An Appraisal of Malaysia-Nigeria Foreign Economic Relations

BELLO, ISMAIL and OTHMAN, MUHAMMAD FUAD and SHARIFFUDDIN, MOHD DINO KHAIRRI (2017) An Appraisal of Malaysia-Nigeria Foreign Economic Relations. European Academic Research, 5 (1). pp. 1-16. ISSN 2286-4822

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Abstract

Relations between Malaysia and Nigeria is be dated back to 1960’s when the then prime minister of Nigeria Abubakar Tafawa Balewa extended friendly relations with Malaysia Prime-Minster Tunku Abdurrahman since then both countries have enjoyed political and economic ties. Economic relations between both countries have flourished putting the total trade in 2016 at over $4 billion. Recently studies abound have shown raising China-Nigeria relations due to increase in global south partnership for trade and development. However, limited studies abound on the nature and benefit of economic relations between other Asian countries. The study hereby investigates the nature and volume of economic and trade relations between Malaysia and Nigeria with the purpose of asserting the economic relationship between both countries. The methodology used include secondary data sources from world trade integrate solution, an affiliate of World Bank and review of literature on foreign economic relations. The work is divided into the following aspect, starting with an overview of the Malaysia economy and its foreign economic relations and that of Nigeria, subsequently relations with both countries were examined. The study concludes that there has been a significant increase in trade relations between two countries and Malaysia has been on the benefiting side as it exports more to Nigeria and imports less, because of its industrialize nature especially in agriculture, capital goods, refined crude oil and machine and electrical appliance which it exports to Nigeria.

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