An evaluation of international economic policies’ role in shaping Nigeria’s trade strategy: A case study of the Ministry of Trade (2000–2020).
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Background of the study
International economic policies, including trade liberalization, currency stabilization, and global integration initiatives, are crucial in shaping national trade strategies. In Nigeria, the Ministry of Trade has played a central role in aligning domestic trade policies with global economic trends over the period 2000–2020. By participating in international organizations and negotiating trade agreements, Nigeria has sought to enhance its export competitiveness and diversify its trading partners. These policies have influenced tariff structures, customs procedures, and market access conditions, thereby directly impacting the nation’s trade strategy. Empirical evidence shows that effective international economic policies can stimulate export growth and attract foreign investment (Ibrahim, 2023). However, challenges persist due to fluctuating global markets, policy inconsistencies, and external shocks that affect Nigeria’s trade performance. Recent initiatives by the Ministry of Trade have focused on harmonizing regulations and improving export promotion, yet gaps in implementation and coordination remain (Oluwaseun, 2023; Chinwe, 2024). As Nigeria navigates an increasingly competitive global economy, the interplay between international economic policies and domestic trade strategy becomes ever more critical. This study examines how these policies have been leveraged to shape Nigeria’s trade framework and assesses their effectiveness in improving market access, reducing trade barriers, and ultimately driving economic growth (Ibrahim, 2025).
Statement of the problem
Despite numerous international trade initiatives, Nigeria’s trade performance remains volatile. Inconsistencies in policy implementation and external market fluctuations have undermined the Ministry of Trade’s efforts to craft a robust trade strategy (Ibrahim, 2023; Chinwe, 2024). These challenges manifest as reduced export competitiveness and persistent structural barriers, which limit the nation’s ability to fully benefit from global economic integration. The gap between policy objectives and actual outcomes calls for a critical evaluation of international economic policies to identify shortcomings and opportunities for improvement.
Objectives of the study:
- To evaluate the influence of international economic policies on Nigeria’s trade strategy.
- To identify challenges in policy implementation and global integration.
- To propose recommendations for optimizing trade policies.
Research questions:
- How do international economic policies shape Nigeria’s trade strategy?
- What challenges hinder effective policy implementation?
- What reforms can improve trade competitiveness?
Research Hypotheses:
- International economic policies positively influence Nigeria’s trade performance.
- Policy inconsistencies reduce the effectiveness of trade strategies.
- Enhanced regulatory coordination improves export competitiveness.
Significance of the study
This study is significant as it provides a critical evaluation of how international economic policies shape Nigeria’s trade strategy. The findings will inform policymakers on effective approaches for aligning domestic trade practices with global standards, thereby enhancing export performance and economic growth. Insights from the study can guide future reforms to mitigate trade barriers and optimize international cooperation (Ibrahim, 2025).
Scope and limitations of the study:
This study is limited to analyzing international economic policies and their impact on Nigeria’s trade strategy through the Ministry of Trade, focusing on policy design, implementation, and trade performance.
Definitions of terms:
- International Economic Policies: Government strategies aimed at integrating the national economy with global markets.
- Trade Strategy: A nation’s plan to promote exports, attract investment, and enhance market access.
- Global Integration: The process of aligning domestic policies with international economic standards.
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