Business
NISER Advocates FG, EU Intra-Industry Trade
The Nigerian Institute of Social and Economic Research (NISER), Ibadan, has stressed the need for Nigeria to attract more multinational firms to improve intra-industry trade with the European Union (EU).
Dr Damilola Arawomo of the institute’s Surveillance and Forecasting Research Department said this at a seminar it organised on Tuesday in Ibadan, Oyo State.
The seminar was the sixth edition and the first on international trade of NISER Research Seminar series.
Arawomo spoke on: “Drivers of Intra-Industry Trade between Nigeria and the European Union”.
He said, though, intra-industry trade between Nigeria and the EU had increased from 0.04 per cent in 2001 to 0.38 per cent in 2012, trade between Nigeria and the EU had been low.
It now existed in vertically differentiated products. Arawomo said.
“The differentiation and foreign direct investment have positive and significant impact on intra-industry trade between Nigeria and the EU.
“Therefore, it’s important to attract more multinational firms into the country.
“Besides, efforts should be made to improve on the level of products differentiation and quality,” he said.
He emphasised that enforcement of the local content policy in Nigeria should be taken seriously to facilitate knowledge transfer from multinationals to Nigerians.
“Fixing infrastructural deficits in terms of energy, water, good road, etc is of utmost importance since previous efforts to attract multinationals produced limited success.
“The Federal Government may need to invest in infrastructural facilities in the various export processing zones created all over the country,” Arawomo said.
The researcher noted that the income of Nigeria was unstable because of the dominance of oil over manufactured products in the country’s exports.
“However, the instability can be reversed with trade in similar products between Nigeria and her highest trade partner (European Union),” he said.
Also, the NISER Director-General, Prof. Olufemi Taiwo, said the seminar was one of the institute’s mandate and a platform for capacity building for young scholars.
Taiwo acknowledged the Federal Government for financing the programme monthly and the ICT department of the institute for organising it.
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