Nigeria in Search of Revival Beyond its Borders
Nigeria is currently collaborating with friendly nations in Europe, Asia and Africa with a view to having bilateral relationship that will be sustainable. Michael Olugbode reports.
John Donne’s Meditation 17 emphasized the importance of the interdependence of man, society and states in the quote: “No man is an island, entirely of itself; every man is a piece of the continent, a part of the main.” This is further echoed in song of Dennis Brown, Warp 9, Tenth Avenue North, and The Lettermen, among others.
The fact is that each country is a tributary that flows into a major ocean that is the earth, we all depend on one another to do well individually or in its entirety.
This is captured in the ideal of Globalization, which refers to the increasing interconnectedness of the world’s economies, societies, and cultures.
It’s driven by advances in technology, trade, and investment, and has led to the free flow of goods, services, and ideas across borders.
At the inception of President Bola Tinubu’s administration on May 29, 2023, Nigeria’s economic situation was marked by significant challenges and yearning for reforms and lifelines with the country’s growth rate having decreased from 2015 to 2022, with a flattened GDP per capita due to policy missteps and external shocks like the COVID-19 pandemic and Russia’s invasion of Ukraine.
The poverty rate was estimated to be around 38.9% in 2023, with approximately 87 million Nigerians living below the poverty line. Nigeria faces significant development challenges, including limited access to education, healthcare, weak job creation, and inadequate infrastructure.
It was as if the nation’s economy was in the operating theatre and on oxygen. There was need for drastic measure and interventions to revive the economy and the new administration was left with no other option but to introduce bold reforms to re-establish macro-economic stability and growth.
These reforms included eliminating gasoline subsidies, unifying the exchange rate, and tightening monetary policy.
Despite these efforts, inflation remained high, increasing hardship and poverty, and there was an inevitable need to seek help from across the border.
This called to task the Ministry of Foreign Affairs to shaping Nigeria’s global standing and advancing the nation’s strategic interests across the world. The ministry which has at its helm, a seasoned diplomat, Ambassador Yusuf Tuggar was left with the arduous task of promoting economic growth, national security, diplomatic relations, and engagement with global partners, and to position Nigeria as a force to be reckoned with on the international stage.
The task was taken with all seriousness it deserved and remarkable diplomatic achievements, investments, and key partnerships that are expected to have a profound impact on Nigeria’s long-term growth and stability have been made.
Reeling out his achievements recently, Tuggar said one of the ministry’s primary responsibilities has been to facilitate investment and economic partnerships that contribute to Nigeria’s growth and development, pointing out that in this regards the ministry has successfully secured a range of significant investment deals and forged strategic relationships with key global players.
He noted that the ministry played a pivotal role in facilitating $14 billion worth of investment commitments from three Indian investors across diverse sectors, including ICT, agriculture, power, steel and manufacturing, defense, telecom, space communications, digital solutions, insurance, processed foods, real estate, and
hospitality, stating that this massive investment is expected to not only provide substantial financial returns but also stimulate job creation and technological innovation within Nigeria.
Tuggar said a €250 million investment was secured from the Netherlands to boost existing businesses in Nigeria, creating further opportunities for economic growth.
The minister added that the ministry has successfully secured CEO roundtables with global investors; these include events such as the Bloomberg CEO roundtable scheduled for the second quarter of year 2025 and the World Economic Forum (WEF) in October, 2025, promises that these fora will reinforce Nigeria’s role in global economic discussions and solidify its position as a critical player in the global marketplace.
He said the ministry has facilitated two significant Memoranda of Understanding (MOUs) with Saudi Arabia that will have long-lasting economic implications for Nigeria. These agreements focus on oil and gas, where Saudi Arabia will invest in the reconstruction of Nigeria’s four decrepit state refineries. Furthermore, the Saudi government will provide financial support for Nigeria’s foreign exchange reforms, which will help stabilize the national currency and promote economic growth.
The minister said: “Additionally, a $2 billion investment with Germany on the Nigeria-Siemens Power Project aims to revamp the nation’s power sector, enhancing electricity supply and reliability,” has been initiated.
Tuggar said in the area of Asset Recovery and National Development, the ministry has successfully facilitated the repatriation of $52.8 million in stolen assets from the United States, an effort that was finalized in January, 2025, noting that these funds will be utilized for national development projects through a World Bank grant to support the rural electrification agency, benefiting over six million households, insisting that this achievement demonstrates the ministry’s commitment to tackling corruption and ensuring the effective use of recovered assets for national benefit.
He said another major achievement of the ministry was the country signing of a pact with Saudi Arabia to tap into the $7.7 trillion halal economy, explaining that this cooperation will position Nigeria as a
leading player in the global halal market, opening doors to trade and investment in halal-certified products.
Strengthening National Security for Peace and Stability
The minister said his ministry also took significant steps to enhance Nigeria’s national security and regional stability through its diplomatic efforts. He insisted that ensuring the safety of Nigeria and the West African region has been central to the ministry’s objectives, and in line with this, the ministry in February, 2024 organized an emergency ECOWAS Summit to address the political crises in West Africa, specifically focusing on withdrawing sanctions imposed on breakaway countries in the region, adding that this initiative helped avoid a potential humanitarian crisis and took a major step toward normalizing relations in the sub-region.
On Military Support and Security Cooperation, Tuggar said the ministry of foreign affairs worked closely with Russia, which agreed to provide military support, equipment, and training for Nigerian forces to enhance national and regional security.
He revealed that this support extends to the Multinational Joint Task Force (MNJTF), further solidifying Nigeria’s strategic autonomy and military capabilities.
The minister said in the area of Promotion of Democratic Principles, the ministry has led the nation’s role in promoting democratic principles across the African continent by backing a proposal on Unconstitutional Change of Government (UCG) at the AU Summit in February, 2024. He added that Nigeria also facilitated Senegal’s peaceful transition to democracy, showcasing its commitment to regional stability.
Tuggar stated that the ministry has been in the forefront of initiatives aimed at improving food security, promoting investment by facilitating the establishment of a Joint Business Council (JBC) between the Qatar Chamber of Commerce and Industry and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture
(NACCIMA), stating that this partnership will enhance trade relationships, create investment opportunities, and bolster agricultural output in Nigeri.
The ministry secured agreements with China regarding the phytosanitary requirements for the export of Nigerian peanuts to China, opening up new markets for Nigerian agricultural products, and had a collaboration with Brazil and FGV Europe focused on fertilizer production, hybrid seed development, and agricultural financing, promoting private-sector-driven growth in Nigeria’s agricultural sector.
It also achieved the signing of the commercial phase of the $1.1 billion Green Imperative Project deal to boost agriculture productivity and enhance private-sector
investment in Nigeria.
The Ministry’s efforts in the energy sector have been essential in securing Nigeria’s energy future and diversifying its energy sources to reduce dependence on oil.
The ministry has formalized an MOU between Union Bank of Nigeria and Germany’s DWS Group to promote renewable energy investments in Nigeria.
Additionally, collaborations with Chinese companies, such as Shanghai Launch Automotive Technical Co. Ltd, have positioned Nigeria as a key player in the electric vehicle sector.
Tuggar noted that President Tinubu’s approval for the deployment of 100 electric buses in Nigeria is a step towards creating a sustainable, eco-friendly transport system. This initiative is in line with Nigeria’s broader goal of embracing green energy solutions and reducing carbon emissions.
He said infrastructure development is another key area where the ministry has played a critical role in enhancing Nigeria’s connectivity, both within Africa and globally, noting that the ministry facilitated bilateral agreements between Equatorial Guinea and Nigeria for the construction of the Gulf of Guinea Gas Pipeline Project, which will transport gas from Nigeria to Equatorial Guinea.
He said the Ministry has secured agreements with Emirates Airlines and Air Peace, granting reciprocal flight rights and resuming the Dubai-Lagos route in 2024, and that the U.S.-Nigeria Air Transport Agreement (BASA) will enhance aviation cooperation and foster economic ties between the two countries.
He added that the ministry’s contributions to education, health, and social development reflect Nigeria’s commitment to improving the quality of life for its citizens through international cooperation, noting that the ministry has played a significant role in improving health and sanitation by facilitating USAID’s $50 million Water for the World initiative, focusing on access to clean water and hygiene in rural Nigeria.
In January 2025, Nigeria officially became a partner member of the BRICS group, solidifying its place in one of the world’s most influential international organisations.
Tuggar noted that as in its capacity as ECOWAS Ministerial Chair, Nigeria spearheaded diplomatic initiatives aimed at enhancing regional stability.
Diplomatic missions to countries like Togo, Guinea Bissau, Gambia, and Côte d’Ivoire helped foster dialogue, conflict resolution, and regional security cooperation. This initiative, which engaged over 100 participants and reached more than seven million live viewers, demonstrated Nigeria’s leadership in ensuring peace and stability in West Africa.
Tuggar said of importance was the Chinese working visit in 2024 which marked a pivotal moment in Nigeria’s diplomatic relations with China through the signing of major energy and trade MOUs.
According to him, “the 2025 UK Working Visit was another milestone in Nigeria’s diplomatic efforts, focusing on security cooperation, investment promotion, and diaspora engagement. A key achievement
was British International Investment’s (BII) commitment to expand its investment in Nigeria from $230 million to $1 billion, driving growth in infrastructure, energy, and technology. The visit also supported diaspora-led businesses, including Moniepoint, Africa’s fastest-growing
fintech, reinforcing Nigeria’s leadership in innovation and financial technology. The process of repatriation of the Benin Bronzes has begun from a dinner with Cambridge University, demonstrating Nigeria’s commitment to reclaiming its cultural heritage.
“As Nigeria continues to play a leading role in global diplomacy, the future holds significant opportunities for further strengthening its position on the world stage. The Ministry of Foreign Affairs is set to spearhead the West Africa Economic Summit, which will focus on regional trade and economic integration—further consolidating Nigeria’s leadership in West Africa.
“Through strategic digital engagement, participation in high-profile global meetings, and impactful humanitarian actions, Nigeria has firmly positioned itself as a thought leader in global diplomacy. By amplifying its voice across multiple platforms and engaging stakeholders worldwide, Nigeria has showcased its growing influence and leadership.
“Moving forward, Nigeria’s diplomatic efforts will continue to strengthen its role in shaping Africa’s future and contributing to global peace, security, and prosperity. The Ministry of Foreign Affairs has successfully advanced Nigeria’s national interests through its multifaceted diplomatic, economic, and security initiatives. With key investments, partnerships, and strategic alliances secured, Nigeria is well-positioned for long-term growth and prosperity. Looking ahead, the Ministry will continue to prioritize economic growth, national security, and global engagement, ensuring Nigeria remains a key player in shaping the future of global governance and international relations.”
Perhaps the revival might finally come through collaborations with friends and Nigeria may truly be great again.
