The confluence of President Ahmad Bola Tinubu and Vice President Kashim Shettima in their collaborative endeavours on the international and domestic fronts is a subject of considerable analysis. This is due to the fact that their high-level dialogues with world leaders and their pronounced emphasis on the establishment of international relationships bear immense implications for the trajectory of Nigeria. A dispassionate examination of these interactions reveals their critical economic importance and the potential to bolster Nigeria’s standing on the global stage.
President Tinubu’s strategic engagements with notable figures such as Mr Gopichand Hinduja during his visit to India for the G20 Summit are indicative of a pragmatic and well-thought-out approach. These dialogues are not mere pleasantries but rather strategic efforts to attract foreign investments into the Nigerian economy.
It is a fact that foreign investments can be a catalyst for economic growth. Statistics from the World Bank indicate that Foreign Direct Investment (FDI) in Nigeria has reached approximately over $2.4 billion. Such investments are not only substantial sources of revenue but also potential generators of jobs, a salient need for a nation grappling with unemployment. This underscores the pivotal role of these interactions in addressing a pressing socioeconomic issue and enhancing the living standards of Nigerians.
The creation of a business-friendly environment, a cornerstone of President Tinubu’s diplomatic finesse, cannot be overlooked. It is a strategic move aimed at attracting international businesses and investors. The allure of Nigeria’s vast market potential, coupled with the indomitable spirit of its industrious population, is recognized by experts in the field as a magnet for foreign investments.
According to the United Nations Conference on Trade and Development (UNCTAD), Nigeria has been a top recipient of Foreign Direct Investment (FDI) in Africa, with investments totaling over $3.3 billion. The importance of these diplomatic interactions is thus underscored by the potential for significant economic growth and prosperity.
Equally significant are President Tinubu’s discussions with world leaders at the G20 Summit. His dialogue with presidents and delegations from South Korea, Germany, and the European Union underscores his dedication to forging global partnerships. The rationale behind this is clear: international cooperation has the potential to be mutually beneficial, leading to global prosperity.
A report by McKinsey & Company highlights the importance of such partnerships in addressing global challenges and fostering economic growth. The potential to elevate Nigeria’s global standing and positively impact the international community cannot be underestimated.
The diversification of Nigeria’s international relationships, as evidenced by President Tinubu’s meeting with Prime Minister Narendra Modi of India, serves as a safeguard against global uncertainties. By broadening the nation’s diplomatic horizons, Nigeria is better equipped to ensure resilience and stability. This diversification also aligns with economic growth, as statistics from the International Trade Centre indicate that Nigeria’s trade with India was valued at over $14 billion in 2019. These diplomatic efforts, therefore, assume a position of strategic importance in Nigeria’s quest for sustainable development.
One of the most crucial accomplishments in President Tinubu’s portfolio lies in the initiation of a new era of collaboration between Nigeria and the United Arab Emirates (UAE). The potential agreements, including the possible lifting of the visa ban, the resumption of flight schedules, and substantial investments into the Nigerian economy, are monumental. Notably, the UAE was Nigeria’s largest trading partner in the Middle East in 2019, accounting for $1.2 billion in trade. These collaborations bear the potential to create a positive domino effect in the form of job creation, economic growth, and the overall well-being of Nigerians.
President Tinubu’s address to fellow world leaders at the United Nations General Assembly, which emphasizes the significance of Africa in global affairs, underscores the importance of Nigeria’s positioning as a key player on the world stage. This plea for inclusivity and cooperation is supported by historical facts and the economic significance of the African continent.
Africa’s GDP, as cited by the African Development Bank, is projected to reach $3.4 trillion by 2030. Thus, by advocating for Africa’s rightful place in international relations, President Tinubu advances a cause that is not only significant for Nigeria but has broader implications for the global order.
Turning to Vice President Kashim Shettima’s domestic role, his unwavering focus on science, technology, and innovation is intrinsically forward-looking. His recognition of the pivotal role played by these elements in addressing contemporary challenges and his steadfast dedication to fostering a vibrant knowledge-based economy in Nigeria is buttressed by evidence from various indices.
A study by the World Intellectual Property Organization (WIPO) reveals that innovation contributes significantly to economic growth, with a clear correlation between innovation and the Gross Domestic Product (GDP) of nations.
Also, Vice President Shettima’s unwavering support for Nigerian scientists and their contributions to mRNA vaccine production is a proactive step in addressing pressing health challenges. The significance of vaccine production goes beyond immediate health concerns. It has the potential to foster growth in the pharmaceutical sector.
Statistics from the International Finance Corporation (IFC) indicate that Africa’s pharmaceutical market is expected to reach $45 billion by 2030. By positioning Nigeria as a hub for vaccine production, Vice President Shettima not only addresses health needs but also paves the way for substantial economic growth and self-reliance.
In addressing the climate crisis, Vice President Shettima’s backing of initiatives such as the Climate Action Africa (CMA) Labs signifies a proactive stance on environmental sustainability. This paves the way for international collaboration and investment, considering the global consensus on climate action.
The economic importance of these endeavors, by the two leaders, is underlined by their potential to attract investments, foster international collaborations, and elevate Nigeria’s global standing.
It is, therefore important for them to continue the efforts to diversify international relationships and attract investments should be maintained. This can be bolstered by exploring trade agreements and creating a favorable business environment.
Secondly, Vice President Shettima’s emphasis on science, technology, and innovation should be coupled with investments in research and development to ensure Nigeria’s position as a hub of technological advancement. Thirdly, the support for vaccine production and climate-resilient solutions should be accompanied by policies that incentivize and facilitate these initiatives.
Dr Hassan wrote from Gombe
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