Strategic Policy Options for Bracing Nigeria for the Future of Trade

herausgegeben von: Ph.D. Gbadebo Odularu

Verlag: Springer International Publishing

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

As the fourth industrial era evolves, the role of blockchain technology, Artificial Intelligence (AI), and machine learning in transforming national commerce cannot be overemphasized, especially with the expansion of e-commerce in Africa. In other words, technological advancement and innovation are becoming essential to many aspects of Nigerian businesses, thereby considerably enhancing trade and productivity. This book provides a primer on the role that digital technology may play in Nigeria’s trade flows, and the implications for enabling an economy-wide deployment of digitization in trade facilitation.

This book analyzes the importance of STI’s contributions to the Nigerian economy, focusing on the transition to digital solutions and their potential to significantly increase trade and commerce. Since AfCFTA’s 2018 launch, academic and political responses to the automation of business have increased. Further, business promotion, aid-for-trade, regional integration and trade facilitation issues are at the forefront of business development policy and intellectual discourse in Nigeria. This book details Nigeria’s business opportunities, capacities and challenges with a special interest in sustainably enhancing the nation’s business ecosystem in the digital age. Through the examination of trade facilitation policies, programs, tools, models and technologies, this book demonstrates Nigeria’s need for strategic public-private partnership in digital trade to foster a more sustainable business future.

Inhaltsverzeichnis

Frontmatter

Chapter 1. The Primer: Bracing Nigerian Trading Ecosystem for the Future

Abstract

The fourth industrial revolution or the ‘Digital Industrial Revolution’ or ‘Industry 4.0’ or ‘4IR’ refers to the ongoing global conversion of labour-intensive manufacturing processes towards incorporating robotics, artificial intelligence (AI), big data, customer service personalization and other forms of digital innovation. Although Nigeria is currently experiencing slow growth rates, all signs point to the country experiencing steady GDP growth through the 2020s. Based on this background, the purpose of this article is to provide a primer on the role that digitalization may play in Nigeria’s economic trajectory, and its implications on economy-wide deployment of digital trade facilitation.

Gbadebo Odularu

Chapter 2. Preparing Nigeria for Digital Trade Within the WTO E-commerce Negotiations: Issues and Policy Directions

Abstract

Nigeria believes that e-commerce is an economic reality that is unlocking the potentials of economies by triggering growth and creating wealth and jobs. However, Nigeria is mindful of the supply side constraint. If e-commerce is to deliver shared benefits to the WTO membership at large proper attention must be paid to the digital divide. The necessary infrastructure and accompanying access must be assured for communities in developing countries that will otherwise be even more marginalized as the rest of the world benefits from e-commerce. This paper attempt to situate Nigeria’s e-commerce ecosystem and her level of readiness to embraces the evolution of digital technology in international trade. In addition, how Nigeria devises an effective digital-led strategy towards the global growth and development of SMEs.

Ndah Abu Ali, Gbadebo Odularu

Chapter 3. Trade Facilitation and Logistics Performance in Saudi Arabia: Lessons and Policy Directions for Nigeria in the Digital Age

Abstract

National, regional, and international trade facilitation and logistics costs play a key role in the world economy. One particular characteristic that distinguishes international logistics from domestic logistics and its impact on the global economy is the crossing of borders between two or more countries, besides the complexity consisting of a mix of cultural, political, technological, and economic issues. Thus, the Nigerian Government requires a digitally advanced set of rules and regulations to foster cross-border movement of goods and services. Based on this background, this study aims to leverage on the lessons that Nigeria can learn from the Saudi Arabian trade facilitation experience and logistic performance.

Munaya A. Asiri, Gbadebo Odularu

Chapter 4. Understanding the Role of Selected Measures in Facilitating Trade Under Nigeria’s WTO Obligations: Lessons and Policy Agenda for Selected Sectors—Oil and Gas, Fish, and Foreign Exchange

Abstract

This chapter analyzes the consistency of certain measures introduced by Nigeria in light of its obligations under the World Trade Organization (“WTO”). It is structured in three sections. Each section provides an overview of a measure, analyzes it in light of Nigeria’s WTO obligations, provides potential justifications, and presents recommendations on possible strategies that Nigeria could pursue with regard to the measure to ensure the continuance of their broader policy objectives in a WTO-consistent manner. Broadly, these measures relate to the oil and gas industry, the importation of fish, and foreign exchange.

Ndah Abu Ali

Chapter 5. Innovative Strategies for Maximizing Aid-for-Trade Towards Enhanced Transport Infrastructure and Intra-regional Trade Facilitation: Policy Directions for Nigeria and West Africa

Abstract

This chapter analyses how Aid for Trade (AfT) is contributing to fostering business connections and intra-regional trade in Nigeria, and its regional neighbors within West Africa, with particular reference on the Economic Community of West African States (ECOWAS). It examines the challenges and opportunities of aid for trade for road infrastructure in the ECOWAS region. It investigates the opportunities that AfT brings to enhance regional economic integration in ECOWAS, especially through building road interconnectivity and therefore, strengthening its economic infrastructure capacities. It also examines how and whether AfT is meeting its objective of helping developing countries, especially those in ECOWAS, to minimize trade costs, improve efficiency of road infrastructures, facilitate trade and maximize the benefits from trade liberalization.

Abiola Abidemi Akinsanya

Chapter 6. Harnessing the AfCFTA for Economic Diversification in Nigeria: The Role of Trade Logistics and Infrastructure

Abstract

The ratification and commencement of the Africa Continental Free Trade Agreement (AfCFTA) has been dubbed a major economic breakthrough for the African continent. The agreement is expected to boost intra-African trade and regional economic development. Despite several concerns, the Nigerian government signed the agreement after consultation with relevant stakeholders. The agreement presents a unique opportunity for Nigeria to diversify its exports and economic base. This article examines trade logistics and infrastructure in Nigeria vis-à-vis other African countries, and how the current state of trade infrastructure could undermine the potential benefits of the agreement for the Nigerian economy. Relevant policy suggestions with respect to how trade logistics and infrastructure can be enhanced to facilitate the competitiveness of Nigeria’s exports are suggested.

Oluwasola E. Omoju, Emily E. Ikhide

Chapter 7. Sequencing and Negotiating Nigeria’s Regional and International Trade Agreements in the Digital Age: Issues and Policy Prescriptions

Abstract

With the globalization of the world economy and the multiplication of international agreements that are ever-expanding in scope and depth in this fourth industrial era, the question of appropriately bracing and sequencing Nigeria into the various trade negotiations is becoming a serious challenge for the future of trade in Nigeria. The effective participation and bracing of the Nigerian economy in these trade negotiations and agreements would not only depend on its the long-term development of the domestic capacity to identify trade and development objectives, in line with the objectives of the National Trade Policy and the National Economic Recovery Growth Plan (NERGP). Based on this background, this chapter examines how Nigeria can sequence her trade negotiation towards the growth of the economy.

Jonathan Adeyemi Aremu

Chapter 8. Conclusion and Policy Recommendations

Abstract

Based on its young and growing population as well as the year-on-year economic growth, the role of the digital revolution cannot be overemphasized in realizing the nation’s enormous growth potentials in the future. Thus, bracing Nigeria for the future of trade requires unprecedented domestic, regional, and international investments in areas such as infrastructure development, peace, security, information technology, science, technology and innovation (STI), and environmental protection. Thus, domestic revenues and international funding support are both critical to support Nigeria’s preparedness for the future of trade. However, these sources alone will be insufficient and much more private finance will need to be mobilized. While leveraging on the evidence-based recommendations in the previous chapters, this chapter proposes forward-looking policy solutions for adopting digital tools in preparing Nigeria for the future of trade.

Gbadebo Odularu

Backmatter

Titel: Strategic Policy Options for Bracing Nigeria for the Future of Trade
herausgegeben von: Ph.D. Gbadebo Odularu
Verlag: Springer International Publishing
Electronic ISBN: 978-3-030-34552-5
Print ISBN: 978-3-030-34551-8
DOI: https://doi.org/10.1007/978-3-030-34552-5