The aspects of foreign trade activities in the federal Republic of Nigeria in the modern context

The research considers and analyzes several aspects of present-day foreign trade activities in the Federal Republic of Nigeria. While developing, every state has to make a strategic choice between free trade (liberalization) and protectionism (neo-protectionism). Countries that intensively implement the principles of an open economy rapidly enhance its effectiveness compared to countries following a protectionist policy in the field of foreign economic relations. At the same time, the excessive foreign trade liberalization carries great risks, for example increased competition between domestic and foreign enterprises, which can lead to the loss of both individual producers and entire sectors of the national economy. There has been a stable economic growth in Nigeria since the launch of economic reforms and appropriate foreign trade strategies focusing on foreign trade openness and development. The authors conclude that a study on the aspects of foreign trade activities in one of the largest West African countries is of considerable interest to the scientific community. The research demonstrates the importance and need for an early adjustment of Nigeria’s foreign trade strategy aimed at diversifying the country’s foreign trade and increasing its export finished products in order to create the conditions for the growth of the Nigerian economy.