Why multilateral trade must be encouraged in Nigeria!

[PICKFORD]

Multilateral exchange is a kind of unfamiliar exchange or global exchange which a nation exchanges with numerous different nations. They trade labor and products along these lines protecting worldwide division of work a genuine model is Nigeria exchanging with the USA, Britain and Russia, multilateral exchange is essential in the event that the complete worth of world exchange is to be raised to it greatest. There are so many reasons why country engage in multilateral trade, some of which includes the fact that natural that resources are unevenly distributed while some countries are naturally blessed others have little or no natural resources this necessitate multilateral trade. Because some climate conditions difference from place to place giving rise to the growth of different crops hence the need for multilateral trade is brought up. Engaging in multilateral trade provide employment opportunity as a result of foreign investors who can establish firms in other countries which will create employment opportunities for its citizens. Another major advantage of multilateral trade is the increase in world output, some country specialise in production of goods and services in which they have comparative advantage and where full utilisation of resources is made the world output will increase. Another advantage is the availability of variety of goods,because through foreign trade wide variety of goods are made available West Africa in particular can import cars electronics shoes etc.

 

[Kingsley]

There is no country country in the world that can actually exist in isolation, just as humans can not survive in isolation. According to Thomas Hobbs he said life for man in the state of nature is short, poor, brutish and nasty. This is telling us that we can not live alone and we always need to socialize and interacts with one another, this also applies to countries aswel, the way economies are designed they are suppose to depend on one another to thrive.

When we take a look at the G20 world economies we will realise that they have trade agreements with almost all the countries of the world, this why the economy od these countries are very strong because of the multilateral agreements they have signed with those other countries.

So it only wise if Nigeria can follow the foot step of those other wise countries that has expanded their econo my by signing multilateral agreements because we have more than enough resource here that can feed and cater for the needs of the whole world and if well harnessed there will be enormous benefit that accruing to Nigerian. I want to hope our leaders will have a positive mind to think towards that direction.