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EFFECTS OF CONSUMPTION OF FOREIGN GOODS ON NIGERIA ECONOMY

(Last Updated On: 12th December 2022)

Keywords: CONSUMPTION OF FOREIGN GOODS

INTRODUCTION: One of the critical areas that every country that is aspiring to develop, banish hunger, curb poverty, prevent insecurity and other human development to take care of is economy. Economy is the heart of a country, a country with a viable economy is considered a powerful nation among the comity of nation. A viable country should be able to feed itself before thinking of export. A country should not be over depend on another country especially for basic or common means of livehood such as foods, drink, shelter and other primary needs.

A country who imports its basic needs cannot grow economically and this will affect the social-economy standards of the country while other means of the livelihood will equally be affected negative. To walk on the pass of achieving greatness and success in the local production of goods and services, experts admitted that the borders of the country should be subject to closure or reformed in order to prevent illegal goods and products into the country while, due process be follow at all time when importing goods or hiring people into the country which according to the Custom Headquarters, the development has yield positive result as more rervenue are generated into the purse of the federal government while local farmers and domestic producers are happy as they are selling more and making more profit. Although, this development is generating a mixed reactions as some like the decision while other against it as especially as price off some food items like rice has highly increased, but the government insisted that it is in the interest of the country economy, security and future. (extraction).


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