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Peacekeeping remains the cornerstone of Nigeria's regional influence, but the nation exerts an economic influence on the region as well. Nigeria has set up a trust fund in the African Development Bank for poorer countries to borrow money. Nigerian leaders helped policy makers in other countries with their own economic reforms. The Nigerian government also finances a program to send doctors, lawyers, teachers and other professionals to work in other countries. Former president Olusegun Obasanjo played an instrumental role in creating the New Partnership for Africa's Development, by encouraging other heads of state to create a continent-wide strategy for development.
As a member of the Organisation of Petroleum Exporting Countries (OPEC), it has been painful for Nigeria to cut production in the past. A far poorer nation than many of the Arab member countries, revenue loss can have a far greater effect on its economy and eat into foreign reserves. Dr Edmund Daukoru, former minister of Petroleum Resources, was OPEC’s president from 2005 to 2007. By the end of 2008, falling oil prices left OPEC with no choice but to request that all its member states cut production further. In October, Nigeria agreed to make a five per cent reduction in line with OPEC production quotas, leaving the country’s output at a theoretical 2.261 million barrels per day.
In reality, continued rebel attacks in the Niger Delta region mean the country will struggle even to meet this reduced quota. Its current output is estimated at 1.99 million barrels per day. Relations with the US were frosty until Nigeria’s military rule ended in 1999, having reached a low-point during Sani Abacha’s leadership, which committed numerous human rights abuses. However, since 9/11, the Nigerian government has given its firm support to the American government. President Yar’Adua visited then-President Bush at the White House in December 2007. A member of the Commonwealth and United Nations, Nigeria recognizes the International Court of Justice and follows its rulings. Despite the Nigerian congress voting to void the agreement, Nigeria completed its transfer of the Bakassi Peninsular to Cameroon in August 2008, giving up potentially lucrative oil rights, following the ICJ’s decision to award the land to Cameroon in 2002.
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