EXPORT-LED GROWTH STRATEGY IN ENGAGING NIGERIA ECONOMIC CRISIS: PROSPECTS AND LIMITATIONS

Authors

  • Chinedu Remigius Achubie Department of Political Science, Alvan Ikoku Federal University of Education (A.I.F.U.E), Owerri, Imo State, Nigeria
  • Ekere Sunday Akor Department of Political Science, Alvan Ikoku Federal University of Education (A.I.F.U.E), Owerri, Imo State, Nigeria

Keywords:

Export-Growth, Economic Development, Industry, Productive Sector, Political Will

Abstract

Nigeria economy is grappling with severe adverse effects of depreciating exchange rate, rising energy costs, inflationary pressures, huge backlog of foreign obligations, as Debt Service to Revenue Ratio measuring 99 percent. Confronted by these economic challenges, diverse short-term and long-term policy measures are considered. Therefore, the aim of this paper is to reexamine the prospects and challenges of the export-growth strategy as one of the fitting strategies to addressing the current economic crisis. Theoretical review is anchored on the free trade debate. The qualitative content analysis approach was adopted and secondary data was analyzed. Findings revealed that while the export-growth strategy holds measurable prospect for economic growth, challenges such as lack of political will to effectively and consistently implement robust and well articulated long-term economic policies as seen in AGOA is lacking. Significant is underperformance of Nigeria’s industrial sector limiting capacity for export oriented market, due to lack of requisite industrial infrastructure like energy, funding and lack of adequate government incentives, as well as polices of government that diminishes  local industries. This paper concludes that, in tackling the current economic crisis, short and long term measures is required. Export growth in Nigeria holds prospect for long-term impact on the economy as Nigeria currently lack the requisite capacity to thrive in the export market. The paper recommends that, export growth impact on the economy would require the sustained political will and vision to turn Nigeria from to production and export-based economy. In this regards government should address the challenge of energy, issue of dumping, and bureaucratic bottlenecks. There is also the need for adequate funding and vital incentives needed to revitalize the industrial/productive sector of the economy aimed at domestic self sufficiency and a capacity for export of processed or finished product for higher profitability.

 

Downloads

Published

2024-12-16

Issue

Section

Articles

Similar Articles

1-10 of 72

You may also start an advanced similarity search for this article.