The Role of IFRS in Enhancing Export Competitiveness in Nigeria
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Background of the Study
International Financial Reporting Standards (IFRS) adoption has become a key driver of economic transformation in many countries, particularly in emerging markets like Nigeria. For Nigerian firms, compliance with IFRS is crucial for enhancing transparency, accountability, and comparability in financial reporting, which in turn impacts their competitiveness in global markets. Exporters, who rely heavily on accurate financial data, can benefit from IFRS adoption by improving the credibility and reliability of their financial statements, thereby increasing their attractiveness to foreign investors and partners. This study seeks to explore how IFRS adoption can improve the export competitiveness of Nigerian firms, focusing on the ability of these firms to access international markets and secure trade financing.
Statement of the Problem
While the benefits of IFRS adoption on financial reporting are widely recognized, its specific impact on export competitiveness remains underexplored in the Nigerian context. There is a need to understand how IFRS can enhance the ability of Nigerian exporters to meet international trade standards, secure financing, and improve their positioning in global markets. This study aims to fill this gap by investigating the role of IFRS in enhancing the export competitiveness of Nigerian firms.
Aim and Objectives of the Study
Aim:
To investigate the role of IFRS in enhancing the export competitiveness of Nigerian firms.
Objectives:
To assess the impact of IFRS compliance on the ability of Nigerian firms to access international markets.
To evaluate the relationship between IFRS adoption and the attractiveness of Nigerian firms to international investors and partners.
To explore the role of IFRS in facilitating trade financing for Nigerian exporters.
Research Questions
How does IFRS adoption influence the ability of Nigerian firms to access international markets?
What is the relationship between IFRS compliance and the attractiveness of Nigerian firms to international investors?
How does IFRS adoption impact trade financing opportunities for Nigerian exporters?
Research Hypotheses
IFRS adoption positively influences the ability of Nigerian firms to access international markets.
There is a positive relationship between IFRS compliance and the attractiveness of Nigerian firms to international investors.
IFRS adoption improves trade financing opportunities for Nigerian exporters.
Significance of the Study
This study will provide valuable insights into the role of IFRS in enhancing export competitiveness for Nigerian firms. The findings will help policymakers, business leaders, and trade regulators understand the importance of IFRS in improving Nigeria’s position in international trade.
Scope and Limitation of the Study
The study will focus on Nigerian exporters that have adopted IFRS, examining their ability to access international markets and secure trade financing. Limitations may include challenges in obtaining data from firms that have not fully implemented IFRS or those operating in industries with limited international exposure.
Definition of Terms
IFRS Compliance: The degree to which a firm adheres to the International Financial Reporting Standards in preparing its financial reports.
Export Competitiveness: A firm's ability to effectively compete in international markets, based on factors like financial stability, transparency, and access to trade financing.
Trade Financing: Financial products and services used by firms to facilitate international trade, including loans, letters of credit, and trade credit.
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