ECONOMIC DIPLOMACY AND CONDUCT OF NIGERIA’S EXTERNAL RELATIONS: ANALYSIS OF THE NATIONAL ECONOMIC EMPOWERMENT AND DEVELOPMENT STRATEGY (NEEDS)

ABSTRACT The study examine Economic Diplomacy and conduct of Nigeria’s external relations: analysis of 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 study employed primary data and a simple statistical package for social science SPSS and content analysis were used. The study population was 5,454 respondents were sampled using Krejcie and Morgan Table. The dependency theory posits that developing countries like Nigeria are dependent on developed countries for economic growth and development. In the context of economic diplomacy, Nigeria would seek to reduce its dependence on developed countries by promoting economic cooperation with other developing countries and diversifying its economy 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.