It is well known that the gains from export of processed and manufactured goods are greater than those from exporting primary commodities largely because of the higher value added. Therefore most developing countries aim at supplementing the exportation of primary products with the export of manufactures, and eventually, like the Asian Tigers, concentrating on processed and manufactured exports.
It is apparent that specific steps and measures need to be adopted and implemented in order for African countries to be successful exporters of manufactured goods in an increasingly competitive global environment. To effectively pursue the trade policy in industry, a number of constraints which currently impede the export of manufactured goods must be addressed with the zeal they deserve. Among such constraints are:
· inadequate infrastructural facilities; · excessive import dependence; · lack of export awareness or culture of export among Nigerian manufacturing establishments; · policy instability and lack of predictability; · significant price and exchange rate instability; · low level and high cost of funds for industrial development; · insufficient emphasis on R & D activities; · inappropriate technologies; and · ineffective regulatory institutions which manifest in e.g. ports difficulties, export bottlenecks, bureaucratic delays and rent seeking.
It is clear therefore that Africa currently has export potentials in many lines of products.
Import of technology and adaptation of currently available techniques would permit entry to other areas like assembly of electronic products and exportation of metal products.
African Development Bank Economic Research Working Paper Series Enhancing Africa’s Trade: From Marginalization to an Export-Led Approach to Development Milton A. Iyoha Professor, Department of Economics & Statistics University of Benin, Nigeria Economic Research Working Paper No 77 (August 2005)
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