The dynamics of economic diplomacy in developing coutries: the case study of Nigeria

Abstract

As new economic challenges develop within the domestic and international systems in the last couple of years and particularly in recent times, as evidenced by Nigeria where a complex array of new realities and trends dictates new approaches and strategies in internal restructuring and economic relationship, it necessitates profound reformation and adjustment in the management of the interplay of internal factors with external dynamics to evolve a viable national economy. This study examines the trends, the success and constraints of Nigeria’s strategies and approaches in managing the interplay of its internal factors with external dynamics to evolve a viable national economy. The study is based on the assumption that the interplay of internal factors with external dynamics shapes and re-shapes nations. The economic constraints facing Nigeria and other developing countries since independence continue to generate a debate that is marked by two schools of thought. Firstly, the dependency theory which holds the view that openness to colonialism and neo-colonialism, was the major cause of the new nations economic backwardness. As such, delinking from the core nations will be an option for economic development. Secondly, by 1970s, the neo liberal view gained ground that as developing countries lack investment capital, skilled workers, infrastructures, internal political stability, there is a need for internal reformation and opening up to foreign technology transfers. To face the economic challenges of the time, Nigeria adopts the neo liberal school of thought. The study is based on a qualitative research design and utilizes content analysis of primary and secondary data. The study reveals that Nigeria’s strategy and approach to economic diplomacy have not been yielding the desired results, due to some structural and leadership problems such as the lack of social infrastructures, political stability, and the spirit of patriotism and nationalism among the leaders.