The Economic And Diplomatic Gains Of President Bola Ahmed Tinubu Administration Under The Renewed Hope Agenda

On May 29, 2023, President Bola Ahmed Tinubu was inaugurated as the 16th President of Nigeria. President Tinubu swung into action to initiate and implement policies to transform governance in Nigeria in line with the campaign promises encapsulated in its theme “Renewed Hope Agenda.” The Tinubu administration also set out to contain threats to peace and stability in West Africa and Africa as well as retool Nigeria’s foreign policy direction to lead regional, continental and global quest for prosperity.

The foreign policy of the Tinubu administration is hinged on four cardinal approaches know as the 4-Ds Diplomacy Strategy. This policy is centred on promoting democracy, driving economic development, harnessing Nigeria’s demographic potential and engaging with the Diaspora community.

In the last 16 months, the administration has confronted numerous economic and security challenges impeding national development and to redefine Nigeria’s status in the international scene while rewriting the narrative about the country and her citizens abroad.

Notably, the 8-point Renewed Hope Agenda of the Tinubu administration provides a clear framework for its economic policies and programmes that focuses on job creation, economic growth, food security, and poverty eradication, access to capital, anti-corruption efforts and inclusive development.

President Tinubu embarked on high-powered international engagements where crucial decisions concerning Nigeria and the African continent were reached. The strategic trips have seen Nigeria seeking and sealing bilateral and multilateral partnerships.

These diplomatic trips have also been for other purposes, including expanding Nigeria’s defence and security relations as well as convincing investors about opportunities in the country. At every International forum, both the President and the Vice President have deployed their marketing skills to restore investors’ confidence in the country’s business climate.

During his visit to Beijing in September, President Tinubu signed bilateral deals with China and various Chinese companies to improve the national rail transport system, promote digital literacy, boost agricultural production, deploy the Beidou Navigation Satellite System, to improve national security as a means of promoting economic and social development as obtained in China, promote renewable energy, among other agreements. Both President Tinubu and his host President Xi Jinping also announced the upgrade of Nigeria-China relations to a comprehensive strategic partnership.

In November 2023, Nigeria participated at the 3rd Belt and Road Initiative Forum in China. There, Vice President Kashim Shettima drew foreign investors’ attention to the ease of doing business in Nigeria, revealing that today’s Nigeria is a safe investment destination for all investors.

There have also been alliances forged with Russia, France, the United States, South Korea, and BRICS+ bloc of Brazil, India, South Africa, Iran, Saudi Arabia and others.

Some of the successes recorded in these foreign engagements include the tripling of the Africa Development Bank’s (AfDB) agricultural interventions in Nigeria from $500 million to over $1 billion; attraction of 14-billion dollars in commitment from Indian firms during the G-20 Summit held in Delhi, India in September 2023.

Others are the decision by an American company, John Deere, to invest in Nigeria’s agriculture sector by setting up a tractor assembly plant in the country, and China’s renewed commitment to the completion of the long-awaited Lagos – Ibadan, Abuja-Kano and Port-Harcourt-Maiduguri railway projects.

With this attraction of foreign direct investments, Nigeria now boasts of vast opportunities for economic growth in technology, automotive, infrastructure, power generation, security, oil and gas production, transportation, agriculture, tourism and other sectors. This underscores the growing confidence of International partners in Nigeria’s economic and their desire to invest more resources.

On diplomacy, analysts have acknowledged President Tinubu’s Renewed Hope Agenda for expanding Nigeria’s foreign policy thrust beyond its decades-old Afro-centric focus to a much broader 4-D doctrine. According to them, the doctrine is proving successful in promoting democracy in West Africa while seeking to restore military-led countries in the region back to democratic governance. They also praise the doctrine for forging alliances and partnerships with multilateral organisations, other countries and the Diaspora community, with the overall aim of ensuring the accelerated development of Nigeria and Africa.

The engagements are equally tapping the demography of the national population, creating opportunities for youths in the creative, technology, agriculture and other key sectors. The President Tinubu administration similarly engaged the Diaspora community to drive home economic, technology and manpower growth. The move received a significant boost which explains the 20 billion dollars Diaspora remittances recorded in 2023.

The 4-D Diplomacy Strategy of President Bola Tinubu Administration represents a significant redefinition of Nigeria’s foreign policy direction. While it prioritises Nigeria’s position on current regional, continental and global issues, it has also begun to yield economic gains and earn diplomatic respect for Africa’s most populous country and the largest economy.

President Tinubu’s administration has set a new foreign policy agenda for Nigeria in the eyes of the world. He needs the support of all to ensure that the 4-D Diplomacy strategy succeeds to serve the increasing need for foreign direct investment flow to Nigeria that will benefit all.