Abstract
Trade is a major catalyst for economic growth, a promoter of competitiveness and economic outcome, and it fosters inclusive and sustainable growth among economies. The cross-country pattern of trade and output is heavily influenced by trade costs. They influence industry specialisation and, as a result, earnings, poverty rates, and a variety of other key economic indicators. International trade is seen as a vital catalyst for economic development, the performance of a given economy in terms of growth (output and per capita income) is based both on domestic production and consumption and international transaction of goods and services. Trade agreements play a crucial role in promoting international trade and economic cooperation. They establish a framework for trade relations between countries, reduce trade barriers, and provide rules and regulations that govern international trade. While trade agreements have their benefits, they also face criticism for their potential negative impacts. Nonetheless, these agreements continue to shape global trade and economic policies. It is on the basis of the foregoing that the aim of this paper is to appraise the impacts international trade agreements have had on Nigeria’s economy. The objective of this paper amongst others is to examine the importance of trade agreements in the economic development of Nigeria and to interrogate the extent to which Nigeria has benefitted from international trade agreements. The doctrinal research methodology was adopted in this research as both the primary and secondary sources of law were relied upon. This paper found that Nigeria is a signatory to a host of international trade agreements but has failed to take advantage of such trade agreements due to several institutional lapses. This paper further found that lack of requisite infrastructure has also impacted on the economy of Nigeria. It was recommended amongst other thing that the federal government should strengthen institutional governance and promote the diversification of exports.
Keywords: International trade agreements, economic development, Nigeria