For the doubting Thomases who still question the foreign policy direction of President Muhammadu Buhari’s administration, the recent trip by Mr. President to the United Arab Emirate where a range of bilateral agreements were signed between Nigeria and UAE signposts a new paradigm shift. Recall that in the era of the cold war between the West and the Soviet Union, Nigeria maintained a policy of non-alignment. Till today the policy has not changed, and this includes the policy of Africa being the centrepiece of Nigeria’s foreign policy.
In the present world order, where alignments and realignments amongst countries has become the rule rather than the exception, it is gratifying that President Muhammadu Buhari has deemed it fit to explore new frontiers in Nigeria’s quest to develop new areas of friendly bilateral relations.
On his recent official visit to the United Arab Emirate, President Buhari gave expression to his diplomatic deftness arising from several years of experience by committing the UAE, the world’s most attractive business, investment and tourism destination to reciprocate over twenty years of Nigeria’s diplomatic relations by signing several landmark agreements ranging from Mutual Legal Assistance treaty, repatriation of illegally acquired wealth, to exchange of prisoners among others.
Having developed an elaborate template for Nigeria-UAE relations, the ball has been set rolling to enable both countries mutually benefit from their diplomatic ties. On the scale of balance, Nigeria stands to benefit immensely – one from the expertise or development template which has catapulted the Arab nation to the very pinnacle of architectural and infrastructural development in the whole world.
Secondly, with over $800 billion in the Sovereign Wealth Fund of UAE, Nigeria can tap into it, more so, with the dwindling fortunes in global oil market.
Thirdly, Nigeria can explore the treaty on mutual legal assistance to repatriate billions of dollars of stolen funds back to our country, thereby, further boosting the economy. In totality, we can draw the conclusion that this is a win-win relationship.
In the area of trade, these agreements will enhance Nigeria’s balance of payment with United Arab Emirate considering the fact that we can begin to export several of our locally-made products to them, and earn the elusive foreign exchange.
It is an established fact that the total dependence on oil as the source of foreign exchange has been the bane of Nigeria’s economy. Today, there is a glimmer of hope based on the fact that President Buhari’s government has made diversification the cornerstone of the nation’s economy.
Nigeria’s renewed cooperation with the United Arab Emirate is a good step in the right direction as it will defiantly help to unleash the dormant economic potentials in our country.
For example, the bilateral agreement on trade between both countries will facilitate the exchange of goods and services on both sides. In this regard, Nigeria stands to gain immensely given the fact that we now have opportunity to export our abundant natural resources and locally manufactured goods.
Additionally, as a growing real estate market, Nigeria will not only tap from the expertise and developmental strides recorded by UAE, but this lucrative market will be opened for foreign direct investments by UAE investors and those from other countries. In all of these, both countries stand to benefit in a win-win situation.
As a people, we must applaud President Buhari for this singular vision and indeed his numerous efforts at repositioning Nigeria as Africa’s hub for businesses and investments.
Another aspect of the bilateral agreement which promises to benefit Nigeria most is the mutual legal assistance on repatriation of stolen funds. With an estimated N200 Billion of Nigeria’s stolen wealth stashed in the United Arab Emirate Nigeria is at once in a position to legally seek for the return of such illicitly-acquired humongous wealth.
In this era of dwindling oil fortunes, any sizeable chunk of the money returned to Nigeria will greatly help in revitalising our dilapidated infrastructure like roads, power, water, housing, schools, hospitals, universities, polytechnics and other critical areas.
It takes the commitment of an honest leader like President Buhari to veer off from the comfort zone of solely depending on western world, IMF or World Bank and explore new areas of business and diplomatic cooperation for the overall development of the country.
The signs are already showing that if given the much needed support, President Buhari, and his team are poised to once more elevate Nigeria to a level of respect and awesome upliftment in overall national development. He has set the ball rolling with the bilateral agreements already signed between Nigeria and UAE, and in no distant time, his example will signpost a beacon of direction for other African countries.
. Enekwechi is an Abuja-based journalist and politician and can be reached via kwechis19@yahoo.com.
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