The Myths and Realities of International Trade in the Age of Globalization: A Critical Assessment of Nigeria

International trade plays a very important role in the formation of economic and social attributes of countries around the world. International trade is the exchange of goods and services across national borders. In most countries, it represents a significant part of Gross Domestic Products (GDP). International trade has been in existence for quite a while, its economic, social and political importance have increased in recent centuries, mainly because of industrialization, advanced transportation, globalization and multinational corporations. Today, international trade has been and is today an economic force that has spurred commerce, promoted technology and growth, spread cultural patterns, stimulates exploration and brings prospect for world peace and international relationship even though some nations benefit more. African countries still lag behind because over the years, Africa and indeed Nigeria have not developed technologies that would add value to their predominantly primary commodities which they export to the world market. Technological changes has made primary commodities almost less important in the industrialized countries as they can now be produced in their laboratories which will make the exportation of some of these commodities unnecessary. Even the newly industrialized countries of the South; South Korea, Brazil, Hong Kong, Singapore, Taiwan, Malaysia etc still look to the advanced industrial North for markets and spear parts. Furthermore, there are non-tariff barriers that are always introduced by the industrialized North to protect their economies despite persuading the South on market forces. Therefore, if Nigeria, Africa and indeed developing countries of the world will benefit from international trade, they must diversify and invest heavily on manufacturing sector, develop sophisticated technologies to add value to their products and create big markets for their goods and services rather than relying on the advanced economies of the North.