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FACTORS AFFECTING INTERNATIONAL TRADE ACTIVITY IN LESS DEVELOPED NATIONS: NIGERIA AS A CASE STUDY
Abstract: In regards to a report by CNN, Nigeria has the highest statistics of Individuals inhabiting and dwelling in abject poverty with an approximated 86.99 Million Citizens of Nigeria inhabiting on less than $1.90 per day. Also, Foreign Investors are withdrawing their businesses and projects across the Nations. It is attested that as of September 24th 2018, International Investors withdrew almost 435.4 Billion from the Stock Market as a result of the Poor and Weak Policy disagreements between International Traders and the Governments. This Research Paper evaluated the factors that affects and influences foreign trade activity in Nigeria. Some recognized factors entail trade policy, political instability, corruption, demand, inflation, foreign currency reserves and exchange rate. Solutions to the recognized factors were provided at the end of the research study. Past research studies were evaluated and the generated conceptual framework was focused on past discoveries and findings. Recommendations for Implementation of this Research Study on International Business Managers, Investors, Domestic Entrepreneurs as well as Nigerian Government in Charge of International Trades have also been emphasized along with treasured and practical recommendations for Central Bank of Nigeria (CBN) and International Investors. The Research Paper submits and presents that the International Trade Pattern of Nigeria does not adapt and align to the global standard policy which influences and affect foreign trade. Amongst others, it was suggested that the Nigeria State/Government needs to come up with a strategy and plan where trade policy, terrorism and corruption should be eradicated and amended so as to attain to the global standard.
Keywords: Trade Operation, International Trade, Nigeria