THE IMPACT OF FOREIGN TRADE ON THE NIGERIA ECONOMY

THE IMPACT OF FOREIGN TRADE ON THE NIGERIA ECONOMY

ABSTRACT

This research intends to identify and evaluate the utility rendered by the importation and exportation of goods and services to the Nigerian people and the economy as a whole. It is also aimed at ascertaining the efficiency and adequacy of the Nigeria industries in comparison with the foreign industries.To achieve its objectives, the researcher has duly examined the rate at which Nigeria’s imports exchange for its exports. Based on the secondary data collected and analyzed, it was observed that Nigeria mostly has small-scale industries which are insufficient for producing export goods. These industries also cannot meet with the local needs. Nigeria depends mostly on imported goods for survival. It was also observed that, Nigeria exports mostly primary products solid minerals, agricultural products.Finally, it was observed that, foreign trade has had some negative effects on the Nigeria economy. Their problems include unemployment increased national debts, over dependence. It has also had good effect like increased in output, foreign markets, better technical known- how. The project is divided into five chapters.