LEGAL ANALYSIS OF THE NIGERIAN TRADE POLICY AND PROTECTION OF LOCAL INDUSTRIES

Abstract

This paper presented a legal analysis of Nigeria’s trade policy framework with a focus on its role in protecting and promoting local industries. The study examined that the country’s trade policies, their impact on local industries and the challenges facing the Nigerian economy. The Nigerian trade policies were shaped by the country’s economic and political context. The Legal framework for trade policy and the protection of local industries is a complex and evolving system that attempts to balance the goals of global trade integration with the need to foster domestic economic growth. The analysis revealed a tension between liberalization commitments and the country’s developmental agenda, revealing that trade policies had both positive and negative impacts on the local industries. Trade Liberalization promotes economic growth but led to increase competition from foreign companies, negatively impacting local industries. The analysis highlighted the importance of protecting local industries from unfair trade practices like dumping, the need for a balanced, legally compliant trade policy that safeguards domestic production while fostering competitiveness. The paper adopted the doctrinal research methodology where primary and secondary sources of law were evaluated. The paper concluded that Trade Policy of Nigeria 2023 – 2027 is part of the government’s renewed Hope Agenda, aiming to attract foreign Investment, boost exports, create jobs and prioritize value addition in non-oil exports. The paper therefore recommended among others for policy reform that aligns with Nigeria’s economic goals and its international trade obligations.