Category Archives: Economic Project topics and Materials

Economic Project topics and Materials

THE ROLE OF BANK CREDITS ON PROMOTING THE MANUFACTURING SECTOR IN NIGERIA OF 1981-2004

THE ROLE OF BANK CREDITS ON PROMOTING THE MANUFACTURING SECTOR IN NIGERIA OF 1981-2004   CHAPTER ONE INTRODUCTION

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1.1     BACKGROUND TO THE STUDY          

Manufacturing sector plays a catalytic role in a modern economy and has many dynamic benefits crucial for economic transformation.  In a typical advanced Country, the manufacturing sector is a leading sector in many respects.  It is an avenue for increasing productivity related to import replacement and export expansion, creating foreign exchange earning capacity; and raising employment and per capital income which causes unique consumption patterns.  Furthermore, it creates investment capital at a faster rate than any other sector of the economy while promoting wider and more effective linkages among different sectors.  In terms of contribution to the Gross Domestic product, the manufacturing sector is dominant but it has been overtaken by the services sector in a number of Organization for Economic Co-operation and Development (OECD) Countries. Before independence, agricultural products dominated Nigeria’s economy and accounted for the major share of its foreign exchange earnings.  Initially, inadequate capital investment permitted only modest expansion of manufacturing activities.  Early efforts in the manufacturing sector were oriented towards the adoption of an import substitution strategy in which light industry and assembly related manufacturing ventures were embarked upon by the formal trading companies.  Up to about 1970, the prime mover in manufacturing activities was the private sector which established some agro-based light manufacturing units such as vegetable oil extraction plants, turneries tobacco processing, textiles, beverages and petroleum products.  The strategy of light and assemblage manufacturing shifted some what to heavy Industries from the period of the third National Development plan (1975-1980) when government intervened to establish care industrial plants to provide basic imports for the downstream industries. The import dependent in  dustrialization strategy virtually came to a halt in the Late 1970s and early 1980s when the liberal impart policy expanded the imports of finished goods to the detriment of domestic production. In this regard, industrialization constitutes a veritable channel of attaining the lofty and desirable conception and goals of improved quality of life for the populace.  Thus, in a supportive mood, Lavis (1967) assumes that in any economy, one or more sectors serve as a prime mover moving the rest of the economy forward. This role of engine of growth or leading sector has usually been played by industrial sector under the industrialization process. Against this background, industrialization involves extensive technology based development of the productive (manufacturing) system of an economy.  Thus, the development of the industrial sector represents the deliberate and sustained application and combination of suitable technology, management techniques and other resources to move the economy from the traditional low level of production to a more automated and efficient system of mass production of goods and services.  Arising from the foregoing affirmed centrality of industrialization as the pivot of economic growth and development, industrialization process seems to be the main hope of most developing countries such as Nigeria with large population and large labour force.  In spite of these aspiration which ought to have favoured effective industrialization process in an economically conducive manufacturing environment, most of these results as reflected in the performance of the manufacturing sector remain socio-economically undesirable.  Against this back drop, current economic planning and policy instruments are diverted at the development of the key productive sectors, particularly manufacturing and commerce for the promotion of an increasing pace of industrialization in Nigeria. The major problem facing the Nigerian manufacturing sector is having adequate finance resource for investment.  Because of the low level of income of this, saving is very low. Since the attainment of independence in 1960, commercial banks in Nigeria have been playing an important role in development process of a nation.  The banks in collaboration with other financial institutions have been mobilizing the scarce domestic resources for rapid social, economic and industrial transformation of the country. Other services provided by the commercial banks include facilities for safe-keeping of important documents, provision of advice to customers on insurance and investment matters and provision of cash for bulk payment of non-customers salaries and wages, Umole (1985). In recognitions of this potential roles of the sector, successive governments in Nigeria have continued to articulate policy measures and programmes to achieve industrial growth incentive and adequate finance.  The central goal of government policy was to foster growth in the manufacturing sector.  Over the years, and largely in response to some of the previous policy strategies, the main features of the Nigerian manufacturing sector had emerged. The role of bank credits in the growth of manufacturing sector cannot be over-emphasized.  For instance, the Federal Government’s Appropriation Bill for the year 2005 has as one of its broad policy objectives to achieve a high economic growth rate (i.e GDP of at least 5%) through a better mobilization and prudent use of economic resources.  This objective is not achievable without significant levels of resources from the financial sectors being mobilized and deployed to finance business expansion and growth.  Banks have to be effective intermediaries for mobilizing and channeling deposits to the productive sectors of the economy especially, the manufacturing sector. 1.2     STATEMENT OF PROBLEMS In spite of continuous policy strategies to attract credits to the manufacturing sector, most Nigerian manufacturing enterprises have remained unattractive for bank credits.  For instance, as indicated in central Bank of Nigeria (CBN) reports, almost throughout the regulatory era, commercial bank’s loans and advances to the manufacturing sector deviated persistently from prescribed minima.  Furthermore, the enhanced financial intermediation in the economy following the financial reforms of the 1990s not withstanding, credits to manufacturing as a proportion of total banking credits has not improved significantly averaging 15.7 percent between 1990 and 1994 and 25.8% between 1995 and 2000.  Consequently, many manufacturing firms in the country have continue to rely heavily on internally generated funds, which have tended to limit their scope of operating. In the process, attempts will be made to provide answers to a series of questions including;

  1. How has bank credits affected the growth of manufacturing sector in Nigeria?
  2. What role can bank credits play in revitalizing the manufacturing sector?
  3. What are the basic problems of the manufacturing sector in Nigeria?

4.       What are the causes of inadequacy of skilled technical manpower in

THE IMPACT OF EXCHANGE RATE VARIATIONS ON AGGREGATE DEMAND IN NIGERA (1979 -2008)

THE IMPACT OF EXCHANGE RATE VARIATIONS ON AGGREGATE DEMAND IN NIGERA (1979 -2008)

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                                               ABSTRACT

The study is a critical Evaluation of the impact of Exchange rate variation on Aggregate Demand in Nigeria. These study made use of the ordinary least square (OLS) regression technique in analyzing the impact of Exchange Rate Variation On Aggregate Demand in Nigeria. There are also other variables that determine the impact of Exchange Rate Variations on Aggregate Demand in Nigeria: 1979 -2008. Findings from the paper show that  all the variables included in the models contributes in explaining the role of exchange rate on aggregate demand in Nigeria. These massive contributions of these variables may strongly depend on the circumstances in Nigerian economic environment. The starting point in reclaiming and re-inventing project in Nigeria is to squarely admit that oil and the manner we have designed to utilize it have constituted a stumbling block in Nigeria’s progress. Accordingly, there is need to pay specific attention to the contest of action and the production relations in the various sections of the economy.

 

TABLE OF CONTENTS

Title Page =          =        =        =        =        =        =        =        =        i

Approval Page    =        =        =        =        =        =        =        =        ii

Dedication                     =        =        =        =        =        =        =        =        iii

Acknowledgement        =        =        =        =        =        =        =        iv

Abstract     =        =        =        =        =        =        =        =        =        v

Table of Content           =        =        =        =        =        =        =        vi

 

CHAPTER ONE

Introduction        =        =        =        =        =        =        =        =        1

1.1     Background of the Study       =        =        =        =        =        1

1.2     Statement of Problems           =        =        =        =        =        =        5

1.3     Objective of the Study  =        =        =        =        =        =        6

1.4     Statements of Hypothesis      =        =        =        =        =        7

1.5     Scope and Limitations of the Study          =        =        =        7

1.6     Significance of the Study        =        =        =        =        =        8

CHAPTER TWO: LITERATURE  REVIEW

2.1     Review of Theoretical Literature     =        =        =        =        10

2.2     Exchange ate Determination Models        =        =        =        11

2.2.1  Flexible Price Monetary Model       =        =        =        =        12

2.2.2  Sticky Price Monetary Model          =        =        =        =        13

2.2.3  Equilibrium Model and Liquidity Model                    =        =        14

2.2.4  Portfolio Balance Model        =        =        =        =        =        15

2.3     An Overview of Exchange Rate Regimes           =        =        16

2.3.1  The Gold Standard Regime    =        =        =        =        =        17

2.3.2  Flexible Exchange Rate Regime       =        =        =        =        18

2.3.3  The Crawling Peg Regime      =        =        =        =        =        19

2.3.4  The Managed Float Regime   =        =        =        =        =        20

2.3.5  The European Monetary System     =        =        =        =        21

2.4     An Evaluation of Exchange Rate Regimes in Nigeria =       22

2.4.1  The Pre – Sap ara          =        =        =        =        =        =        23

2.4.2  The Post –Sapara          =        =        =        =        =        =        24

2.5     Exchange Rate Determinants           =        =        =        =        26

2.5.1  Interest Rate        =        =        =        =        =        =        =        28

2.5.2  Transaction Motive       =        =        =        =        =        =        29

2.5.3  Volume of International Transaction       =        =        =        29

2.5.4  Political Instability       =        =        =        =        =        =        30

2.5.5  Policy Actions     =        =        =        =        =        =        =        31

2.6     Review of Empirical Literature       =        =        =        =        32

2.6.1  Empirical Literature on the Study using Foreign

Data set = = = = = = = = = = = = = = = = = = = = = ==  =      32

  • Empirical Literature on the Study Using

Nigerian Data set = = = = = = == = = = = = = = = = = =       34

 

CHAPTER THREE: METHODOLOGY

  • An Overview of the Model = = = = = = = = = = = = = = = 49
  • Model Specification = = = = = = = = = == = = = = = = = = 50
  • Unit Root Test = = = = = = = = = = = = = = = = = = = = = = 52
  • Co Integration and Error Correction = = = = = = = = = = = 53

3.5.1  Economic Criteria = = = = = = = = = = = = = = = = = = = =   54

3.5.2  Statistical Criteria = = = = =  = = = = = =  = = = = = = = = = 54

3.5.3  Economics = = = = = = = = = = = = = = = = = = = = = = = = 54

 

CHAPTER FOUR:  PRESENTATION AND ANALYSIS OF RESULT

  • ADF Test for Stationary = = = == = = = = = = =  = = ==  = 58
  • CO Integration Test = = = = = = = = = = = = = = = = = = = 60
  • Result from Modeling log of GDP by OLS = = = = = =  =  62
  • Economic Interpretation = = = = = = = = = = = = = = = = =63
  • Statistical Criteria = = = = = =  = = = = = = = = = = = = = = 69
    • Value = = = = = =  = = = = = = = = = = = = = = = = = = = 70
    • F- Test = = = = = = = = = = = = = = = = = = = = = = = = = = 70
  • Evaluation based on econometric Criteria = = = = = = = = 71

4.6.2 Test for Hetrosedasticity   = = = = = = = = = = = = = = = = =71

4.6.3 Test for Multicollinearity = = = = = = = = = = = = = = = =  =73

4.6.4  Normality Test = = = = = = =  = = = = = = = = =  = == = = = 74

4.6.5  Test for Adequacy of the Model = = = = = = = = = = = =  = 75

4.7 Evaluation of the Hypothesis = = = = = = = = = = = =  = = = =76

 

CHAPTER FIVE

5.1 Summary  = = =  = = = = = = = = = = = = = = = = = = = = = = 78

5.2 Conclusion = = = = = =  = = = = = = = = = = = = = = = = = = = 79

5.3 Policy Implications = = = = = = = = = = = =  = = = = = = = = = 81

Bibliography = = = = = =  = = = = = = = = = = = = = = = = = = = = 85

 

 CHAPTER ONE

INTROUDCTION

  • BACKGROUND OF THE STUDY

All over the world, policy makers have always been on the move to ensure that there is sustainable growth rate in the economies of the world.  As a result, a lot of economic factors have been brought to the fore to examine and investigate how they could be relevant in the achievement of their economic objectives.

In Nigeria, several government regimes have experimented on many economic factors (macroeconomic aggregates) to determine how economic growth could both be attained and sustained. Prior to the introduction of the structural adjustment programme (SAP) of 1986, that had exchange rate devaluation as  one of its policy measures, the economy of Nigeria ‘headed for the rocks’ and was highly distressed. This led to a decline in the country’s external reserves at a disturbing rate. The country’s debt stool was accumulated to an unfavorable level among others. In spite of this the naira exchange rate was overvalued leading to dexterous effect on the economy. It was opinioned  that exchange rate policy embarked upon by the Nigeria government, in August 1986,was to eliminate the observed distortions in the economy and bring about a sustainable growth in the economy.

Since exchange influences the interaction of household, business firms, private financial institutions and the central bank, it implies that it could also affect aggregate demand in Nigeria. Knowing fully well that exchange rate is a real phenomenon; variations in relative prices affect both economic performance and aggregate demand. Hence, exchange rate is a relative price between domestic currency. For instance, if the exchange rate between British Pounds sterling and Nigeria Naira is N250 per Pound, it follows that one pound exchange for N250 in the world foreign (currency) exchange market.

Exchange rates are of two broad categories. They include:

  1. The fixed exchange rate and
  2. The flexible exchange rate

The fixed exchange rates are pegged rates within narrow range of values by the central bank on trade of currencies while the flexible exchange also called FLOATING exchange rate is the rate that is determined by the forces of demand and supply.  Government has little direct control on the foreign exchange market that is flexible in nature.

Variation of exchange rates over the years are known to have ripple effects on some other macroeconomic variables like aggregate demand.  This fact underscores the pertinence of exchange rate to the economic well being of countries that open their doors to international trade (Kombe, 2004). Due to the impact exchange rate regimes have on economies of the world, economists consider it vital to verify how their countries exchange rate are determined since different regimes of exchange rate show different economic effects (Kujis, 1998).

Exchange rate determination varies from country to country. Part exchange rate regimes in Nigeria have been directed to control the use of foreign exchange at official determined rates. However, current policy options have shown an interest in market- determined exchange rate most current records show that the CBN has adapted an exchange rate regime that is neither pegged nor floating but a combination of both regimes called the MANAGED FLOAT exchange rate. This research work intends to look into the determinants of exchange rate in Nigeria and the impact exchange rate variations exert on aggregate demand in Nigeria.

 

  • STATEMENT OF PROBLEM

Economic and political analysts have reached a consensus on what a good exchange rate is as well as how it could both be operated and sustained. In most economic papers and literature, the major issues have been the need for competitive exchange rate stability and structural adjustments in the promotion of this competitiveness. However, since exchange rate reveals competitiveness of exports from domestic economies to the outside world, the economic implication of its variations need to be ascertained so that good exchange rate policies that will be realistic in consonance with aggregate demand could be formulated, adopted and operated.

IMPACT OF PUBLIC AGRICULTURE EXPENDITURE ON AGRICULTURAL OUTPUT AND ECONOMIC GROWTH: (1978-2007)

IMPACT OF PUBLIC AGRICULTURE EXPENDITURE ON AGRICULTURAL OUTPUT AND ECONOMIC GROWTH: (1978-2007)

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Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

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                                                    ABSTRACT

The impact of public expenditure on agriculture in Nigeria is enormous. Government having recognized agriculture as the second highest sector after oil of which the country depends for food, employment and foreign exchange. This project work would summarize the magnitude and composition of governments’ expenditure on agricultural sector since 1960  The project also examines that contribution of agriculture towards Gross Domestic Product (G.D.P), between the year 1960 when Nigeria got independent and up till the beginning the oil boom in the early 1970s. Underutilization of revenue derived by the government could bring about a downturn in the economic growth, it is with this in mind that the study intend to achieved by examine the impact of public Agriculture Expenditure on the Agriculture output and the economic growth (G D P), an objective was  set to address the problem stated;

The review of the Theoretical and Empirical literature provided a basic for the selection and specification of the model that was used to ascertain whether public Agriculture Expenditure have any significant impact on Agricultural output and Economic Growth or not. To put an abrupt end to the problem, policies were recommended as a lasting solution to the deficiencies recorded over the years.

TABLE OF CONTENT

Title page……………………………………………………………… i

Approval……………………………………………………………… ii

Dedication……………………………………………………………. iii

Acknowledgement…………………………………………………….iv

Abstract…………………………………………………………………v

Table of contents………………………………………………………vi

CHAPTER ONE

1.1    Background of study….…………………………………..1

  • Statement of problem….…………………………………3
  • Objective of study……………………….…………………….4
  • Hypothesis of study……………………………………………4

1.5     Significant of study…………………………………………4

1.6     Scope and limitation of study………………….………6

 

CHAPTER TWO

LITERATURE REVIEW

2.1 Theoretical Literature Review……………………………………8

2.2 Empirical Literature Review……………………………………11

2.3 The Role of Agriculture on an Economy…………………15

2.4 Public Policies on Agricultural

Development in Nigeria……………………………………………….17

2.5 The Government Impact on Agriculture………………25

2.6 Agriculture and Nigeria Economy…………………………27

2.7 Performance of Agriculture in Nigeria……………………31

2.8 The Pre-oil Boom Era……………………………………………36

2.9 The Post Oil Boom and Agriculture………………………37

2.10 The Incentives to Developed

Agriculture in Nigeria……………………………………………41

2.11 The Role of Government in Resource Mobilization for Agricultural Development……………………………45

2.12 Encourage foreign investment on   Agriculture……..

CHAPTER THREE

RESEARCH METHODOLOGY

3.1 Methodology……………………………………………………50

3.2 Model Specification…………………………………50-52

3.3 Method of Evaluation……………………………52-58

3.4 Data Required and Source……………………58-59

CHAPTER FOUR

PRESENTATION AND ANALYSIS OF RESULT

4.1 Presentation of Result……………………………60-67

4.2 Economic Interpretation………………………67-70

4.3 Statistical Criteria of the Result…………70-73

4.4 Econometric Criteria of the Result……73-77

4.5 Evaluation of Hypothesis……………………77-78

CHAPTER FIVE

SUMMARY, CONCLUSION AND POLICY RECOMMENDATION

5.1 Summary of Findings……………………………………………79

5.2 Policy Recommendation……………………………………80-81

5.3 Conclusion…………….…………………………………………81-83

Bibliography………………………………………………………..84-87

Appendix

 

CHAPTER ONE

  INTRODUCTION

 

   1.1 BACKGROUND OF THE STUDY

Agriculture, in whatever form it comes or exists-food and cash crops production, livestock, poultry, animal husbandry, hunting and Horticulture-has its roles to play in any Nations Economic  growth and devolvement is crucial. Among these roles are sources of food for the growing population, raw material for the manufacturing sector, reduction of inflationary pressure, earner of foreign exchange, empowerment of the labour force, source of income and savings for the farmer and improvement in their living standards, and market for products of the manufacturing sector. (Jhingan M.L 1975).

But, unfortunately for Nigeria as a developing Nation, these roles are hardly met by the Agricultural sector because of the internal and external factors facing farmers in Nigeria. A catalogue of reasons have been advanced for the relative poor performance of Nigeria’s agricultural sector. Key among these macroeconomic disequilibrium including interest and foreign exchange rate volatilities, poor infrastructure base, policy inconsistency and unnecessary intervention by the public sector which sends wrong (crowding out) signal to the private sector. (Eboh E.C, 2003).

Other important constraints include inadequate public agricultural expenditure, over dependence on crude oil revenue, rural-urban migration, inadequate processing and storage capacity, smallness of farm holdings, ageing population, use of inefficient traditional technology, inadequate agricultural extension services, policy inconsistency and increasing population pressure etc.

In an attempt to solve these problems of agricultural sector, the Federal and State governments of Nigeria intervene through some agricultural policies and programmes. Notable among the these policies are the operation field the Nation (OFN), the Green revolution (GR), land use degree, fertilizer company of Nigeria (NAFCON) and the National Agriculture land development authority (NALDA) and the latest is the agriculture development project (ADP). Meanwhile, these policies have not helped much in improving significantly the agricultural sector as the costs involved are still more than the benefits realized.

Perhaps, for the impact of public expenditure, surplus public agricultural expenditure allocation on the sector itself in Nigeria, is to be more effective, efficient workable and successful in some of these agricultural policies.

  • STATEMENT OF THE PROBLEM

The agricultural sector has been affected with numerous problems which has been the result of the poor performance of the sector itself.

This has attracted various strategies including expansion of public expenditure on agricultural activities. Overtime this expenditure has been on the increase without expressly translating to a corresponding expansion in agricultural output. The question that comes to mind are:

  1. What is the impact of public agricultural expenditure on agricultural output in Nigeria?
  2. What is the impact of public agricultural expenditure on economic growth in Nigeria?

 

PROBLEMS AND PROSPECTS OF SMALL AND MEDIUM ENTERPRISES IN NIGERIA.

PROBLEMS AND PROSPECTS OF SMALL AND MEDIUM ENTERPRISES IN NIGERIA. A CASE STUDY OF ENUGU EAST SENATORIAL ZONE.

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Account Name : Host Link Global Services Ltd
ACCOUNT NUMBER: 0138924237
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Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

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                                                      ABSTRACT

The main purpose of this study is to identify the problems and prospects of small and medium enterprise in Enugu East  Senatorial Zone. To do this, data were collected from both primary and secondary sources. The main instrument of data collection was the questionnaire.

The data were presented in tables as frequency, distribution in the data analysis, the techniques of percentages frequencies were used. The hypothesis were tested with z-test technique at 5% significance level.

Having analysed the data the following were the major findings;

Most of the operators of small and medium enterprise in Enugu East Senatorial Zone make an average daily turnover of N15,000 and profit of about N15,000  daily.

There has been a phenomenal growth in the dimensions and nature of small and medium enterprise in Enugu East Senatorial Zone.

The growth is mainly on account of people’s desire to be self employed.

The problems of establishing and managing small and medium enterprise include lack of capital, lack of managerial skills, lack of business ideas, high cost of operational facilities, scarcity of accommodation, lack of efficient preservation, system and poor environmental and sanitation.

 

TABLE OF CONTENTS

Approval Page                                                                                     i

Dedication                                                                                            ii

Acknowledgement                                                                              iii

Abstract

Table of Contents

CHAPTER ONE

1.1     Background of Study                                                                1

1.2     Statement of the problem                                                         4

1.3     Objective of the Study                                                              6

1.4     Hypothesis                                                                                 6

CHAPTER TWO

2.0     Literature Review                                                                      7

2.1     Conceptual Framework                                                            7

2.2     Theoretical Literature                                                                11

2.2.1  Types of Small and Medium Enterprise                                  15

2.2.2  Roles of Small and Medium Enterprise in Enugu State

Metropolis in Job Creation and Poverty Eradication             16

2.2.3  Importance of Small and Medium Enterprise in Nigeria        18

2.2.4  Problems of Small and Medium Enterprise Enugu East       22

 

2.2.5  Prospect of Small and Medium Enterprise Enugu East

Senatorial Zone                                                                          23

  • Challenges in Facing Small and Medium Enterprise in

Enugu East Senatorial Zone                                                    25

  • Small and Medium Enterprise Credit Scheme: Case Study

Of Enugu East Senatorial Zone                                               26

2.3     Empirical Framework                                                                30

2.3.1  Ways of Encouraging Small and Medium Enterprise to

Enhance National Development in Enugu East Senatorial

Zone                                                                                                     35

  • Government Refund on Small and Medium Scale and

Means of Administration                                                           37

2.3.3  Limitation of the Study                                                              38

CHAPTER THREE

Research Methodology                                                                      40

3.1     Research Design                                                                                40

3.2     Area of Study                                                                             40

3.3     Source of Data                                                                          40

3.4     Sample Size Determination and Sampling Techniques        41

3.5     Instrument                                                                                  41

3.6     Data Collection Procedure                                                       42

3.7     Method of Data Analysis                                                          42

CHAPTER FOUR

Data Presentation of Analysis                                                           44

4.1     Analysis and Interpretation of Data                                         44

4.2     Test Hypothesis                                                                        59

CHAPTER FIVE

Summary, Recommendation and Conclusion                                 63

5.1     Summary of Findings                                                                63

5.2     Conclusion                                                                                 64

5.3     Recommendation                                                                      64

Bibliography                                                                                         66

Questionnaire                                                                                      67

 

 

 

 

 

 

 

LIST OF TABLES

Table 4.1    Administration of Questionnaire                                         44

Table 4.2    Distribution of Respondents                                               45

Table 4.3    Age Distribution of Respondents                                        45

Table 4.4    Marital Distribution of Respondents                                   46

Table 4.5    Educational Qualification of Respondents                        46

Table 4.6    Number of Years in the Business                                       47

Table 4.7    What Extent Does Enugu East Senatorial Zone

Affect the Operation of Small and Medium Enterprise    48

Table 4.8    Factor Responsible or phenomenal growth of

Small and Medium Enterprise                                             49

Table 4.9    Responses of Consumers Feelings                                  50

Table 4.10  Nature of Competition                                                          51

Table 4.11  Problems of Setting up Small and Medium Enterprise  52

Table 4.12  Problems of Managing Small and Medium Enterprise    54

Table 4.13  Future prospects of Small and Medium Enterprise          56

Table 4.14  Distribution of Daily Turnover                                             57

 

 

 

CHAPTER ONE

  • BACKGROUND

In recent years, particularly since the adoption of the economic reform programme in Nigeria in 1986, there has been a decisive switch of emphasis from the grandiose, capital intensive, large scale industrial project based on the philosphy of import substitution to small scale industries with immense potentials for developing domestic linkages for rapid, sustainable industrial development. Apart from their potential for ensuring a self reliant industrialization, in terms of ability to rely largely on local raw materials, small scale enterprises are also in a better position to boost employ raw materials, small and medium enterprise, are also in a better position to boost employment, guarantee a more even distribution of industrial development in the country, including the rural areas, and facilitate the growth of non-oil exports.

In Nigeria, the definition of small and medium enterprises also varies from time to time and according to institutions, for instance, the Central Bank of Nigeria’s (CBN) monetary policy circular No:27 of 1988 define small scale enterprises (excluding general commerce) as enterprises in which total investment (including land and working capital) did not exceed #500,000 and or the annual turn-over did not exceed #5.0 million.

Medium enterprise (excluding general commerce) as enterprises in which total investment and not exceed #1,000,0000 (1 million) and the annual turnover did not exceed #1.2 million. Small scale enterprises is one of the modern strategies underdevelop countries are employing to break into the “league” of developed countries. Fasua (2006:85) categorized business that fall under small scale as follows firewood supply, plantain production, restaurant services, small scale poultry raising, operating a nursery for children, home laundry services and host of others. Business grouped under medium scale according to fasusa are ; soap production, hair/body cream production, chemical production, commercial poultry, profession appractes (law, accountancy, education) food and beverage production among others.

Consequently, both the federal and state governments and recently, local governments, have stepped up efforts to promote the development of small scale enterprises through increased incentive scheme, including enhanced budgetary allocations for technical, assistance programmes. New lending schemes and credits institutions for technical assistance programme New lending schemes and credit institutions such as the National Economic Reconstruction found (NERFOUND), World Bank-assisted small-scale enterprises loan scheme (SMES), Nigeria Export and Import Bank (NEXIM), the people’s Bank of Nigeria (PBN) and the Community Bank have also emerged at both the national and local levels to boost the flow of development finance of small scale enterprises which have so far depended largely on personal funds and credit. From informal sources for both their investments and working capital.

Unfortunately, all these formal credit scheme have not been able to adequately redress the fundamental problems which have constrained small scale enterprises access to credit. The low credit rating of this class  of enterprises, is attributable largely to their weak capital, base, high mortality rate, low productivity and shortage of managerial skills. Indeed, the problem of weak capital base, high mortality rate, low productivity and shortage of managerial skills. Indeed, the problems, of weak capital base, and poor access to finance appear to have developed into some vicious circle, leading to slow growth, stagnation and even rapid demise of the small scale enterprises. The impact of all existing credit scheme interms of providing funds for meaningful and sustained development among the small scale enterprise, had medium enterprise to serve the expected  role of catalyst for rapid industrial development, there is need for a more innovative strategy for improved access to development finance for the small and medium enterprise that would address their inability to provide collateral securities for loans formal credit institutions.

  • Statement of the problem

Small and medium enterprise are mostly in managed by owners  and relations. The financing in most cases in normally provided by the owners. The owners fail to realize the importance of external source of capital in order affect expansion in the business. In most cases, the by the owner, members of the family and friends in most cases.

In another development, small and medium enterprise experiences difficulties in raising equity capital from the finance houses or individuals. Even when the finance house agrees to provide  equity  capital, the conditions are always dreadful.  All the result to inadequate capital available to the sector and thus lead to poor financing. This is the bane of most cottage industries in Nigeria. About 80% of small and medium enterprises are stifled because of this problem of poor financing and other problems associated with it (Chukwuemeka, 2006). The problems that emanated from poor financing include:

  1. Lack of competent management which is the consequence of inability of owners to employ the services  of experts.
  2. Use of obsolete equipment and methods of production because of owner’s inability to access new technology.
  3. Excessive competition which resulted from sales which is a consequence of poor finance to cope with increased competition in the industry.

Inspite of the different measures since 1960 to increase industrialization, small medium enterprises are still facing hard conditions. This is as a result of some constraining factors.

  • The high cost of available raw materials affects the prices of good food. This only has adverse affect on the turnover of the enterprise but also on the profitability.
  • To what extent has the finance house strict conditions affected the development of small scale.

THE RELATIVE IMPACT OF OIL AND NON-OIL EXPORTS ON ECONOMIC GROWTH IN NIGERIA: 1983-2007

THE RELATIVE IMPACT OF OIL AND NON-OIL EXPORTS ON ECONOMIC GROWTH IN NIGERIA: 1983-2007

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ABSTRACT

The study is made up of two independent models, Gross Domestic Product (GDP) and Investment respectively. The independent variables Oil export, Non-oil export, Real exchange rate and Inflation rate were modeled to capture their effect on GDP and Investment respectively.

The study employed Log Linear Model. Following the empirical findings in this study, we observed that, Non-oil export have not contributed a lot to economic growth in Nigeria but other indicators exert enough pressure on the strength of the economy, evidence from the result of the first model. Judging from the result of the second model, Oil export proves a negative non significant variable with investment growth in Nigeria.

The study recommends appropriate economic policies, institutional reforms and massive political will for the country to address the issues of dwindling exportation of Non-oil sector and the trap of Dutch Disease associated with oil-dependency.

 

CHAPTER ONE

  • Introduction ——————————————————- 1

1.1 Background of study ———————————————                    1

1.2 Statement of problem ——————————————–           3

1.3 Objective of the study ——————————————-           5

1.4 Statement of hypothesis —————————————–           5

1.5 Significance of the study —————————————-           6

1.6 Scope and limitations of the study —————————–            6

CHAPTER TWO

2.1 Meaning of oil and non-oil exports —————————-           7

2.2 A brief historical perspective on oil in Nigeria ————–             7

2.3 Oil and economic policies in Nigeria ————————-             10

2.4 The Dutch-Disease ———————————————-            15

2.5 The boom and burst periods in oil sector and policy response —–17

2.6 Macroeconomic policies and structure of Non-oil export in Nigeria-22

2.7 Oil export, Non-oil export and Economic growth in Nigeria ——- 26

Empirical Literature—————————————————-29

CHAPTER THREE

Research methodology——————————————————–35

3.1 Model Specification——————————————————35

3.2 Method of Evaluation—————————————————-37

CHAPTER FOUR

4.1 Data presentation———————————————————41

4.2 Data Analysis ————————————————————44

CHAPTER FIVE

Summary, Conclusion and Recommendation—————————58

5.1 Summary——————————————————————58

5.2 Conclusion—————————————————————-61

5.3 Recommendation———————————————————62

BIBLIOGRAPHY———————————————————66

Appendix

 

 

 

 

 

CHAPTER ONE

                                  INTRODUCTION

1.1THE BACKGROUND OF THE STUDY

Oil, a very versatile and flexible, non-reproductive, depleting, natural (hydrocarbon) is a fundamental input into modern economic activity, providing about 50% of the total energy demand in the world. (Anyanwu J.C. et al, 1997)

Petroleum or crude oil is an oily, bituminous liquid consisting of a mixture of many substances, mainly the element of carbon and hydrogen known as hydrocarbons. It also contains very small amounts of non-hydrocarbon elements, chief amongst which are sulphur (about 0.2 to 0.6% in weight), then nitrogen and oxygen. (Anyanwu J.C. et al, 1997)

Non-oil exports comprises of agricultural products, solid mineral, textile, tyre, manpower, etc. it is made up of every other thing we export, except petroleum products. In the decades of the 1960s and 1970s, the Nigeria economy was dominated by agricultural commodity exports. Such commodities include cocoa, groundnut, cotton and palm produce. From the mid 1970s, crude oil became the main export produce of the Nigerian economy. (Anyanwu J.C. et al 1997)

The development of the petroleum (oil) industry in the country began in 1909. It started with exploration activities by the German Bitumen Corporation, but their search for oil seized after the First World War because the Germans started the war and lost in the war. With Nigeria being under British sectorial control, it was only natural that the Germans had to stop their exploration activities.

In 1937, an oil prospecting license was granted to shell D’Arcy Exploration parties. The first commercial discovery of crude oil in Nigeria was made in 1956 by shell at Oloibiri. The company started production and in 1961 the Federal government of Nigeria issued ten oil prospecting licenses on the continental shelf to five companies. Each license covered was subject to the payment of N1 million. With this generous concession full-scale on-shore and off –shore oil exploration began.

Oil was found in commercial quantities at Oloibiri in the Niger delta, further discoveries at Afam and Boma established the country as an oil-producing nation. The Nigerian crude oil is described as a sweet type because of its lightness and its low sulphur content. It was largely sought-after in the international oil market.

The global perception of Nigeria is that of a really blessed oil producing nation, but with a growing poverty index. (Maaji Umar YAKUB, 2008). The problems of low economic performance of Nigeria cannot be attributed solely to instability of earnings from the oil sector, but as a result of failure by government to utilize productively the earnings from the export of crude oil from the mid 1970s to develop other sectors of the economy. Nigeria is among the poorest countries in the world, with the poverty incidence estimated at 54% in 2006. The economy has been substantially unstable, a consequence of the heavy dependence on oil revenue and the volatility in its prices. The oil boom of the 1970s led to the neglect of non-oil tax revenue, expansion of the public sector, and deterioration in financial discipline and accountability. In turn, oil-dependency exposed Nigeria to oil price volatility which threw the country’s public finance into disarray.

This study will examine the relative impact of oil and non-oil export on economic growth in Nigeria.

 

  • STATEMENT OF THE PROBLEM

Oil is a major source of energy in Nigeria and the world (in general). Oil being the mainstay of the Nigerian economy plays a role, vital role in shaping the economy and political destiny of the country. It was towards the end of the Nigerian civil war (1967-1970) that the oil industry began to play a prominent role on the economic life of the country.

Non-oil product on the other hand plays an important role in the economic growth and development of the country. Non-oil exports, especially agricultural product like groundnut, palm oil, cotton, natural rubber, coffee, gum Arabic, sesame seed, etc. was our main stay before the period of the oil boom. It was during that period (that is, period of oil boom) that Nigerians neglected non-oil exports to an extent.

Nigeria can be categorized as a country that is primarily rural, that is, it depends on primary product export (especially, oil product). Since the attainment of independence in 1960 it has experienced ethnic, regional and religious tensions, magnified by significant disparities in economic, educational and environmental development in the south and in the north. This could be partly attributed to the major discovery of oil in the country which affects and is affected by economic and social components.

Crude oil discovery has had certain impact on the Nigerian economy both positively and adversely. On the negative side, this can be considered with respect to the surrounding communities within which the oil wells are exploited. Some of these communities still suffer environmental degradation, which leads to deprivation of means of livelihood and other economic and social factors. Although, large proceeds are obtained from the domestic sales and exports of petroleum products, its effects on the growth of the Nigerian economy with regard to returns and productivity is still questionable.

Hence, there is need to evaluate the relative impact of oil and non-oil exports on economic growth in Nigeria. In the light of the study, the main objective is to assess the relative impact of oil and non-oil export on the Nigerian economy.

 

Below are the research questions of the study.

  1. What is the relative impact of oil and non-oil exports on investment in   Nigeria?
  2. What is the relative impact of oil and non-oil exports on economic

growth in Nigeria?

  • OBJECTIVES OF THE STUDY.

The broad objective of this study is to investigate the impact of oil and non-oil exports on economic growth in Nigeria. However, the specific objectives are;

  1. To determine the relative impact of oil and non-oil exports on