THE IMPACT OF FOREIGN TRADE AND FOREIGN AID: STRATEGIES FOR LONG TERM ECONOMIC DEVELOPMENT IN NIGERIA WITHIN 2000 TO 2021

The research study is to compare the impact of Foreign Trade and Foreign Aid on the economic development of Nigeria and to also measure the impact of other economic growth variables on one another and on the growth of the country. This study uncovered the historical background of foreign trade and foreign aid, types of trades and types of aid as well as their sole purposes to beneficiaries.The quantitative research method was employed on secondary economic data collection from the Central Bank of Nigeria (CBN) annual report, National Bureau of Statistic (NBS) bulletins, World Bank Annual report, United Nation Reports and other related research study within the year 2000 to 2021.The economic indexes that was analysed under this research study were Gross Domestic Product (GDP) as dependent variable, while Foreign Direct Investment (FDI), Official Development Assistance (ODA), Annual export and annual import of Nigeria, as well as the employment rate and inflation rate of the country.The study revealed that Foreign investment in Nigeria only does not guaranty economic growth and development of the country, Foreign aid as well as other economic indicators complement Foreign trade to achieve the economic development in Nigeria. Therefore, the recommendation after the research study is that the government social policies, the foreign trade policies and the foreign aid policies should align with the overall economic policies of the country.