Nigeria’s Multilateral Trade Relations with the G8 Economies:A Gravity Model Approach.
It is an undeniable fact that trade has been facilitating growth and development of countries across the world.
This underscores the recent upsurge in establishing multilateral trade relationship between Nigeria and other countries especially, the G8 member countries.
While these realities are still contestable in terms of the potential benefits of the trade linkage that Nigeria stands to gain, the trajectory of the influx of export to Nigeria from the latter countries calls for a concern and a need to investigate the possible socio-economic, political and geographical variables that trigger this trend.
It is in view of this, that this study empirically investigates the magnitude of the factors driving increasing Nigeria-G8 multilateral trade relations.
To achieve this, we employ the augmented variant of gravity model (GM) that allows for the inclusion of country specific and country- pair characteristics in addition to the traditional GM variables (income and distance).
Table of Contents
Title Page i
Table of contents vii-ix
List of tables x
- Introduction 1
- Background of the study 1-3
- Statement of the Problem 4-6
- Objectives of study 7
- Research Hypotheses 7
- Significance of study 7
- Scope of study 8
2.0 LITERATURE REVIEW 9
- Conceptual framework 9
- Understanding the concept of Trade integration 9-11
- Globalization and Trade Integration 11-13
- Theoretical Literature 13-17
- Understanding the G8 and its Multilateral Relation 17-20
- Empirical Literature 20-23
- Limitations of Previous Studies 23
CHAPTER THREE METHODOLOGY
- Theoretical Framework 24-25
- Model Specification 25-28
- Estimation Procedure 28-29
- Data Issues 29-30
CHAPTER FOUR DATA ANALYSIS AND RESULTS PRESENTATION
- The basic Newtonian Form of Nigeria G8 MultilateralTrade Gravity Model 31-32
- The Augmented Nigeria G8 Multilateral Trade Gravity Results 33-40
- Model Specification 41-42
CHAPTER FIVE SUMMARY OF THE STUDY, RECOMMENDATIONS AND CONCLUSION
5.0 Summary of the Study 43-44
5.2 Policy Recommendation 44-45
5.1 Conclusion 46
1.1 Background of Study
Development in international trade over the decades points to the fact that countries of the world cannot live in isolation.
A close look across different political and economic climates of the world shows that this phenomenon has assumed a more competitive and multi-dimensional scale.
Lurking at the background of multilateral trade relations is a quest to complement a country’s production deficiencies or limited resources by exploring available opportunities in some other countries.
Global trade has expanded significantly since World War II and many countries have benefited from increased cross-border trade and investments for reasons which include:
lower transportation and information costs, higher per capita income and changes in government policies (Onwuka and Eguavoen 2007 and Krol 2008). As a result, there is a global call for more trade across borders.
This call has elicited one of the most enduring debates among policy makers in the world. Economists tend to believe that movements toward trade relations among countries, on balance, provide positive benefits.
For instance, increased trade and investment flows help countries to develop faster than it should as trade generates income and the flows enable them to increase their stock of productive capital without compromising their level of consumption (Onwuka and Eguavoen 2007).
Abdulraheem, Y. (2003) “Globalization and Nigerian Economic development” A paper presented at the 4th Annual National Conference of the Social Studies Association of Nigeria (SOSAN) Held at the Faculty of Education, University of Ibadan, Ibadan
Ackerman, F. (2001) “Can Openers and Comparative Advantage: Alternative Theories of Free Trade and Globalization” Global Development and Environment Institute A talk given at the Environment Forum of the People’s Summit in Quebec in April 17, 2001
Adler, M. B. (2008) “Stumbling Forward on Trade: The Doha Round, Free Trade Agreements, and Canadian Economy” CD Howe Institute, Canada
Agbodji, A. (2008) “The Impact of Sub-regional Integration on Bilateral Trade: The Case of UEMOA” AERC Research Paper, 186.
Aina, U. (1997) in Onyeonoru (2003) “Appraising Employment and Export-led Industrialization in Post-reform Nigeria” African Finance and Economics Association (AFEA), November 8 –11, 2007, Dakar.
Aitken, N. (1973) “The Effect of the EEC and EFTA on European Trade: A Temporal Cross-section Analysis”. American Economic Review 63, 881– 892.
Join Over 3,500 000+ Readers Online Now!
COPYRIGHT WARNING! Contents on this website may not be republished, reproduced, redistributed either in whole or in part without due permission or acknowledgement. All contents are protected by DMCA.
The content on this site is posted with good intentions. If you own this content & believe your copyright was violated or infringed, make sure you contact us at [[email protected]] to file a complaint and actions will be taken immediately.
Tags: advantages of multilateralism, benefits of multilateral trade agreements, bilateral trade, difference between bilateral and multila, features of multilateral trade, multilateral trade agreements ppt, multilateral trade example, multilateral trade negotiations, teral trade agreements