IDEAS home Printed from https://ideas.repec.org/a/bcp/journl/v9y2025issue-5p5453-5464.html

Utilizing Trade Relations and Policies to Scale Up Growth in Nigeria: Lessons from South Korea

Author

Listed:
  • Faith Ihechiluru Awah

    (Department of Political Science, University of Kentucky, United States of America (USA))

Abstract

The Nigerian economy has been solely dependent on oil for exportation which may have increased GDP showing only an economic growth rate without sustainable economic development (Edo & Ikelegbe, 2014). According to OECD/WTO (2019), there is no single formula for economic growth that works with every country, however, diversification would work ultimately if more efforts were made in the improvement of skills, infrastructure, institutions, and governance. the Nigerian economy and pattern of growth have been unstable over the years and there are several challenges faced while the plans, reforms, and industrial policies are being carried out. Even though the country is richly blessed with natural resources, the Nigerian economy has fluctuated over the years. On the other hand, the Korean economy has been used as a model of growth for developing countries. Korean economic success and growth can be attributed to the effective industrial policies carried out over the last 50 years. Therefore, developing countries can emulate these trade policies to achieve the same success. This study seeks to analyze the challenges impeding economic growth and industrialization in Nigeria and also draw lessons from the effective trade policies in South Korea that promotes industrialization and grow several strategic sectors leading to sustainable growth and development which has not been enumerated in previous studies.

Suggested Citation

  • Faith Ihechiluru Awah, 2025. "Utilizing Trade Relations and Policies to Scale Up Growth in Nigeria: Lessons from South Korea," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(5), pages 5453-5464, May.
    • Handle: RePEc:bcp:journl:v:9:y:2025:issue-5:p:5453-5464
    as

    Download full text from publisher

    File URL: https://www.rsisinternational.org/journals/ijriss/Digital-Library/volume-9-issue-5/5453-5464.pdf
    Download Restriction: no
    File URL: https://rsisinternational.org/journals/ijriss/articles/utilizing-trade-relations-and-policies-to-scale-up-growth-in-nigeria-lessons-from-south-korea/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Wenyu Zang & Mark Baimbridge, 2012. "Exports, imports and economic growth in South Korea and Japan: a tale of two economies," Applied Economics, Taylor & Francis Journals, vol. 44(3), pages 361-372, January.
    2. Holcombe, Randall G., 2013. "South Korea's economic future: Industrial policy, or economic democracy?," Journal of Economic Behavior & Organization, Elsevier, vol. 88(C), pages 3-13.
    3. Uma Kalu E & Obidike Paul C. & Chukwu Christiana O. & Kanu Clementina & Ogbuagu Regina A. & Osunkwo Foluso. O. C. & Ndubuisi Paul, 2019. "Revamping the Nigerian Manufacturing Sub-Sector as a Panacea for Economic Progress: Lessons from South Korea," Mediterranean Journal of Social Sciences, Sciendo, vol. 10(4), pages 111-123, July.
    4. Jeffrey Frankel, 2012. "The Natural Resource Curse: A Survey of Diagnoses and Some Prescriptions," Growth Lab Working Papers 36, Harvard's Growth Lab.
    5. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
    6. Harvie, Charles & Lee, Hyun-Hoon, 2003. "Export-Led Industrialisation and Growth - Korea's Economic Miracle 1962-89," Economics Working Papers wp03-01, School of Economics, University of Wollongong, NSW, Australia.
    7. Charles Harvie & Hyun‐Hoon Lee, 2003. "Export‐led industrialisation and growth: Korea's economic miracle, 1962–1989," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 43(3), pages 256-286, November.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mark F. J. Steel, 2020. "Model Averaging and Its Use in Economics," Journal of Economic Literature, American Economic Association, vol. 58(3), pages 644-719, September.
    2. Simplice A. Asongu & Samba Diop, 2022. "Resource Rents and Economic Growth: Governance and Infrastructure Thresholds," Working Papers of the African Governance and Development Institute. 22/072, African Governance and Development Institute..
    3. Diao, Xinshen & McMillan, Margaret S., 2014. "Towards understanding economic growth in Africa: A reinterpretation of the Lewis Model," IFPRI discussion papers 1380, International Food Policy Research Institute (IFPRI).
    4. de Soysa, Indra & Krieger, Tim & Meierrieks, Daniel, 2022. "Oil and property rights," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 79, pages 1-13.
    5. Diao, Xinshen & McMillan, Margaret, 2018. "Toward an Understanding of Economic Growth in Africa: A Reinterpretation of the Lewis Model," World Development, Elsevier, vol. 109(C), pages 511-522.
    6. Gislain Stéphane Gandjon Fankem & Cédric Feyom, 2024. "Is trade openness a barrier to industrialization? Evidence from Sub-Saharan Africa," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 160(2), pages 713-759, May.
    7. Raputsoane, Leroi, 2025. "Economic causation nexus and the minerals industry," MPRA Paper 124711, University Library of Munich, Germany.
    8. Raputsoane, Leroi, 2025. "Economic sensitivity nexus and the minerals industry," MPRA Paper 124786, University Library of Munich, Germany.
    9. Britto, Gustavo & Coelho, Clara & Freitas, Elton & Romero, João Prates, 2019. "The great divide: economic complexity and development paths in Brazil and the Republic of Korea," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    10. Jinsuk Yang & Qing Hao & Mahmut Yaşar, 2023. "Institutional investors and cross‐border mergers and acquisitions: The 2000–2018 period," International Review of Finance, International Review of Finance Ltd., vol. 23(3), pages 553-583, September.
    11. Philip Stevens & Jasson Urbach & Gabrielle Wills, 2013. "Healthy Trade: The Relationship Between Open Trade and Health," Foreign Trade Review, , vol. 48(1), pages 125-135, February.
    12. Vieira, Flávio & MacDonald, Ronald & Damasceno, Aderbal, 2012. "The role of institutions in cross-section income and panel data growth models: A deeper investigation on the weakness and proliferation of instruments," Journal of Comparative Economics, Elsevier, vol. 40(1), pages 127-140.
    13. Ramon Moreno, 2001. "Pegging and stabilization policy in developing countries," Economic Review, Federal Reserve Bank of San Francisco, pages 17-29.
    14. Iamsiraroj, Sasi, 2016. "The foreign direct investment–economic growth nexus," International Review of Economics & Finance, Elsevier, vol. 42(C), pages 116-133.
    15. Lederman, Daniel,Saenz, Laura, 2005. "Innovation and development around the world, 1960-2000," Policy Research Working Paper Series 3774, The World Bank.
    16. Tovar, Jorge, 2012. "Consumers’ Welfare and Trade Liberalization: Evidence from the Car Industry in Colombia," World Development, Elsevier, vol. 40(4), pages 808-820.
    17. Badinger, Harald & Egger, Peter, 2013. "Spacey Parents and Spacey Hosts in FDI," Department of Economics Working Paper Series 154, WU Vienna University of Economics and Business.
    18. Vlatka Bilas & Mile Bosnjak, 2015. "Revealed Comparative Advantage And Merchandise Exports: The Case Of Merchandise Trade Between Croatia And The Rest Of The European Union Member Countries," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 24(1), pages 29-47, june.
    19. Huy Quang Doan, 2019. "Trade, Institutional Quality and Income: Empirical Evidence for Sub-Saharan Africa," Economies, MDPI, vol. 7(2), pages 1-23, May.
    20. Bühler, Mathias, 2024. "Who Benefits from Free Trade?," World Development, Elsevier, vol. 179(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bcp:journl:v:9:y:2025:issue-5:p:5453-5464. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Pawan Verma (email available below). General contact details of provider: https://rsisinternational.org/journals/ijriss/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.