How Bilateralism Has Impacted Positively on Trade and Political Relation In Nigeria, As It Relates To Africa

Bilateralism is the conduct of the socio-economic relations between two countries, for the growth and development of their economy. Typically, bilateralism has application concerning economic and political matters. There are merits on bilateralism based on debates, where states traditionally relate to each other on bilateral basis; they understood each other’s capabilities, and agree to go into a relationship with the aim to foster economic growth and development.

ECONOMIC BILATERALISM

In trade, trading globally allows countries involved in bilateral trade relationship to be expose to goods and services not available in their own countries. Based on bilateral trade, almost all kinds of product can be found on the international market ranging from goods (foods, cloths, electronics etc.) to services (banking, tourism, consulting, etc.). Bilateral trade not only results in the increase of efficiency but also allows countries to participate in a global economy, encouraging Foreign Direct Investment (FDI). The economy of a country can grew more efficiently and can more easily become competitive economic through FDI; it’s also an avenue through which foreign currency and expertise can entre the country which could rise employment level and theoretically, lead to a growth in the GDP.

POLITICAL BILATERALISM: How it relates Nigeria to other Africa nations.

It is evident that since independence in 1960, Africa has remained at the forefront of Nigeria's foreign policy. This nucleus of her foreign policy saw the country committing herself fanatically to decolonization of the African continent and eradication of racial discrimination and domination.

Africa-Asia Export Conference 2020, is powered by Trade Nigeria

 

Bilateral political relations between Some Africa countries and Nigeria are strong with Nigeria considered as one of the important frontiers on the African continent in advancing the vision of Africa's political and economic renewal.

The leaders of some countries in Africa have traversed the globe spreading the idea of African renaissance -focusing largely on democracy, development and security and seeking foreign investments to revive Africa's ailing economies. They have called for greater international burden-sharing in peacekeeping missions, campaigns for the annulment of Africa's external debt, championed better access for African goods entering western markets and called for Africa's integration into the global economy in fairer terms.

It will be recalled that the former President of Nigeria, in the person of Chief Olusegun Obasanjo worked relentlessly to lobby the rich nations of the world to focus greater attention on African problems. At the G-8 meeting of the world's richest states in 2000, the leader argued strongly that the rich nations should forgive Africa's debt. He called for technology and resource transfer from the West to Africa, criticizing the gap between promise and delivery on the part of most Western states.

Euro-Africa Economic Summit 2020,.....a summit to foster economic growth and development in Africa

Furthermore, Obasanjo proposed a simple bargain: that the West provides debt relief, opens its markets, invests in Africa and supports peacekeeping missions in exchange for democratic accountability and financial probity by African leaders through a self-monitored peer review mechanism.

African leaders with Nigeria at the forefront realized that if Africa is to matter in the international community in the 21stcentury, there is the need for it to rethink its development strategy. Hence the establishment of New Partnership for Africa’s Development (NEPAD) under the leadership of Nigeria and some Africa countries. It is believed by Nigeria and other African leaders that NEPAD will reposition the African continent on the path of long term development and minimize her marginalization and neglect in international economic relations. NEPAD is therefore a commitment by African leaders to accelerate the integration of the African continent into the global economy, as well as a call to the rest of the world to partner with Africa in her own development on the basis of her own agenda and programme of action.

In conclusion, However, it is worthy of note that the idea of Nigeria  as one of continental leaders is far from being universally accepted. The strategic alliance between Nigeria and some Africa countries is seen by most as little more than a new breed of African imperialism. Nigeria must reassure other African states that their intentions are noble. Nigeria as a country must consult with other countries and ensure that her actions are not seen as attempts to dominate the continent in pursuit of their own parochial interests. It is only by taking measures to alleviate such concerns can, Nigeria become the continental beacons of democracy and engines of economic growth.

Trade Nigeria, Centre for Bilateral and Multilateral Investment, Partnership, International Trade Promotions, Economic Exchange , Research and Business Development.

For more information, kindly visit our website ; www.tradenigeria.org
email : tradenigeria.org@gmail.com
  Offices:
Rivers State : No 6 Omerelu Street, GRA phase 1 Port Harcourt.
Abuja: Edo House Suite 5-05, fifth floor, Central Business District, Abuja.
Kano ; Bargery Road Bompai GRA Kano.
Lagos: Isaac John Street, Ikeja GRA Lagos State. 
tel; 08161261262,  09080088327,  07010882314,  09074569808,  08120466664. 

You can also like or follow us on our social media handles:

Facebook: TradeNigeria Southern-Nig

Instagram: TradeNigeria_Southern_nig

linkedln: TradeNigeria Southern-Nig

Twitter: TradeNigeria Southern-Nig

Trade Nigeria

      Grow * Connect * Expand