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Bullion

Keywords

Trade policy, External debt management, Exchange rate policy.

Abstract

External sector problems have continued to pose serious challenges to economic management in Nigeria. There is the challenge of conducting trade policy within the framework of the World Trade Organisation's [WTO] rules and regulations without compromising the country's short and Iong-term interests. This paper discusses the policy thrusts with respect to three issues in 2004, viz: Trade policy, Exchange rate policy, and External debt management. In the last few years, the government appears to have recognized the need to conduct trade policy, specifically, trade liberalization in a sensible and orderly manner. Hence, the growing effective protection being accorded local industries. However, in order to minimize the abuses of the privilege of protection, the country must monitor constantly the performance of the infant industries. To actualize this, government would have negotiated certain performance targets with the protected industries, especially in relation to output, income, employment and prices and competitiveness. Besides, it is desirable to map out strategies to deal with some negative effects of the recent ban on imports on the economy, especially in the short term. Very importantly, protection alone may not enhance competitiveness.

Author Bio

The author is a staff of Nigerian Centre for Economic Management and Administration (NCEMA)

Publication Title

CBN Bullion

Issue

2

Volume

28

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