THE NEED FOR PARLIAMENTARY INTERVENTION ON NIGERIA TRADE POLICY

ABSTRACT

This work is an attempt to explore the need for parliamentary involvement in the formulation and implementation of trade policy. The reason is because trade policy over the years in Nigeria, appears to be in the hands of Bureaucrats and Technocrats in various ministries who pursue their selfish interest without much being achieved in terms of fostering the country trading relationship.

Several visits were made to National Assembly and Federal Ministry of Trade and Commerce to ascertain the extent trade policy revolves around their agenda and to verify whether trade policy is taken seriously.

The research methodology employed was mainly descriptive survey technique which involves describing the materials collected in a contextual and systematic manner.

TABLE OF CONTENTS

CHAPTER ONE 1.0

INTRODUCTION

1.1

Background of the Study……

1.2

Statement of the Problem……………………

1.3

Objective of the Study………………………

1.4

Significance of the Study…………………….

1.5

Scope and Limitation of the Study…………..

1.6

Literature Review……………………………

1.7

Hypothesis…………………………………..

1.8

Definition of key concepts…………………..

CHAPTER TWO

2.1

Meaning of trade Policy ………………..

2.2

Nature of Trade Policy

………………..

2.3

Formal Trade Policy Making Process in Nigeria..

CHAPTER THREE

3.1

Problems of Nigerias trade policies…………..

3.2

Trade Policy And Mainstreaming:………….…

3.2

Macroeconomic Challenges ……………………

3.2 Nigeria Trade Registration ……………………….

3.3 Trade Policy objectives and development……..

3.4 The Legislative Audit of Trade Policies…………

CHAPTER FOUR

4.1 Necessity of Parliamentary Intervention

on Trade Policy……………………………………..

4.2 Trade Tariff and Waivers………………………….

4.3 Nigeria’s Regional Position……………………….

4.4 The WTO negotiations……………………………

4.5 Review of Nigeria’s trade agreement Archive….

4.6 Merger of trade and Industry Ministries …………

4.7 Upholding the “Commerce 44” Scheme………….

4.8 Review of presidential Commodity initiatives…..

4.9 Mainstreaming trade in National Development ….

CHAPTER FIVE

5.1 Summary and Conclusion………………………..

5.2 Recommendation………………………………

Bibliography ……………………………………

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

Legitimate Trade was encouraged after the abolition of the slave trade which was brought about by the great efforts of the British government to end the nefarious traffic which led to her ceding the slave-market fortress, Island of Lagos to the British Crown in 1861.

In 1886, the Royal Niger Company which was the amalgamation of all the rival trading companies in the Niger Basin was given a Charter by the British government. Between 1886 and 1900, the Royal Niger Company effectively administered, made Treaties and maintained peace and order in the areas they traded. Trading continued to grow and expand gradually (Ukaoha 2009).

In the immediate post –world war II period, Nigeria benefited from a favourable trade balance. The principal exports were agricultural commodities thus,

peanuts and cotton from the Northern Region, Palm products from the Eastern Region and Cocoa from the Western Region. Marketing boards though regionally based were established to handle these exports and to react to price fluctuations in the world market (CBN 1980). During the 1950s, the marketing boards accumulated considerable surpluses.