Central Bank of Nigeria
Structural Adjustment Programme, SAP, External Trade, Developing Countries Nigeria, Economy
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.
CBN Economic and Financial Review
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.