The World Trade Organisation (WTO) Agreements and Nigeria's Economic Development: An Appraisal of the Uruguay Round of 1995 and Doha Round of 2001

Ojo B. Adejube & Emmanuel A. Ndaeyo

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Abstract

The study examined Nigeria’s Economic Development status within the lens of the World Trade Organization’s Uruguay and Doha Round Agreements and evaluated Nigeria’s economic development experience since the Country became a member of the Organization. The study employed descriptive and analytical methodology, and information was gleaned largely from primary and secondary sources. It assessed the Organisation’s Uruguay Round of 1995, Doha Round of 2001 and World Trade Organisation’s Agreement and development of Nigeria’s Economy. The principle of WTO is based on global trade without borders, anchored on the principles of liberalization, privatization and consequent diminishing of national trade. This study found out that Nigeria’s foreign policy with regard to trade has been ineffective. This is because, the driving forces of Nigeria’s diplomatic practices failed to ensure trade security and welfare of Nigeria. Over concentration on crude oil has been identified as one of the leading factors of Nigeria’s economic backwardness. The country’s policy implementation did not favour other natural resources which would have changed the fortunes of the country’s economy. The study established that, despite various developmental agreements reached by the members of the Organisation, Nigeria is still faced with economic quagmire because of the lack of requisite capacity building in the trade fortunes of the country and by implication, the desired benefits of engagement in international trade become elusive. The paper recommended, amongst others, that the Standard Organisation of Nigeria (SON) and other quality control agencies should be strengthened for improved service delivery in line with global best practices and that the country should adopt a pragmatic approach towards economic diversificification within the context of international trade.

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