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Bullion

Keywords

External trade, Nigeria's external trade, Import substitution, Industrialisation policy, International trade

Abstract

Trade has been universally acknowledged as indispensable tool to rapid economic growth and development. This is because increased participation in trade is associated with higher inflows of foreign investment and new technologies which can be adopted to transform the economy through appropriate policy. This paper analyses Nigeria's foreign trade with a view to examining the composition and direction as well as impediments to the growth of trade, and proffer suggestions for enhancing Nigeria's foreign trade. The paper is divided into five sections. Following the introduction are the theoretical issues. This is followed by the analysis in section three of the trend, composition, and direction of Nigeria's foreign trade. Section four examines the problems confronting external trade, while section five discusses the policy issues for strengthening Nigeria's foreign trade. Section six is on recommendations and it concludes the paper. The papers conclusion: the ability of Nigeria to enhance and optimize gains from foreign trade depends on the extent to which she is able to increase her level of production of goods and services. In this respect, efforts should be directed towards harnessing and greater utilization of the vast human and material resources in order to derive greater benefits from them. In addition, the current efforts to rehabilitate socio-economic infrastructure in the country should be sustained for enhanced productivity and competitiveness of Nigeria products in the global market.

Author Bio

The author is a staff of Central Bank of Nigeria, Nigeria.

Publication Title

CBN Bullion

Issue

1

Volume

30

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