Economic integration is an indispensable tool of economic development. Explain five (5) rationale for Nigeria's affinity with these celebrated international economic organizations.
Five reasons why Nigeria joins international economic organizations:
Economic theory shows that international trade benefits all countries because it allows each country to specialize in producing what they do best, a quality that is known as comparative advantage.
Economic historial evidence supports the theory and demonstrates that countries that integrate economically with others, grow and develop more than the countries that remain more closed.
Economic integration is also a way to reduce conflict, because when countries have mutual economic interests, they are less likely to go to war with each other.
International trade benefits consumers, by allowing them to access goods and services from abroad that may be cheaper than Nigerian ones.
Economic integration also benefits businesses, by giving them access to new, integrated, and larger markets.
