BIYI ADEGOROYE 
As the elation which greeted President Bola Tinubu’s recent strategic diplomatic moves at the G-20 Summit continues, BIYI ADEGOROYE, argues that no efforts should be spared at bringing the vital promises to fruition
After about a decade of dwindling Foreign Direct Investment (FDI) and less visibility in the international arena, Nigeria may has returned to assert its pride of place as one of big players with President Bola Tinubu’s recent moves on the sidelines of the G-20 Leaders’ Summit and other activities across the globe.
According to figures from the National Bureau of Statistics, FDI into Nigeria plummeted by 33 per cent in 2022, and since 2015, it has plunging further to $468 .91 million, considered the lowest in the last nine years.
It is for this reason and more that the just-concluded G-20 summit, which paraded the world’s largest economies in the European Union, developing and developed nations alike, provided an opportunity to change the decline by attracting more FDI into the country.
Also of great relevance were the six items on the agenda discussed at the summit – green development, climate finance and life; accelerated, inclusive and resilient growth; accelerated progress on Sustainable Development Goals; technological transformation and digital public infrastructure and multilateral institution for the 21st century.
Bearing in mind the fact that a major element of the contemporary world in this age of globalization is interdependence in major areas of life, the summit presented opportunities for the country to once again package and sell itself to world leaders, global investors and open doors to its citizens across the borders.
Obviously, Nigeria did not take the backstage in global matters for various reasons. First, it is the largest black nation in the world and a veritable investment hub, in view of its over 200 million population, a large market, its numerous mineral resources and leadership position in Africa.
It was, thereby not unusual that President Bola Tinubu, in conformity with his role of chief marketer at the summit opened the country to investors, with a plain cry: “We are ready to give you the best returns for investment possible, there’s nowhere else like our country,” From the outset, Tinubu never concealed his focus as he declared: “We will leave nothing hanging.
We will finalise what we agree to and we will execute. We will work point-by-point with you to secure rapidly implementable MoUs across sectors of partnership that will involve the active presence of your biggest firms, not just in terms of Nigerian consumption, but in local Nigerian production, from telecommunications to technology, and oil & gas.”
It therefore, didn’t amaze anyone that President Tinubu immediately gained the confidence of world leaders like US President Joe Biden, Indian Prime Minister, Narendra Mordi and German Chancellor, Olaf Scholz and many orders at the summit. And elated Biden said the meeting provided an opportunity for US to reinforce its commitment to “enduring US-Nigeria relationship, and to the long-standing friendship between our two countries and peoples.”
Without ignoring Nigeria government’s efforts to reform its economy, Biden also commended Tinubu for taking steps Nigeria and providing strong leadership as the chairman of ECOWAS to defend democracy and rule of law in the subregion.
Strategic partnerships were evidently formed during the meeting goading Olaf Scholz and Narendra Mordi, and their investors to make some pledges. Excited, Mordi acknowledged President Tinubu’s important discussion, and appreciated this rare opportunity to advance our economic relations.
He told the Nigerian leader, “Your market is unique and our companies have a history in Nigeria. We acknowledge the business-friendly reforms you have put in place. I am happy to inform you of my desire to visit you in Nigeria in October, which will allow us to carry forward these initiatives “It is not, for us, only a matter of de- signing the financial architecture for an expanded economic partnership.
It is also about the practicality of aligning the perspectives of your large-scale manufacturers, such as Volkswagen and others, with the reality of the new incentives my government is putting in place for them to come and prosper across multiple value chains and sectors inside of our country.” Altruistically, President Tinubu was able to secure the commitment of consortium of Indian investors to put $1.6 billion into Nigeria’s beleaguered power sector.
This is very promising given the critical position and impetus increase this can give to our current abysmal 5,000 megawatts energy supply in the same continent where South Africa with a population of 60 million is generating 59, 000 megawatts. Scholz, the German Chancellor in particular, made a pledge to visit Nigeria in October, with German businessmen establishment of news companies and resuscitation of the moribund German auto company Volkswagen would top the agenda.
Apparently intrigued by the specific economic focus of the President’s proposal, German Chancellor, Olaf Scholz, responded by acknowledging the mutually-beneficial nature of an escalation in the scale of economic ties with Africa’s largest economy. On his part, the South Korean President responded in agreement, noting specifically that Nigeria’s education, technology and energy sectors are of utmost interest to South Korean investors and that he would mobilize his business community to take advantage of new Nigerian incentives for local industry.
At the end of the shuttle, Nigeria secured nearly $14 billion of pledges from Indian investors and seeks an economic cooperation pact with the South Asian nation. India’s Jindal Steel and Power committed to pump $3 billion into Nigeria’s steel sector and Indorama Corp plans to invest an additional $8 billion to expand its petrochemical facility in the West African country, spokesperson Ajuri Ngelale said. Similarly, Kipperseil Ltd’s founding Chairman, Jitender Sachdeva, and India’s Bharti Enterprises each pledged $1.6 billion over four years to build power generation plants and $700 million in Nigeria, respectively.
Reports have it that in a separate deal, Nigeria approved a $1 billion partnership agreement with the Indian government to help the Defence Industries Corporation of Nigeria attain 40 per cent self- sufficiency in local manufacturing and production of defence equipment in three years.
In the same breath, Tinubu scored another bull’s eye, when during his visit to the UAE, he found diplomatic resolution between Nigeria and United Arab Emirates after a discussion with Mohamed bin Zayed Al Nahyan and got reversal of visa ban on Nigeria.
Coming after the ban imposed by the UAE in October 2022, the reversal means that henceforth there would be direct flights and trade between both countries. Diplomatic shuttle of this nature, especially with its component communication across the borders with state and non-state actors provides opportunities for enhancement of mutual economic, political, technological and social development.
It was one window of opportunity Tinubu optimally utilised. Exciting major achievements at the summit have been, it is worth mentioning that President Tinubu’s choice of Foreign Affairs Minister in the person of Ambassador Yusuf Maitama Turggar, a professor on International Relations and former Nigeria’s ambassador to Germany, paid off during the visits.
The Organized Private Sector (OPS), wants the Indian investors to be committed to the pledge of sum of $14 billion in direct investments in critical sectors encompassing steel, petrochemicals, electricity, and agriculture, has instilled a sense of pride in the organized private sectors and Nigerians at large.
The President / Chairman of Council Lagos Chamber of Commerce and Industry (LCCI), Dr. Michael Olawale-Cole said that these proposed investments are certain to have positive impacts on job creation, economic development, and the diversification of the nation’s economy.
Olawale-Cole commended the sterling leadership already shown by President Tinubu at the global stage in the areas FDIs and infrastructure assistance to Nigeria’s economy, saying this is the true leader, the country’s private sector operators have been yearnings for, in his move to turn around the country’s GDP positively post COVID-19.
He said: “The outcome of the meetings President Tinubu had with the leaders of the US, Germany, and South Korea, alongside the Indian investors, who have committed to providing a substantial sum of $14 billion in direct investments in critical sectors encompassing steel, petrochemicals, electricity, and agriculture, have instilled a sense of pride in the OPS and Nigerians at large.
These proposed investments are certain to have positive impacts on job creation, economic development, and the diversification of the nation’s economy.” In his reaction to the development, a Professor of International Relations, Tunde Oseni, described this as diplomacy and the politics of low-hanging fruits.
In particular, he said: “Commendable diplomatic resolution between Nigeria and United Arab Emirates; what led to the diplomatic bedlam should not be allowed to rise again. Bravo, Asiwaju Bola Ahmed Tinubu, President, Federal Republic of Nigeria and his UAE counterpart, Mohamed bin Zayed Al Nahyan Beyond the lift on visa ban, we are told both countries are now perfecting bilateral investment deals (high-hanging?) worth of billions of dollars.
Contrary to the Afro-centric nature of Nigeria’s foreign policy since independence where repeatedly played the big brother role in fighting for independence of other African nations, defence of democracy therein, and later non-align status, Tinubu’s reinvigorated focus on and promotion of Nigeria’s national interest, especially through economic diplomacy is cheery to many.
As Nigerians await the realization of these economic diplomatic moves, observers believe that the country’s internal matters, security, economy, infrastructural development, power supply and good governance should receive urgent attention. After all, it is a given in International Relations that a country’s foreign policy is a continuation of domestic policy.
