Globalization and Nigeria's National Development: WTO and International Trade in Perspective

Abstract

This paper argues that the role of international trade and the institutions that promote the raging process of economic globalization is more likely to be debilitating for developing countries that are not well positioned to benefit from it. It argues that because the globalization process has come to stay, countries such as Nigeria need to reposition themselves to benefit from the process and mitigate its potentially adverse effects, rather than try to fight it. An important aspect of this repositioning involves reviewing its commitments to the existing global multilateral agreements that continuously seek to dismantle trade barriers regardless of the adverse effects of such policies on the developing countries.

Keywords: Globalisation, World Trade Organisation, International Trade

JEL Classification: O1, O2, O3, O4