As a result of insecurity, higher transportation costs , poor topography and bad roads, the cost of trade in Nigeria is four to five times higher than what is obtained in the United States, the World Bank has revealed.As a result of insecurity, higher transportation costs , poor topography and bad roads, the cost of trade in Nigeria is four to five times higher than what is obtained in the United States, the World Bank has revealed.
It added that studies from the African region consistently find spatial differences in prices of imported goods as well as non-traded agricultural staples, indicating that markets are not well-integrated and that retail prices of products are affected by distance.drivers of inflation in Nigeria and other countries in the region.
The report concluded that the consequences of these distortions include the preference of African producers to sell locally rather than export. Furthermore, it noted that frictions in the labour markets across Africa are a result of high transport cost, elevated cost of screening workers and lack of information on labour opportunities.
It concluded by saying that such an anti-competitive market environment stifles innovation and further inhibits the growth trajectory of the economy.Before flagging, please keep in mind that Disqus does not moderate communities. Your username will be shown to the moderator, so you should only flag this comment for one of the reasons listed above.
Unless Nigeria achieves gender balance in infrastructure development, bridging the country’s over $100 billion to $150 billion yearly gap may become elusive.
Nigeria Trade Costs World Bank Insecurity Transportation Costs Market Distortions Integration African Markets Price Differentials
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