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Bullion

Keywords

Multilateralism, Regionalism, Market assess and export supply response, Trade development

Abstract

This paper critically assesses the implications of the multilateral trading system along the increasing but asymmetric interface between multilateral and regional institution on African economies with particular evidence for Nigeria. The issues relating to market access, export diversification and supply response to incentives derived from the various agreements provided basis for this reasoned analysis vis-à-vis the implications for growth and trade development imperatives. lt is revealed that the multilateral trading system has not benefited the SSA particularly Nigeria, relative to other regions like Asia. Perhaps. internal and external constraints associated with poor economic fundamentals, asymmetries between the rules of the game and the development aspirations of the nations and lock of capacity to negotiate undermines the effectiveness of trade policy in the continent while lack of diversification, low manufacturing capacity and productivity affect growth and exports performance in the region. To top fully on the potentials expected from the pro-neoclassical policy however, we propose that new framework that offers African nations a stronger voice to renegotiate in line with their fundamentals be invoked while African economies must strive to build a dynamic industrial policy strategies, institutions, processes and mechanisms to promote inclusive growth and trade performance.

Author Bio

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

Publication Title

CBN Bullion

Issue

2

Volume

40

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