The Impact of Multilateralism and Regionalism on Trade Policy Effectiveness in Nigeria

Abstract

This paper examines the impact of multilateralism and regionalism on the effectiveness of trade policy performance in sub-Sahara Africa with particular evidence from Nigeria. The paper critically assesses the implications of the multilateral trading system along the increasing but asymmetric interface between multilateralism and regionalism on SSA. The issues relating to market access and export supply response to incentives derived from the various agreements provided basis for this reasoned analysis. It is revealed that the multilateral trading system has not benefited the SSA relative to other regions like Asia. Perhaps, internal and external constraints associated with poor economic fundamentals, asymmetries between the rules of the game and the development aspirations of the nations and lack of capacity to negotiate undermine the effectiveness of trade policy in the region. To tap fully on the potentials expected from the pro-neoclassical policy however, a new framework that offers African nations including Nigeria stronger voice to renegotiate in line with their fundamentals should be invoked.

Key Words: Multilateralism, Regionalism, Market Assess and Export Supply Response.