Structural Adjustment Programmes and External Trade in Developing Countries: Lessons for Nigeria

Authors

E. E. Inang, Central Bank of Nigeria

Publisher

Central Bank of Nigeria

Keywords

Structural Adjustment Programme, SAP, External Trade, Developing Countries Nigeria, Economy

Abstract

The failure of trade liberalization in developing countries is attributed to the economic dependency relationships initiated during the colonization period when the developed countries exploited their colonies as a source of cheap raw materials. After independence, and especially in the 1970s and 1980s, most sub-Saharan African countries experienced stagnation and decline in their share of world trade. The introduction of the structural adjustment programmes with its attendant trade liberalization prescriptions has further worsened the terms of trade in developing countries. Neither complete trade liberalization nor complete protectionism can be of benefit to developing countries. These countries need to reduce the competitive disadvantage against their manufactures in international markets, explore both regional and multilateral channels of trade and develop their common interests through mutually beneficial regionalism, rather than relying completely on the World Trade Organization.

Author Bio

The author is a staff of the Central Bank of Nigeria

Publication Title

CBN Economic and Financial Review

Issue

2

Volume

33

Recommended Citation

Inang, E.E. (1995). Structural Adjustment Programmes and External Trade in Developing Countries: lessons for Nigeria. CBN Economic and Financial Review. 33(2), 111-130.