External debt and Nigeria's foreign policy in the fourth republic (1999-2017).
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Date
2019
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
International relations,Obafemi Awolowo University
Abstract
This study identified and examined the linkages, if any, between external debt and Nigeria’s foreign policy from 1999 to 2017. It also examined the politics that surrounded external debt relief and established the extent that external debt burden and debt servicing had impacted on the content and direction of Nigeria’s foreign policy during the period. It further ascertained the level of success, or otherwise, of the various mechanisms adopted to tackle Nigeria’s external debt crisis in the period under review. These were with a view to enhancing understanding of the nexus between external debt and Nigeria’s foreign policy.
The study adopted the descriptive research design and dependency theory in explaining the connection between external debt and Nigeria’s foreign policy. Furthermore, primary and secondary data were used in the study. The primary data were sourced through in-depth interviews from 12 respondents. The study areas included the Ministry of Foreign Affairs, Debt Management Office and the Central Bank of Nigeria, all located in Abuja. Descriptive analysis was utilised to analyse the data collected.
The results established a clear linkage between external debt and Nigeria’s foreign policy by showing how indebtedness weakened the country’s capacity to forcefully pursue national interests and project influence in the international arena. Secondly, the results revealed that the debt relief and Paris Club debt exit were highly politicised, as Nigeria was accorded unequal treatment in comparison with other countries with similar debt sustainability parameters and per capita income level. However, the study revealed that Nigeria’s foreign policy did not change in content within the period under review (1999 to 2017) despite the country’s external debt profile. Rather, there were slight changes in the style of implementation of external relations with the outside world. Finally, the results revealed that the various external debt management strategies that were employed in the period under review did not produce the required effect of putting the Nigeria external debt profile in check, as her debt profile continued to witness a steady increase.
The study concluded that the nexus between external debt and foreign policy had no considerable changes in the substance and contents of the Nigeria’s foreign policy.
Description
xii,88pages
Keywords
Debt, Foreign policy, External debt, Paris club, Central bank
Citation
Akinwande,A O(2019).External debt and Nigeria's foreign policy in the fourth republic (1999-2017).Obafemi Awolowo University