In a recent analysis published on December 7, 2024, President Bola Ahmed Tinubu's extensive foreign engagements have come under scrutiny, particularly regarding the effectiveness of Nigeria's trade agreements. Over the past 18 months, Tinubu has made 33 foreign trips to 18 countries, including signing a $1.2 billion cooperative agreement with Brazil on November 17, 2024, aimed at agricultural modernization. His diplomatic efforts have also seen him visit France five times and the UK four times. However, critics argue that these agreements have largely been inequitable, primarily benefiting Nigeria's exports of crude oil and raw minerals without substantial returns in other sectors. [4b064a4a]
Ambassador Joe Keshi has pointed out that Nigeria's trade progress pales in comparison to other nations, raising concerns about the country's economic strategy. Despite joining the BRICS alliance on October 24, 2024, and the potential for enhanced international collaboration, the effectiveness of these agreements remains questionable. The backdrop of international tensions, such as Donald Trump's threats of tariffs on BRICS partners announced on December 1, 2024, further complicates Nigeria's trade landscape. [4b064a4a]
Tinubu's cabinet reshuffle on October 23, 2024, has also been criticized as ineffective, failing to address the pressing economic challenges facing the nation, which include 18.3 million out-of-school children and high unemployment rates. Calls for investment in human capital and national planning have been emphasized as crucial for Nigeria's development. As Nigeria continues to navigate its foreign relations, the focus on trade agreements must shift towards creating more equitable partnerships that can yield tangible benefits for the country's economy. [4b064a4a]
In light of these developments, the recent agreements signed with France, which include over €300 million in financial and technical assistance for infrastructure and food security, may offer some hope. However, the overall effectiveness of Nigeria's trade agreements and their ability to foster real economic growth remains a critical issue that needs to be addressed. [4b064a4a]