration, and strategic economic partnerships. However, the study found that policy inconsistency, overdependence on crude oil exports, weak institutional implementation, global economic volatility, and domestic political constraints have limited the economic gains derived from foreign policy engagements. The study concluded that effective foreign policy remains an essential instrument for economic management but requires greater strategic alignment with domestic economic priorities. The study recommended stronger economic diplomacy, diversification of export markets, institutional reforms, and improved integration between foreign and domestic economic policies.
Keywords
References
More Articles from JOURNAL OF POLITICAL SCIENCE AND LEADERSHIP RESEARCH
Author: Michun Wakili Dickson, Sabo Okonu 3Irene Chinasa Kekeocha-Christopher
Author: Hellen Wobiareri Ehule, Ph.D, Didia, Sofunichi, Ph.D
Author: Anireh, Uchenna Nicholas, Onwuanaku, Blessing, Happiness Nwanyi Elekwachi
Author: Richard ThankGod Wabali Chimezie Chukwuemeka Eze
Author: Love Obiani Arugu Ph.D, Ayandeji Lateef Akanbi Ph.D
