Critical Junctures and Merchandize Exports of Nigeria

Abstract

This study examined critical junctures and merchandize exports of Nigeria. Nigeria has had critical moments that warranted policy changes to mitigate economic challenges of the country. The global economic disaster occasioned by the oil and debt crises, multiple economic depression and stagnation during the late 1970’s led to the introduction of SAP in Nigeria. The global financial crisis of 2008 had a great effect on the economy of Nigeria. The Nigerian economy slipped into recession in November 2020, as the GDP contracted for the second consecutive quarter. The Covid-19 lockdown also tremendously affected the Nigerian economy. These conditions created crises in the Nigerian economy and necessitated policy adjustments. In the international trade sector, a key policy thrust is the enhancement of its trade balance to raise productivity of commodities with export potential designed to boost export performance to mitigate economic challenges. This study examined various export promotion strategies and used descriptive statistics to analyze the growth of merchandize exports before and after SAP. The study reveals that merchandize export earnings did not perform differently for both periods until the dawn of democratic era in 1999. The findings show that SAP and other export promotion strategies could not achieve the intended purpose to increase merchandize exports to international markets. The study recommends the need to create an enabling environment through an effective monetary, fiscal and exchange rate policies and infrastructural development for investment and expansion to boost merchandize exports in international markets.