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Foreign policy is essentially about the projection, protection, realization and advancement of the national interest of a state. But has that been the case with Nigeria? This paper examines Nigeria's foreign policy under Olusegun Obsanjo's administration (1999-2007). It focuses on the strength of Nigeria's foreign policy and what the country was able to gain in the period under review. Primary and secondary data, scooped from interviews, books, journals, newspapers, magazines, and internet materials were used. Descriptive-analytical method was engaged in the discourse. Findings show that the administration of Obasanjo used Nigeria's external relations as a platform to cancel Nigeria's external debt, encourage foreign investment, improve the telecommunication sector, and also mediate in conflict areas in Africa. But it is also noted that there was no ideal structure for foreign policy making and implementation. Therefore, it is recommended that for Nigeria to be able to use foreign policy for her benefit, the structures and institutions responsible for foreign policy making and implementation must be strengthened and fertilized to grow, which is largely made possible when structures and institutions are manned by skilled or knowledgeable personnel.