THE ROLE OF MINISTRY OF FOREIGN AFFAIRS IN THE CONDUCT OF NIGERIA ECONOMY DIPLOMACY 1999-2022
Abstract
This study explored the role of the Ministry of Foreign Affairs in the conduct of Nigeria's economic diplomacy, with a focus on how the Ministry facilitates foreign relations that impact economic growth, trade, and investment. The study was guided by three objectives which were set to: identify the key drivers; assess the achievements and. identify the factors inhibiting the effectiveness of the Ministry of Foreign Affairs from promoting Nigeria’s economic interests via economic diplomacy. The is anchored on the Dependency theory and made effective use of secondary data collection and content analysis. Findings reveal that: .the key drivers of the Ministry of Foreign Affairs' (MFA) economic diplomacy include national interests, global economic integration, foreign direct investment (FDI) promotion, trade expansion, development cooperation, and geopolitical strategy. Furthermore, the MF plays a critical and increasingly indispensable role in Nigeria’s economic diplomacy. However, the MFA is confronted with challenges such as inadequate funding, institutional overlaps, and insufficient diplomatic training. It was therefore recommended among others, that MFA’s institutional capacity should be strengthened in order to enhance its synergy with other economic ministries and agencies towards maximizing Nigeria’s gains from global economic engagement.
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