Effects of International Trade Agreements on the Economy and Society of Africa: Special Focus on Nigeria

Effects of International Trade Agreements on the Economy and Society of Africa: Special Focus on Nigeria

Henrietta Nagy (Szent István University, Hungary), József Káposzta (Szent István University, Hungary), György Iván Neszmélyi (Budapest Business School, Hungary) and Omokheka Gregory Obozuwa (Szent István University, Hungary)
DOI: 10.4018/978-1-5225-2733-6.ch010
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Abstract

The aim of this chapter is to give an overview of the trade agreements existing in Nigeria to find out their contribution to the development of the economy. There are several such agreements, however, the authors investigate how much they really operate and serve the wellbeing of people as well as food security and safety. There have been various initiatives in the countries of Africa to develop the agricultural sector, which has employed millions of people and has had a significant role in keeping the population in the rural areas. However, the authors claim that less progress has been achieved than expected. In this chapter, the authors intend to analyze the situation in Africa, with a special focus on Nigeria, to summarize the achievements, and to list up some recommendations on future measures.
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Background

Since the early 1990s, many countries in Africa have made significant progress in opening up their economies to external competition through trade and exchange rate liberalization, often in the context of the International Monetary Fund (IMF) and World Bank’s support programs. At the same time, with the creation or expansion of a number of regional trading arrangements in other parts of the world, several African nations have also worked towards this, resulting in the establishment or renewal of such trading arrangement in Africa too. The continent is now home to several regional trade agreements (RTAs) or trade blocs, many of which are part of deeper regional integration schemes. While some RTAs have been revived, some other have been broadened and deepened. Whether regional/bilateral agreements are becoming a major feature of the global trading system (as opposed to a major preoccupation of trade negotiators) is not obvious (Pomfret, 2001).

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