Nigeria’s Foreign Policy And Gross Domestic Product In The Fourth Republic, 1999-2019: A General Appraisal

Abstract

Even when Nigeria’s successive administrations and regimes from independence to date have been making efforts  towards boosting internal revenue for growing the Gross Domestic Product (GDP) to serve as an effective launch-pad for the conduct of the country’s foreign policy and economic relations; yet the country’s GDP is largely dependent on the  proceeds from the sale of crude petroleum. The anticipated attraction of other foreign capital to grow the domestic economy; is far from being realized. With one of the longest civil democratic administrations (1999-2019), it was expected that domestic reforms embarked upon by successive administrations of the Fourth Republic would make the business environment clean enough for doing business where Nigeria’s foreign policy and economic relations will attract more Foreign Direct Investment that should be directed towards industrialization and manufacturing. A manufacture-driven economy will lead to the production of unique products in which the country has comparative competitive advantage in the international market. The sale of these unique products would earn for the country more foreign capital and expand its foreign revenue sources; as well augmenting the domestic revenue sources that will grow the GDP on a sustainable basis. The study is a qualitative one where document method was adopted in generating data for the study through secondary sources such as published books, academic journals, magazines, newspapers, periodicals, and internet facilities. The data generated was analyzed through discourse and explanatory methods. The concept of foreign policy, comparative administration theory and global political economy theory have been defined and clarified that served as anchors for the study. At the end, recommendations have been made towards diversifying the domestic revenue sources and expanding the country’s foreign revenue sources for increasing the GDP. Principal among which is the need for our political leadership and foreign policy managers to focus more on industrialization and manufacturing for the local manufacture of unique products in which the country has comparative competitive advantage in the international market. These made in Nigeria products and goods will then be exported for more and enlarged foreign revenue sources that will augment the diversified internal revenue sources that will lead to increase in the GDP.