WORLD TRADE ORGANIZATION AND THE GLOBAL SOUTH: AN APPRAISAL OF THE NIGERIAN SITUATION 1995-2023

Abstract

The World Trade Organization (WTO) is an organisation that plays a pivotal role in shaping global trade policies, fostering economic cooperation and addressing trade disputes among its member states. For developing countries in the Global South, the WTO represents both an opportunity for economic integration and a platform to voice concerns about inequities in the global trading system. Nigeria, being a part of the WTO has Africa’s largest economy and most populous nation and it has been an active participant in the WTO since its inception in 1995. The WTO has a principle of trade without borders and it has its focus in the area of liberalization and privatization. Now, Nigeria being a member of this organization seeks to reaffirm its commitment to international trade and seek technical aids to help build its economic prestige in the global market. Hence this article seeks to examine Nigeria’s engagement with the WTO from 1995 to 2023 and the progress its economy has recorded since its membership. Despite Nigeria’s membership in the World Trade Organization since 1995, the country just like the other countries that make up the global south has continued to face some significant challenges that has limited them from fully benefiting from total global trade liberation. This article employs a descriptive research method, focusing primarily on the collection and analysis of primary data gathered through qualitative interviews with key stakeholders, including community leaders, government officials, etc. For the secondary sources, relevant documents such as published and unpublished books and papers, lecture notes, articles, textbooks, journals and newspapers obtained from the library, internet and documentaries were consulted. The WTO being a body that facilitates trade relations amongst countries has from inception ordained its objectives. Nigeria, as a member country showed its full commitment to the organization by implementing policies and programmes that includes; primary export-oriented philosophy, planned public sector led economic development, import substitution, indigenization, Structural Adjustment Programme (SAP), NEEDS (National Economic Empowerment and Development Strategy) deregulation, public private partnership, privatization and commercialization. All these were in line with the WTO guidelines. However, with all the above listed effort by the organization and Nigeria as a member, this article was able to bring to light that the objectives of the WTO to serve as a body that would push Nigeria to the horizon in global trade has been limited because over the years oil has been Nigeria’s greatest revenue generator and this is what the nation has been relying on and this has limited the countries investment in other sectors such as agriculture, tourism etc. Sequel to this existing trade imbalance, this article while advocating that the WTO abort certain policies hurting Nigeria’s Economy, equally suggest proper economic diversification.