International Trade In Nigeria Essay

Background of the Study

The need to improve the economy standard has become the target of most government in the developing economies/countries of the world. Over the years, Nigeria government has adopted a number of measures aimed at accelerating the country’s economic growth and development. The need to improve the living standard of its citizenry, reduce unemployment, increase capacity utilization which leads to increased productivity has led to the introduction of economic policies in Nigeria and other developing countries of the world. Foreign trade has been a highly debatable construct that has been severally predicted to carry the potency of increasing the nation’s economy.

The word “trade” has been defined in the Oxford Advanced Learner dictionary as “the activity in which people buy and sell or exchange goods and services” (Kumar, 2009). International trade is the exchange of capital, goods, and services across international borders, it is a system where the goods and services are advertised, sell and switched between two or more countries through import and export. A trade theory describes that there is generally a positive association among

The economy of Nigeria also improved tremendously with foreign investment aided by high quality research and development. Nigeria was under the British colonial rule for a considerable period of time. During this phase, major raw materials and minerals were exported to foreign countries along with food grains which in due course of time spearheaded the rise of slavery and exploitation of labor class by the Europeans. After the achievement of independence in Nigeria, efforts were made to revive the economic growth of the country through a set of economic reforms. It’s important to note that before the discovery of oil in Nigeria, the country survived mainly on its agricultural