EFFECT OF NIGERIA-UNITED STATES TRADE RELATIONS ON SOCIOECONOMIC DEVELOPM

Abstract

This study examined the effect of Nigeria-United States Trade Relations on SocioEconomic Development in Nigeria. The Human Capital Theory (HCT) was adopted as theoretical framework. The study utilizes survey and content analysis research design. The
population of the study are; Nigerian Export Promotion Council, Manufacturers Association of Nigeria (MAN), Nigeria Chamber of Commerce, Industry, Manufacturing Association (NACCIMA). The Statistical Package for the Social Sciences (SPSS) was used to analyze the data collected. The Finding from the study reveals that, Nigeria trade relations with US did not promoted made in Nigeria goods in Nigeria within the period under reviewed. Experts and operators in the manufacturing sector have identified consumers' lack of confidence in local items as being responsible for the sector's poor growth. The study further revealed that, Nigeria trade relations with US have increased Gross Domestic Product (GDP) in Nigeria. This was affirmed by 62.3% of the sample population. Finding from the study revealed Nigeria trade relations with US did not create employment opportunities in Nigeria. The study recommends that, Nigerians and consumers should have confidence in local made goods in order to promote Nigeria exports and balance its trade relations with deficit US. Nigeria trade relations with US should take cognizance of a deficit in the balance of payments, this is because; Nigeria's GDP can be corrected by encouraging exports. Nigeria exports can be encouraged by producing quality products, increasing exports through increased production and productivity. There should be adjustment through Exchange Depreciation (Price Effect) in Nigeria relations with US. Their relationship should ensure flexible exchange rates; equilibrium in the balance of payments and reduce forces of demand and supply on foreign exchange and create employment opportunities for Nigeria.