Trade and Investment Law as Catalysts for Economic Growth and National Development in Nigeria

Abstract

Trade and investment are pivotal drivers of economic growth in any nation. The hallmark of a country’s development is measured by the gross domestic product (GDP), thus affects the country's national development. In modern times, commercial activities or trade and investment have taken several dimensions, particularly with the advent of Electronic Commerce models, which have made business more accessible and robust. Trade agreements such as free trade agreements (FTA) and regional trade agreements (RFA) are instrumental in reducing trade barriers and promoting economic growth. Through foreign direct investment, cross-border trade, and agreements, countries have led to sustained growth of countries. Recourse is further made by analysing and appreciating the result of trade and investment and its consequent interrelationship with selected countries of the world as points of reference. China in the international market has made inroads in the world in recent times, especially in Africa. International trade favours the more advanced countries based on their technological know-how. Most developing countries export more of primary products. Nigeria, as a developing nation, is a key player in international trade, with its primary income coming from crude oil exports. Despite its abundant resources, the impact on the lives of its citizens has been limited. This can be attributed to Nigeria’s challenging economic environment, characterized by political instability, poor government policies, and inadequate implementation of existing laws. The paper offers recommendations for policymakers and legal practitioners to enhance the role of trade and investment law in promoting national development. It emphasizes the need for greater transparency, inclusivity, and flexibility in trade and investment agreements to ensure they effectively support economic growth and development goals.