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| Nigeria's Foreign Policy Impediments: Examining The Debt Relief Deal And Ceding Of Bakassi |
Ogbulu, Udu & Eze, Raphael C. Ph. D
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Abstract:
The immediate and long-term impacts of the Nigeria's Debt Pardon deal and the Ceding of Bakassi Peninsula, as well as the non-implementation of the Nigeria's overall foreign policy objectives necessitated this research. To ascertain impediments to the realisation of the country's foreign policy objectives, the paper adopted the dependency theory, extracted data from secondary sources and applied content analysis. The study reveals the dependent military and economic conditions as major impediments. It also reveals that foreign interests and internal contradictions informed the two foreign policy actions/decisions. On the surface, these decisions were intended to engender development at home through stock, flow, and conditionality channels and the International Court of Justice. Furthermore, the paper reveals that these impediments necessitated the outcome of the foreign policy decisions. Finally, finding confirms Arslanalp and Henry's (2003a) submission that debt relief is unlikely to stimulate investment and growth in the world's heavily indebted poor countries. The implication was economic, social, demographic, security and developmental deterioration. The paper recommended a comprehensive overhaul of the military architecture to reflect the current global demand. It also recommended diversification and industrialisation of the country's economy to boost foreign revenue earnings.
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