Economic Diplomacy was used as a an instrument of foreign policy execution in Nigeria with the aim of achieving national development. This study, while using the political economy approach therefore, investigated the institutional outcomes of this instrument in areas of debt management, Gross Domestic Product (GDP employment, and external reserves. Secondary sources of data which include publications of Central Bank of Nigeria, Africa Peer Review Mechanism country report and press reports were used to critically analyse the observed institituional outcomes of economic diplomacy. Economic diplomacy resulted in reduced debts, increases in the nationâ€™s GDP, and external reserves. However, the level of poverty and unemployment was not positively affected by economic diplomacy. This study therefore recommends that subsequent employment of economic diplomacy should be targeted at the substantial improvements of the peoplesâ€™ socio-economic status.