Nigeria is risking long-term disadvantages in global negotiations due to its failure to employ strategic economic diplomacy, according to former World Bank economic adviser, Dr. Mahmoud Alfa.
Speaking at a recent policy event in Abuja, Dr. Alfa delivered a sharp criticism of Nigeria’s current approach to bilateral engagements. He argued that the country’s representatives often lack the necessary political-economy expertise required to effectively safeguard national interests.
Dr. Alfa stressed the urgent need for a more innovative and informed strategy to prevent the nation’s exploitation in global economic affairs. “Nigeria must negotiate like a country that knows what it wants,” he asserted, pointing to high-profile failed deals, such as the Mambila Power Project and the Ajaokuta Steel Company, as prime examples of poor negotiation outcomes.
To rectify this strategic shortfall, he proposed the establishment of a Political Economy Coordinating Unit (PECU) within the Presidency. This unit, he suggested, would be tasked with ensuring the alignment of the nation’s economic, foreign, and security policies—a crucial step toward maximizing Nigeria’s leverage and returns in international dealings.
