1887

n African Journal of Business and Economic Research - Political economy analysis of Nigeria Trade Policy and Practice - 2002 to 2012

Volume 8, Issue 2_3
  • ISSN : 1750-4554
  • E-ISSN: 1750-4562

Abstract

This paper discussed the challenges in the formulation and implementation of consistent and effective trade policy, the institutional weaknesses compounding the lack of sufficient stakeholder consultation, lack of robust technical evidence base in developing the right mix and balance of trade and fiscal policy measures. All these were in the face of overwhelming political economy factors that were dominated by personal interests and political patronage. It was also clear that while the World Trade Organisation (WTO) may have allowed some limited measure of safeguard actions in clearly defined circumstances, neither technical nor public interest justification was evident in some instances of Nigeria's trade policy implementation, hence the need for improvement in the policy process. It further considered the last 2002 Nigeria Trade Policy in the light of declining trade performance indicators and the worsening impact on transaction costs, the negative impact of the protection and restrictive practices on the infant industries, the competition and the consuming public. The main objective is to reform the trade making process, and in particular, propose a more robust evidence based policy making that is broader and more inclusive of other stakeholders. The key finding was that the current process bred instability and policy inconsistency, resulting in ineffective policy mix that hurt trade, the infant industries it set out to protect, and indeed the public interests.

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/content/aa_ajber/8/2_3/EJC147366
2013-01-01
2019-08-21

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