Solving the Poverty Crisis in Nigeria: an Applied General Equilibrium Approach

BACKGROUND OF THE STUDY This study is basically under attainn to take an objective eyeshot of the impact of transnational trade on the economy of Nigeria. forwards her political independence in October 1st 1960, Nigeria has been an active thespian on the field of outside(a) trade, initially with predominately agrain products, but now dominated by crude products. Since the discovery of oil in commercial quantity in Oloibiri in the present daylight Delta State, Nigeria has been an important player in world affairs, economically and otherwise, tell aparticularly being the 6th largest producer of crude oil in the organisation of petroleum exporting countries (OPEC). Unfortunately, these blessings by nature to Nigerians didnt reflect in the overall welfare of the citizen made worse, by the collapse of world oil market as a result of glut in 1981. For example, crude oil prices, which rise rapidly from $20.94 dollars per barrel in 1979 to $36.95 dollars in 1980 and $40.00 dollars in 1981, miss to $29.00 in 1983 and low level of $14.85 in 1986 (Anyanwu, Oyefusi, Oaikhenan, Dimowd 1997). Exchange response which rose from $15.7 billion dollars in 1981, fell to $5.2 billion dollars (Anyanwu etal).

The higher up does not mean that there pay off been absolutely no gain from Nigerias participation in the arena of international trade, the point is that the gains have been normal, not in real damage. Nigeria is hapless from the Dutch Disease going by the impact of petroleum on its economy. Because a nation where over 40% of the universe of discourse live below poverty line, cannot be said to have prospered in real economic terms. This study is going to take a position, whether Nigerias economic under-development can be attributed to international trade or whether her relative economic prosperity, in terms of growth and development can be attributed to her taking part in the field of international trade. In other words, how effectively has trade contributed to Nigerias economic growth and... If you want to dispirit a full essay, order it on our website: Ordercustompaper.com

If you want to get a full essay, wisit our page: write my paper