STRATEGY AND CHALLENGES OF`ECOWAS PROTOCOL ON TRADE LIBERALIZATION AND ECONOMIC DEVELOPMENT IN NIGERIA
ECOWAS protocol on trade liberalization was to give rise to the elimination of custom duties and accompanied by the total elimination of all non–tariff barriers as well as other administrative barrier and establishing common external tariff (CET) by promoting sub-regional trade through the strategy...
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| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Federal University Wukari
2024-10-01
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| Series: | International Studies Journal |
| Subjects: | |
| Online Access: | https://wissjournals.com.ng/index.php/wiss/article/view/486 |
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| Summary: | ECOWAS protocol on trade liberalization was to give rise to the elimination of custom duties and accompanied by the total elimination of all non–tariff barriers as well as other administrative barrier and establishing common external tariff (CET) by promoting sub-regional trade through the strategy of businesses within the region the opportunities for sustained growth and enhance export competitiveness. However, despite the numerous benefits of ECOWAS protocol on trade liberalization answer to the overcoming economic challenges still remain low. The study examines the strategy and challenges of ECOWAS trade liberalization in economic development of Nigeria. However, the neo-functionalist theory was used to anchor the study with the aid of both Primary and secondary methods of data collection, especially interviews together with elicited information from library and official (government) sources, books, journals, dailies and periodicals, internet materials. The result of the study revealed eight major non-tariff barriers impeding Nigeria economic development effectively participating in trade within the community, particularly Nigeria. The non-tariff barriers include lack of interest in products with ECOWAS origin, Interim EPAs, long administrative custom procedures requiring long list of documents, congestion at the ports as a result of inefficient bureaucracies, which usually leads to long delays, extortion, and corruption among others. Despite the challenges, the study contributed to existed literatures showing that trade liberalization is good for the Nigeria economic performance in the variables explained in the study; although it has to be handled carefully as it also has some negative effects. This raises a challenge for economy policy makers to rigorously assess trade agreements and policies and to take into account certain economic policies aspects and country specific characteristics of the West African community. In line with the findings of the study, some policy options were recommended in order to ensure that the ECOWAS trade protocol is beneficial to the Nigeria economy and to improve the international trading position of Nigeria.
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| ISSN: | 2756-4649 |