Impact of Nigerias Trade Policies

de Policies Dozie Udenwa

Trade Final Paper

12/03/11

Impact Of Nigeria’s Trade Policies

This article aims to give a broad overview of the effects of the various trade policies adopted by the Nigerian government on its economy and its society in general. In order to achieve this, a brief introduction about Nigeria will be given. Subsequently critical trade policies enacted by the government since its independence will be highlighted. Afterwards the positive and negative impacts of these trade policies will be examined. In addition suggestions will be given to help improve the benefits from trade as well as help mitigate the disadvantages from trade.

Introduction

Nigeria is situated in western Africa. It is boarded by the Gulf of Guinea to the south, Benin and Cameroon to the west and east respectively, and Niger and Chad to the north. It has an estimated population of 158.4 million. This makes it the most populous country in Africa and the seventh most populous country in the world. Nigeria is a country that is endowed with lots of natural resources. These natural resources include petroleum, natural gas, bitumen, tin, iron ore, coal, limestone and lead.

From the table below it can be deduced that as of 2010, Nigeria had a GDP of approximately $194 billion, and a per capita income of roughly $1500. The agricultural sector contributed about 27% of the GDP. This sector was also responsible for employing most of the labor force (approximately 70% of the labor force). The other main sector of the economy is the mining and quarrying sector. These sectors accounted for about 45% of GDP however it employed only about 5% of the labor force. It has to be noted that a vast percentage of Nigeria’s revenues comes from the oil sector. According to the World Bank, Nigeria depends on oil exports for more than 80% of the government’s revenue.

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BASIC INDICATORS | | | | | | | | | | | | |

Population (thousands,...