A 15YEARS (2000-2015) RETROSPECTIVE STUDY ON OPPORTUNITY ACT AND THE NIGERIAN TEXTILE INDUSTRY

Abstract

This is a retrospective study that discusses the 15years (2000-2015) of the opportunity act and the Nigerian textile industry. The broad objective of the study is to examine the impact of AGOA and textile industry in Nigeria between 2000 and 2015. While the specific objective is to ascertain whether the preferential access to the U.S. market under AGOA increased the volume of textile export from Nigeria to the U.S. between 2000 and 2015. Findings revealed that Nigeria stands a better chance of gaining from the benefits of globalisation and AGOA given the trend and pattern of the present global political economy. But, the benefits have not been translated into development that will alleviate poverty, better the living standard of the people, create job opportunities, improve the technology, security, and governance. The study conclusively called for Nigeria to diversify its economy so as to achieve rapid and substantial strengthening of export base within a short time. Moreover, attempts should also be made to remove all impediments on the agricultural sector and other AGOA desired products. This will not only boost its output and export but will also take advantage of the provisions under tropical product. KEYWORDS: Human capital, Opportunity Act, Poverty alleviation, Trade liberalisation, unemployment.