Towards Effective Integration of Nigerian Economy into Global Economic Competitiveness; Problems and Prospects

Towards Effective Integration of Nigerian Economy into Global Economic Competitiveness; Problems and Prospects

Author(s) by Ikyase Johnkennedy Tersoo, David N. Ikyase
Pages 29-37
Keywords Integration, Global competitiveness, Economy, Nigeria.
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Abstract


The objective of this paper is to examine how effective the Nigerian economy we be integrated into the global economic competitiveness. Some literatures on the subject matter were reviewed while secondary sources were employed to analyze the issues therein. .The paper reveals that Nigeria has large domestic market, which could serve as a springboard for entering export markets, these and many other national assets could pave the way for seizing the many development opportunities that come with cross-border cooperation and the globalization of industry, trade, and investment. Interestingly, the paper examine some determinant of global competitiveness which include inter-alia financial market sophistication, labour market efficiency, macroeconomic stability, technological readiness, market size, Business sophistication, goods market efficiency among others . The paper point out that one of the factor inhibiting the effective integration of Nigeria into the World trading system is the non-involvement of all stakeholders in issues relating to trade. The paper recommend that government should intervene to provide the necessary support for local entrepreneurs so that the economy we be made attractive to local investor through the adjustment of interest rates at affordable rates. The paper concludes that For Nigeria to achieve this feat and its aim of being part of the 20 largest economies by 2020, she must maintain an annual average growth of 12.4% over the next 15 years and focus on developing the recommendations that have been proffered.

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