Examination of the Legal Barriers to International Trade in Nigeria: Lessons from the UK and China

Abstract

International trade fosters growth and boosts job creation and technological advancements. It allows countries to specialize in producing goods and services that they are most efficient at and then trade with other countries for goods and services that they are less efficient at producing. However, trade barriers can hinder the free flow of goods and services between countries. These barriers can be in the form of tariffs, quotas, subsidies and regulations. Collectively, they can make it difficult for businesses to import and export goods, which can lead to higher prices for consumers and reduced economic growth. Thus, the aim of this paper was to legally analyse international trade in Nigeria. It makes a comparative analysis using the UK and China and the lessons that Nigeria can learn from these jurisdictions. It found that among these three jurisdictions, Nigeria has the highest tariff rates which significantly hinder international trade in the country. It concluded with an emphasis on striking a balance between protecting local industries, boosting the national economy and promoting international trade. It is recommended that Nigeria should learn from the UK Global Tariff and the Made in China 2025 scheme.

 

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