International trade has been a cornerstone of economic development and geopolitical influence for centuries, evolving from ancient barter exchanges along the Silk Road to today’s complex web of global supply chains and digital commerce. Each phase of this evolution, from the mercantilist policies of colonial empires to the liberalization movements of the industrial era and the re-globalization of the late 20th century, has reshaped how nations interact, compete, and cooperate.

Yet, in recent years, a resurgence of protectionism, geopolitical tensions, and systemic shocks like the COVID-19 pandemic have challenged the very foundations of global trade. This report explores the historical trajectory of international trade, examining the ideological shifts, institutional developments, and modern disruptions that continue to redefine the global economic order. 

In summary, a global tariff war poses significant downside risks to Nigeria’s economic outlook. The potential impact, ranging from reduced oil revenue, higher import costs to weakened investor sentiment and rising inflation, could outweigh any limited, indirect opportunities. For Nigeria, the path forward lies in strengthening its domestic economy, diversifying its export base, boosting competitiveness, and implementing sound macroeconomic policies. Monitoring global trade developments and adapting its economic strategies accordingly will be crucial.

Kindly find HERE, the full report, covering our analysis and considerations.