An Analysis of the Effect of Global Economic Trends on Nigeria’s Trade Policy Formulation
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Background of the Study :
Global economic trends, including shifts in commodity prices, technological innovations, and evolving trade practices, have a profound influence on national trade policy formulation. In Nigeria, policymakers must continuously adapt trade policies to respond to external economic forces while balancing domestic development priorities. Recent studies indicate that global economic shifts have spurred policy reforms aimed at enhancing export competitiveness, diversifying the economy, and attracting foreign direct investment (Olayinka, 2023). These reforms reflect the need to align Nigeria’s trade framework with international best practices, ensuring that policies remain responsive to rapidly changing global market conditions (Balogun, 2024).
The nexus between global economic trends and trade policy is multifaceted. On one hand, rising global competition and technological advancements compel Nigerian policymakers to innovate and streamline regulations. On the other, external shocks such as fluctuations in oil prices and global recessions necessitate adaptive fiscal and monetary strategies that safeguard domestic industries. Recent empirical research suggests that while trade policy reforms have been initiated, challenges remain in fully integrating global trends into policy frameworks. The effectiveness of these policies is often compromised by domestic constraints, including bureaucratic inefficiencies and infrastructural deficits (Adebisi, 2025). This study explores the degree to which global economic trends have influenced Nigeria’s trade policy formulation and assesses whether these policies are sufficiently robust to foster long-term economic stability.
By analyzing policy documents, trade data, and expert interviews, the research will provide a comprehensive evaluation of the feedback loop between global economic conditions and domestic trade policy. The study’s findings are expected to offer insights into how Nigeria can better harness global trends to optimize trade policies, thereby enhancing competitiveness and promoting sustainable growth (Ibrahim, 2023).
Statement of the Problem :
Nigeria’s trade policy formulation is increasingly challenged by the need to respond to volatile global economic trends. Although recent reforms have aimed to modernize the trade framework, there remains a significant gap between policy formulation and the dynamic realities of the global market. The slow pace of policy adaptation, coupled with persistent bureaucratic inefficiencies, undermines the effectiveness of trade policies in addressing external shocks (Chukwu, 2024). Additionally, the reliance on traditional sectors, particularly oil and gas, limits the scope of diversification and reduces the flexibility of policy responses to global economic changes.
Furthermore, the interplay between global trends and domestic priorities often leads to policy inconsistencies, where reforms are either too reactive or insufficiently targeted. This misalignment hampers the ability of Nigerian industries to compete on the international stage and creates uncertainty for foreign investors. The lack of comprehensive data and analytical frameworks further exacerbates these challenges, making it difficult for policymakers to design evidence-based interventions. The study aims to identify these critical gaps and examine the constraints that prevent the effective incorporation of global economic trends into Nigeria’s trade policy formulation (Oluwaseun, 2025).
Objectives of the Study:
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To analyze the influence of global economic trends on Nigeria’s trade policy formulation.
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To identify the gaps between policy intent and implementation.
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To recommend strategies for aligning trade policies with global market realities.
Research Questions:
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How do global economic trends shape Nigeria’s trade policy formulation?
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What are the major challenges in integrating global trends into domestic trade policies?
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What measures can improve the responsiveness of trade policies to external economic changes?
Research Hypotheses:
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Global economic trends significantly influence the formulation of Nigeria’s trade policies.
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Policy gaps and bureaucratic inefficiencies limit effective integration of global trends.
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Evidence-based policy reforms can better align trade policies with global market dynamics.
Scope and Limitations of the Study:
The study examines Nigeria’s trade policy reforms from 2015 to 2024 with a focus on the influence of global economic trends. Limitations include data constraints and the complex interplay of multiple economic factors.
Definitions of Terms:
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Global Economic Trends: Patterns and changes in the international economy that influence national policies.
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Trade Policy Formulation: The process by which governments design and implement regulations governing international trade.
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Policy Gaps: Discrepancies between intended policy outcomes and actual implementation.
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