At the 31st Nigerian Economic Summit (NES #31), held under the theme “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030,” Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, delivered a compelling address that positioned strategic economic diplomacy and deepened regional integration as indispensable pillars for the nation’s economic revival and enhanced global relevance. His speech underscored the urgency of transformative reforms, the alignment of Nigeria’s foreign policy with its economic ambitions, and the critical role of regional cooperation in unlocking the country’s potential. Tuggar’s remarks, grounded in Nigeria’s 4D Foreign Policy Doctrine—Democracy, Development, Demography, and Diaspora—offered a roadmap for leveraging diplomacy to drive sustainable growth, attract investment, and position Nigeria as a leader in Africa’s economic transformation.
The Nigerian Economic Summit Group: A Cornerstone of Development
Tuggar opened his address by commending the Nigerian Economic Summit Group (NESG) for its enduring role as a cornerstone of Nigeria’s development architecture. Established as a platform for fostering dialogue and policy innovation, the NESG has consistently brought together public and private sector stakeholders to chart pathways for economic progress. Tuggar praised the organization’s contributions to policy formulation and its ability to bridge the gap between ideas and implementation. He noted that the NESG’s convening power provides a vital space for addressing Nigeria’s economic challenges and crafting solutions that resonate with the nation’s aspirations for prosperity and inclusivity by 2030.
The theme of NES #31, “The Reform Imperative,” was particularly fitting, Tuggar argued, as Nigeria stands at a critical juncture where bold, pragmatic reforms are essential for restoring macroeconomic stability and rebuilding investor confidence. He emphasized that the summit’s focus on reform aligns with the broader national agenda of repositioning Nigeria as a competitive player in the global economy. By fostering collaboration between policymakers, researchers, and private sector leaders, the NESG serves as a catalyst for translating ambition into actionable outcomes.
The Renewed Hope Agenda: Driving Bold Reforms
Central to Tuggar’s address was his endorsement of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which he described as a bold, pragmatic, and people-centered framework for economic transformation. The agenda, he argued, is not merely a set of policies but a comprehensive strategy to catalyze growth, enhance investor confidence, and deliver tangible benefits to Nigerians. Tuggar highlighted that the reforms introduced under this agenda are already yielding results, not only in macroeconomic indicators but also in the everyday lives of citizens. He cited improvements in infrastructure, energy, and trade facilitation as evidence of the agenda’s impact, emphasizing that these gains are visible beyond statistical data.
The Minister stressed that the Tinubu administration’s commitment to reform is rooted in a vision of inclusive growth. By prioritizing policies that address structural inefficiencies, enhance productivity, and create opportunities for all Nigerians, the government is laying the foundation for a prosperous and equitable future. Tuggar underscored that these reforms are not without challenges, but their necessity cannot be overstated. Restoring investor confidence, he noted, requires consistent policy implementation, transparency, and a commitment to creating an enabling environment for businesses to thrive.
Aligning Foreign Policy with Economic Ambitions
A key theme of Tuggar’s speech was the strategic alignment of Nigeria’s foreign policy with its economic objectives. He reaffirmed the Ministry of Foreign Affairs’ commitment to unlocking trade corridors, securing partnerships, and attracting investment to strengthen the domestic economy. This approach, he explained, is guided by Nigeria’s 4D Foreign Policy Doctrine, which prioritizes Democracy, Development, Demography, and Diaspora as interconnected pillars for advancing the national interest.
The doctrine reflects Nigeria’s determination to pursue strategic autonomy in its international relations. Tuggar was unequivocal in rejecting “binary ideological alignments” that limit the country’s flexibility in global affairs. Instead, he advocated for issue-based relationships that prioritize Nigeria’s economic and developmental priorities. “Nigeria is too significant a nation to engage in bandwagon diplomacy,” he declared, emphasizing that the country’s size, population, and economic potential demand a foreign policy that is independent, pragmatic, and focused on tangible outcomes.
By aligning diplomacy with economic goals, the Ministry of Foreign Affairs is actively working to position Nigeria as a hub for trade and investment. Tuggar highlighted efforts to facilitate trade under the African Continental Free Trade Area (AfCFTA), attract foreign direct investment, and promote Nigeria’s cultural and economic assets through its diaspora. These initiatives, he argued, are essential for creating jobs, boosting exports, and enhancing Nigeria’s competitiveness in the global marketplace.
The Imperative of Regional Cooperation
Tuggar placed significant emphasis on the importance of regional cooperation for Nigeria’s economic revival. He cited the recently launched West Africa Economic Summit (WAES) as a landmark initiative aimed at advancing cross-border industrialization, trade, and infrastructure development. The WAES, he argued, represents a bold step toward deepening regional integration and fostering economic resilience across West Africa. “Nigeria’s prosperity is tied to West Africa’s progress,” Tuggar asserted, underscoring the interconnectedness of the region’s economies.
Investing in regional value chains and harmonizing policies, he explained, will enhance West Africa’s competitiveness and attract investment to the bloc. Tuggar drew inspiration from successful models of regional cooperation, such as the MIKTA group (Mexico, Indonesia, Korea, Turkiye, and Australia) and the Flying Geese Paradigm of East Asia. The latter, which describes a staged approach to industrialization where leading economies drive growth in less developed ones, offers valuable lessons for Africa. Tuggar expressed confidence that Nigeria, with its scale and capacity, is well-positioned to lead an African “flying geese” formation, driving continental industrialization through strategic leadership and coordination.
However, he cautioned that this leadership must be earned through sound policies, productive investment, and institutional credibility. Nigeria’s ability to lead will depend on its commitment to creating a stable and predictable policy environment, fostering innovation, and building trust with regional partners. Tuggar called for stronger collaboration between Nigeria’s policy and research institutions, such as the Nigerian Institute of International Affairs (NIIA), to ensure that evidence-based strategies guide both domestic reforms and international engagement.
From Rhetoric to Action: The Path Forward
In his concluding remarks, Tuggar emphasized the need to move beyond rhetoric to actionable implementation. He challenged the participants of NES #31 to focus on translating discussions into concrete outcomes that deliver measurable benefits to Nigerians. Whether through advancing trade under the AfCFTA, facilitating investment flows, or amplifying Africa’s voice on the global stage, Tuggar stressed that Nigeria’s foreign policy must be results-driven.
The Minister highlighted the role of institutions like the NIIA in bridging the gap between research and policy. By leveraging data and insights, these institutions can help craft foreign policies that are responsive to Nigeria’s economic needs and global opportunities. Tuggar also underscored the importance of public-private partnerships in driving economic growth, noting that collaboration between the government, private sector, and civil society is essential for achieving the goals of the Renewed Hope Agenda.
Tuggar’s vision for Nigeria is one of leadership and transformation. He argued that if Nigeria aligns its ambition with effective implementation, it will not only achieve its domestic reform goals but also emerge as a leader in Africa’s economic renaissance. By prioritizing strategic economic diplomacy, deepening regional integration, and fostering evidence-based policymaking, Nigeria can unlock its full potential and secure its place as a global economic powerhouse.
Conclusion
Ambassador Yusuf Maitama Tuggar’s address at NES #31 offered a compelling vision for Nigeria’s economic revival and global relevance. By aligning foreign policy with economic ambitions, prioritizing regional cooperation, and championing bold reforms, Nigeria is poised to overcome its challenges and seize new opportunities. The Minister’s call to action—moving from rhetoric to implementation—resonates as a clarion call for stakeholders to work together in building a prosperous and inclusive Nigeria by 2030. Through strategic diplomacy, regional leadership, and evidence-based policymaking, Nigeria can not only reform but lead, setting the stage for a brighter future for its citizens and the African continent as a whole.
