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 Emirates, 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 Emirates, 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 the Mutual Legal Assistance treaty, to the repatriation of
illegally acquired wealth, and the exchange of prisoners treaties, 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,
first, 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.
Second, with over
800 Billion US dollars in the Sovereign Wealth Fund of UAE, Nigeria can
tap into this, more so, with the dwindling fortunes in the global oil
market.
Third, Nigeria can
explore the treaty on mutual legal assistance to repatriate the billions
of dollars stolen 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
the United Arab Emirates, 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 Emirates 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 the 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 the 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 Emirates, Nigeria is at once in a position to legally seek for the
return of this illicitly-acquired wealth.
In this era of
dwindling oil fortunes, any sizeable chunk of 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 the western world, IMF or the
World Bank and to 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 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.
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