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

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.