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NON OIL EXPORTATION AND BALANCE OF PAYMENT ACCOUNT IN NIGERIA

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 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 56 ::   Attributes: Secondary data Analysis ::   278 people found this useful

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CHAPTER ONE

INTRODUCTION

  1. BACKGROUND OF THE STUDY

Non-oil exports are the products which are produced within the country in the agricultural, mining and quarrying and industrial sectors that are exported to generate revenue for the growth of the economy excluding oil products. The sector export coal, cotton, timber, groundnut, cocoa, rice, beans, etc. Today, as in the past, the growth of Nigeria economy remains partly dependent upon increasing productivity of the agricultural sector. Helleiner (2002) state that no matter how much development and structural transformation achieved, it will remain its relative dominance in the economy for many decades to come. Precisely, it's from agriculture that the economy receives its principal stimulus to economic growth. Agricultural sector can assist through the exportation of principal primary commodities which will increase the nation's foreign earnings and which can be used to finance a lot of developmental projects.

The growth of the agricultural sector can make a substantial contribution to the total revenue, as well as having some implications for intersectional terms of trade. Also in the area of capital formation, the savings generated in this sector can be mobilized in development purposes, while increase in rural income as a result of increasing agricultural activities can further stimulates the product of the modern sector. The needs of the agricultural sector could indirectly influence the creation of additional infrastructures which are indispensable to rapid economic development. (Olaloku, 2001). Another non-oil sector to be developed is the industrial sector. It is the fastest growing sector in Nigerian Economy. It comprises of many manufacturing and mining. Nigeria has manufacturing base prior to 1960 and shortly after.

The balance of payments account is a periodic report that summarizes the flow of economic transactions with foreigners. It provides information on the nation’s exports, earnings of domestic assets owned by foreigners, international capital movements, and official transactions by Central Banks and governments. In the recent times, Nigeria has been faced with sharply declining oil revenue which provides approximately 90% of the nation’s foreign exchange, with a crushing debt services burden resulting from the inability of the nation to tailor its import needs to the available foreign exchange and resultant to severe pressures on the balance of payment in the past few years (Nwanosike, D. U., 2010). This is traceable to the fact that Nigeria economy is highly import dependant. And that the process of deregulation coupled with an appreciable degree of openness during the SAP era made the economy vulnerable to international trade shocks and the widening of the size of disequilibrium in balance of payments. Another noteworthy fact about the balance of payments account disequilibrium is the persistent deficit on the services account. Between 1950 and 1974, it rose from N12.0m to N1, 314.7m and from 1993 till date, the existence of a deficit in the service account is a phenomenon common to Nigeria economy (Imoisi, A. I., Olatunji, L. M., & Ekpenyong, B. I., 2013).

  1. STATEMENT OF THE PROBLEM

The balance of payments problem has become a binding constraint in the realization of the federal government of Nigeria macroeconomic objectives. Since the 80s, the nation’s balance of payments position has been under constant pressure and this has been part of the major macroeconomic problem the nation has been dealing with. So many reasons have being suggested for this excessive pressure on the balance of payments position in the economy. According to Gbosi (2002), these reasons are as a result of fluctuations in the prices of crude oil, poor performance of the non-oil export, high taste for foreign goods and services, continuous fall in the country’s foreign exchange and ineffective manufacturing sector.

1.3 AIM AND OBJECTIVES OF THE STUDY

The main aim of the research work is to examine non oil exportation and balance of payment account in Nigeria. The specific objectives of the study are:

  1. to determine the relationship between non oil exportation and balance of payment account in Nigeria
  2. to determine the effect of non oil exportation on balance of payment account in Nigeria
  3. to investigate the factors affecting non oil exportation and balance of account in Nigeria
  4. to recommend ways to improve non oil exportation and balance of payment account in Nigeria

1.4 RESEARCH QUESTIONS

The study came up with research questions so as to ascertain the above stated objectives of the study. The following research questions guide the objectives of the study:

  1. What is the relationship between non oil exportation and balance of payment account in Nigeria?
  2. What is the effect of non oil exportation on balance of payment account in Nigeria?
  3. What are the factors affecting non oil exportation and balance of account in Nigeria?
  4. What are the ways to improve non oil exportation and balance of payment account in Nigeria?

1.5 STATEMENT OF THE HYPOTHESIS

H0: there is no significant relationship between non oil exportation and balance of payment account in Nigeria

H1: there is significant relationship between non oil exportation and balance of payment account in Nigeria

1.6 SIGNIFICANCE OF THE STUDY

The study on non oil exportation and balance of payment account in Nigeria will be of immense benefit to the Nigeria stock exchange (NSE) and manufacturing industries in Nigeria. The study will explore the concept of non oil export and balance of payment account in Nigeria. The findings of the study will identify the challenges faced by the Nigeria stock exchange in non oil export promotion in Nigeria and balance of payment account in Nigeria. The study will serve as a repository of information to other researchers that desire to carry out similar research on the above topic. Finally the study will contribute to the body of existing literature on non oil exportation and balance of payment account in Nigeria.

1.7 SCOPE OF THE STUDY

 The study will cover on non oil exportation and balance of payment account in Nigeria from the year 2000-2019

1.8 LIMITATION OF THE STUDY

Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work

1.9 DEFINITION OF TERMS

NON OIL EXPORT: The non-oil exports involved in the computation include agricultural produce, raw materials, solid minerals, manufactured goods and energy goods.

 

 

 


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Paper Information

Format:ms word
Chapter:1-5
Pages:56
Attribute:Secondary data Analysis
Price:₦3,000
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