+234 813 0686 500
+234 809 3423 853
info@grossarchive.com

AN ASSESSMENT OF WTO RULES AND IMPLICATIONS ON NIGERIAN TRADE 2

  • Type:Project
  • Chapters:5
  • Pages:68
  • Format:Microsoft Word
(Education Project Topics & Materials)

AN ASSESSMENT OF WTO RULES AND IMPLICATIONS ON NIGERIAN TRADE

 

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND TO THE STUDY

Nigeria is a middle income, mixed economy and emerging market, with expanding financial, service, communications, technology and entertainment sectors. It is ranked as the 21st largest economy in the world in terms of nominal GDP, and the 20th largest in terms of Purchasing Power Parity. It is the largest economy in Africa; its re-emergent, though currently underperforming, manufacturing sector is the third-largest on the continent, and produces a large proportion of goods and services for the West African sub-region. Nigeria recently changed its economic analysis to account for rapidly growing contributors to its GDP, such as telecommunications, banking, and its film industry (Adeleyo, 2002).

Nigeria's trade relations revolve around the oil and natural gas sectors. After the economic reforms of 2005, the government is making efforts to diversify its export profile beyond the oil sector, such as minerals and agricultural products. Oil and natural gas are the most important export products for Nigerian trade. The country exports approximately 2.327 million barrels per day, according to the 2007 figures. In terms of total oil exports, Nigeria ranks 8th in the world. As of 2009, Nigeria has approximately 36.2 billion barrel oil reserves. Prior to oil production, which surged after the 1970s, agricultural production was the largest export sector for Nigeria. After the country became a largely oil-intensive economy, the agriculture sector took a back seat. However, it still provides employment to almost 70% of the total working population.

Due to high international oil prices, Nigeria’s import trade is able to balance export revenue. According to the 2009 figures, the country's imports grossed over US$42.1 billion. Machinery, heavy equipments, consumer goods and food products are the major imports. A large portion of the imports arrive from the EU, particularly the Netherlands, the UK, France and Germany. China, the US and South Korea are also major import trade partners.

The abolition/review of many restrictive businesses and financial regulations and the Nigeria’s membership of the World Trade Organization (WTO) have enhanced the Nigeria’s position in multilateral trade system. The World Trade Organization (WTO) deals with the rules of trade between nations at a global or near-global level. There are a number of ways of looking at the WTO. It’s an organization for liberalizing trade (Weldon, 1999). It’s a forum for governments to negotiate trade agreements. It’s a place for them to settle trade disputes. It operates a system of trade rules (Hart, 1997). Essentially, the WTO is a place where member governments go, to try to sort out the trade problems they face with each other. The first step is to talk. The WTO was born out of negotiations, and everything the WTO does is the result of negotiations. The bulk of the WTO’s current work comes from the 1986–94 negotiations called the Uruguay Round and earlier negotiations under the General Agreement on Tariffs and Trade (GATT). The WTO is currently the host to new negotiations, under the “Doha Development Agenda” launched in 2001. Where countries have faced trade barriers and wanted them lowered, the negotiations have helped to liberalize trade (santos, 2009). But the WTO is not just about liberalizing trade, and in some circumstances its rules support maintaining trade barriers — for example to protect consumers or prevent the spread of disease.however, all these calls for need for the assessment of the World Trade Organization rules and implications on Nigerian trade.

The WTO agreements are lengthy and complex because they are legal texts covering a wide range of activities. They deal with: agriculture, textiles and clothing, banking, telecommunications, government purchases, industrial standards and product safety, food sanitation regulations, intellectual property, and much more. But a number of simple, fundamental principles run throughout all of these documents. These principles are the foundation of the multilateral trading system (Adeyemi, 1999).

1.2   STATEMENT OF THE PROBLEM

Lowering trade barriers is one of the most obvious means of encouraging trade. The barriers concerned include customs duties (or tariffs) and measures such as import bans or quotas that restrict quantities selectively.

Since, Nigeria registered the world trade organization treaty in December 1994, there has been occasional focus on the economic implication of this treaty for the Nigerian economy. Nigeria registered the WTO treaty in December 1994 and thus became a funding member of the organization in January 1995. The researcher is seeking to assess how Nigerian external trade fared since she became a signatory to the W. T. O. in 1995 and how the adherence to the provisions of the organization affected non-oil exports and trade liberalization in Nigeria. Although, WTO agreements allow countries to introduce changes gradually through progressive liberalization. Developing countries like Nigeria are usually given longer period to fulfill their obligations.

1.3   OBJECTIVES OF THE STUDY

The following are the objectives of this study:

1.  To examine the rule of the World Trade Organization.

2.  To examine the Implication of World Trade Organization rules on Nigerian trade.

3.  To examine the effect of trade liberalization on Nigerian trade.

1.4   RESEARCH QUESTIONS

1.  What are the rules of the World Trade Organization?

2.  What are the Implication of World Trade Organization rules on Nigerian trade?

3.  What is the effect of trade liberalization on Nigerian trade?

1.6   SIGNIFICANCE OF THE STUDY

The outcome of this study will further draw the attention of the government, managers of the economy as well as the general public to the problems associated with the full liberalization of trade. It will also assist policy makers in the choice of policy options as it relates to trade, as issues raised in this study will serve as guide. It will further enhance the available literatures on the trade dynamics between developed and developing countries or between centre states and peripheral states. Finally, it is our hope that the findings of the study will stimulate further researches in this field which will further expand the understanding of the position of third world economies in the global trade system.

1.7   SCOPE/LIMITATIONS OF THE STUDY

This study will cover the rules of the World Trade Organization and its implication on both internal and external trade.

LIMITATION OF STUDY

Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

 Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.


REFERENCES

Adeyemi A. Larry (1999): “How Nigeria can push for fair Trade at into summit”. The Guardian Newspaper- November 22nd, 1999. PP. 5859.

Hart M (1997): WTO and the political Economy of Globalization Journal of World Trade Law, Economics, Public Policy. Vol. 31. No. 5 October 1997. Pp 79 – 82

Olu Adeleyo (2002): “WTO and the Nigeria Economy” Business Guardian Wednesday August 7th 2002. P. 24

Santos T. Dos (2009): The crisis of development theory and that of dependence in Latin American in underdevelopment (ed) by Harry Berustan pengium Books Ltd. 1073. P 16.

Weldon Bello (1999): Focus on Trade: The Iron cage: the WTO; the Bretton woods institution and the South. No. 41. November 1999. 

AN ASSESSMENT OF WTO RULES AND IMPLICATIONS ON NIGERIAN TRADE 2

Share This

Details

Type Project
Department Education
Project ID EDU1720
Price ₦3,000 ($9)
Chapters 5 Chapters
No of Pages 68 Pages
Format Microsoft Word

500
Leave a comment...

    Details

    Type Project
    Department Education
    Project ID EDU1720
    Price ₦3,000 ($9)
    Chapters 5 Chapters
    No of Pages 68 Pages
    Format Microsoft Word

    Related Works

      CHAPTER ONE INTRODUCTION 1.1   BACKGROUND TO THE STUDY Nigeria is a middle income, mixed economy and emerging market, with expanding financial, service, communications, technology and entertainment sectors. It is ranked as the 21st largest economy in the world in terms of nominal... Continue Reading
    A CRITICAL ASSESSMENT OF THE IMPORTANCE OF STUDYING CO-OPERATIVE LAWS AND RULES AS A QUALIFYING COURSE FOR THE AWARD OF THE ORDINARY NATIONAL DIPLOMA IN CO-OPERATIVE ECONOMICS AND MANAGEMENT. ABSTRACT This research is channeled towards studying critically the origin, reasons, importance and the problems affecting the co-operative laws and rules.... Continue Reading
    PROPOSAL         This research project focused on the consumer protection laws in Nigeria and its implications on Nigerian consumers.         The researchers utilized both secondary primary data sources in order to gain insight on consumer protection laws... Continue Reading
    CONSUMER PROTECTION LAWS IN NIGERIA AND ITS IMPLICATIONS ON NIGERIAN CONSUMERS PROPOSAL This research project focused on the consumer protection laws in Nigeria and its implications on Nigerian consumers. The researchers utilized both secondary primary data sources in order to gain insight on consumer protection laws in Nigeria and its... Continue Reading
    THE ADVENT OF MODERN COMMUNICATION GADGETS: IMPLICATIONS FOR NIGERIAN JOURNALISM ABSTRACT The advent of modern communication gadget –implication for Nigerian Journalism. The tittle of this study took a vivid look at the coming of communication gadget, more powerful than the ancient ones to take care of adequate communication outreach to the... Continue Reading
    ABSTRACT This project work was undertaken to assess the state of ground water(borehole and well water) and its health implications in Warri metropolis using Uvwie, Udu and Effurun Local Government Area. Samples were collected in six different locations in Warri metropolis. The analysis was centered on the physiochemical parameters considered pH,... Continue Reading
    Table of Contents CHAPTER ONE 1.1 General Introduction. … … … 1.2 Statement of Problem. … … 1.3 Purpose of Study. … … … 1.4 Scope of Study. … … 1.5 Methodology. … … … 1.6 Division of Work. … … CHAPTER TWO 2.1 Rousseau on Social Contract.... Continue Reading
    Abstract The study examined the causes and health implications of flood disaster of 2012 in Oko-Anala, Oshimili South LGA of Delta state. Literature related to the topic was reviewed. Survey design was used for the study. Five objectives, five research... Continue Reading
    CHAPTER ONE INTRODUCTION 1.1      Background of the study Education has been at the top of the priority lists of some previous Nigerian governments yet the education system is still far from being ready for the challenges of the new century. Nigeria is not the only country whose education system is unprepared. A closer examination of many... Continue Reading
    ABSTRACT English as it is spoken in Nigerian (Nigerian English) has been localized or internalized, so to say. This has led a unique brand of English influenced by our various regional dialects and languages. Subsequently, there is a deviation from the standard British English, which our schools are said to use. This deviation could be seen in... Continue Reading