FG prioritizing economic diplomacy to attract investment, enhance trade – Foreign Minister

By Ochiaka Ugwu

Nigeria is prioritizing economic diplomacy to attract foreign investment, enhance trade partnerships, and secure development financing, the Miniter of Foreign Affairs, Amb. Yusuf Maitama Tuggar has said.

Tuggar who made this known recently at Inaugural Session of the Agora Policy Forum Nigeria’s Foreign Policy at a Time of Global Uncertainty Strategic Autonomy in a Multipolar World in Abuja with the theme: “Nigeria’s Foreign Policy at a Time of Global Uncertainty” said Nigeria’s foreign policy had traditionally been anchored on Africa as the centerpiece, supported by non-alignment, economic diplomacy, and global multilateralism, but insisted that while these principles remain relevant, they must evolve to reflect the realities of the time.

Tuggar said, “As global power shifts toward multipolarity, Nigeria must assert greater strategic autonomy in its international engagements. We are strengthening our bilateral relations with emerging powers like China, India, and Brazil while maintaining constructive partnerships with the United States, the European Union, and traditional allies.

“We aim to ensure that Nigeria is not merely a passive actor in global affairs but an active shaper of outcomes that align with our national interests.

“With the increasing volatility in global markets, Nigeria is prioritizing economic diplomacy to attract foreign investment, enhance trade partnerships, and secure development financing.

“The implementation of the African Continental Free Trade Area (Afcfta) presents a unique opportunity for Nigeria to consolidate its position as a regional economic hub.

“An important case in point, especially regarding diversification and the creation of new markets, is the Trans-Saharan gas pipeline (TSGP; also known as the NIGAL pipeline and the Trans-African gas pipeline). The project is a planned natural gas pipeline from Nigeria to Algeria.

“The Nigeria-Morocco Gas Pipeline (NMGP) is a proposed 5,660 km long pipeline project that aims to transport natural gas from Nigeria to Morocco, potentially connecting to the European gas network via the Maghreb-Europe Gas Pipeline. Both projects present a unique opportunity to diversify Europe’s gas supplies – and represent potent physical symbols of Nigeria’s place in a new international order.

“Beyond trade, economic diversification remains a core priority. To reduce overreliance on hydrocarbon revenues, we are deepening engagement with global partners in renewable energy, technology transfer, and industrialization. Economic diplomacy is not just about investment flows; it is about ensuring that Nigeria is well-positioned to benefit from emerging global value chains” he said.