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

 

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8. Keystone Bank:
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9. Sky Bank:
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10. Stanbic IBTC:
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11. Sterling Bank:
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12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
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15. Diamond Bank
—-*710*555#

To know your BVN, dial
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E.g for First bank…   *894 *Amount *Acct. No. #

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CHAPTER ONE

INTRODUCTION

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 AGRICULTURAL DEVELOPMENT ON NIGERIA ECONOMIC GROWTH, 1980– 2007

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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 BANKER SECURITY 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. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeriabanks

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

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ABSTRACT

 In recent decades, the potential contribution of agriculture to economic growth has been a subject of much controversy among development economists.  While some contend that agricultural development is a pre-condition for industrialization, others strongly disagree and argue for a different path.

Taking advantage of Ordinary Least Square Method (OLD), the research carried out by means of secondary data and using independent variables: Agricultural Development, Capital Accumulation, Inflation Rate and Interest Rate re-examines the question of whether agriculture could serve as an engine of growth for the Nigerian economy

Results from the empirical analysis shows that the productivity in agricultural sector has not appreciably impacted positively on the economic growth in Nigeria.

 

TABLE OF CONTENTS

Cover Page          ..        ..        ..        ..        ..        ..        ..

Title Page   ..        ..        ..        ..        ..        ..        ..        ..

Certification          ..        ..        ..        ..        ..        ..        ..        ..        i

Dedication  ..        ..        ..        ..        ..        ..        ..        ..        ..        ii

Acknowledgement        ..        ..        ..        ..        ..        ..        ..        iii

Abstract                ..        ..        ..        ..        ..        ..        ..        ..        iv

Table of Contents                    ..        ..        ..        ..        ..        ..        v-vii

 

CHAPTER ONE

INTRODUCTION          ..        ..        ..        ..        ..        ..

• Background of the Study ..        ..        ..        ..        ..        1
• Statement of Problem ..        ..        ..        ..        ..        ..        12
• Objectives of the Study ..        ..        ..        ..        ..        15
• Statement of Hypothesis …       ..        ..        ..        ..        16
• Significance of the Study ..        ..        ..        ..        16
• Scope and Limitations of the Study .. ..        ..        17

CHAPTER TWO

LITERATURE REVIEW

• Theoretical Literature ..        ..        ..        ..        ..        18

2.1.1  Agriculture As A Passive Contributor to

Economic Development (Classical School

of 1950s and 1960s).    ..        ..        ..        ..        ..        ..        30

 

• Agricultural led Industrialization

(Classical School of 1970s and 1980s)    ..        ..        ..        31

 

• Agricultural Linkages And Growth and

Development       ..        ..        ..        ..        ..        ..        ..        32

 

• Problems Associated with Agricultural Development 36
• Empirical Literature ..        ..        ..        ..        ..        ..        45
• Agriculture and Poverty Reduction ..        ..        ..        46
• Agriculture and Nutrition ..        ..        ..        ..        ..        47

CHAPTER THREE

RESEARCH METHODOLOGY

• Methodology ..        ..        ..        ..  ..     . .     ..       51
• Area of Study and Coverage ..        …       ….      ..        52
• Model Specification ..        ..        ..        ..        ..        ..        52
• Data Sources ..        ..        ..        ..        ..        ..        ..        53
• Method of Evaluation ..        ..        ..        ..        ..        54

CHAPTER FOUR

PRESENTATION AND ANALYSIS OF RESULTS

• Unit Root Test ..        ..        ..        ..        ..        ..                  59
• Co-Integration Test ..        ..        ..        ..        ..        ..        61
• Economic Opinion, Interpretation ..        ..        ..        63
• Statistical Criteria of the Result ..        ..        ..        ..        65
• Econometric Criteria of the Result ..        ..        ..        68

 

CHAPTER FIVE

SUMMARY, RECOMMENDATION AND CONCLUSION

• Summary of Findings ..        ..        ..        ..        ..        67
• Policy Recommendation ..        ..        ..        ..        ..        68
• Conclusion ..        ..        ..        ..        ..        ..        ..        70

Bibliography         ..        ..        ..        ..        ..        ..        ..        ..

Appendix    ..        ..        ..        ..        ..        ..        ..        ..        ..

 

 

 

 

 

 

 

 

INTRODUCTION

• BACKGROUND OF THE STUDY

Agriculture is concerned with the husbandry of crops and animals for food and other purposes.  It is the foundation upon which the development of stable human communities, such as rural and urban communities has depended on in many parts of the world.  The study of economic history provides us with ample evidence that an agricultural revolution is a fundamental pre-condition for economic development.  The agricultural sector has the potentials to be the industrial and economic springboard from which a country’s development can take off.  Indeed, more often than not, agricultural activities are usually concentrated in the less developed rural areas where there is a critical need for rural transformation, redistribution, poverty alleviation and socio-economic development.

The agricultural sector has the potentials to shape the landscape, provide environmental benefits such as conservation, guarantee sustainable management of renewable natural resources, preserve biodiversity and contribute to the viability of rural areas.  Through its spheres of activities at both the macro and micro levels, the agricultural sector is strategically positioned to have a high multiplier and linkage effect on any nation’s quest for socio economic and industrial development.

The growth of the agricultural sector in Nigeria was not smooth.

Anyanwu (1967) held that during the colonial period between 1861 – 1960, attention was given to agricultural research and extension services.  Among the activities that was done, the first was the establishment of a research station in Lagos by Sir Claude McDonald in 1893.  Landmarks of 10.4 km was acquired by the British Cotton Growing Association (BCGA) in 1899 for experimental purposes strictly for cotton and was named Moor Plantation in Ibadan.

In 1912, the Department of Agriculture was established in each of the then Southern and Northern Nigeria, but the activities of the department were virtually suspended between 1912 and 1921 as a result of the First World War and its aftermath.  The period 1929 and 1945 was a difficult one for the agricultural sector of Nigeria.  This was the period of great depression when the world prices on commodities fluctuated.  This affected the agricultural sector negatively because the volume of agricultural produce increased but the value did not increase proportionately.

The period 1945 – 1954 marked the period of export boom, because countries were just recovering from the Second World War and countries that needed to develop their destroyed industrial sector were many.  They depended on primary product for the beginning stage of industrialization.  They needed to revitalize their industrial sector by demanding primary goods.  Prices of primary products rose higher again because there were speculations that there would be a Third World War due to the outbreak of the Korean War.  However, after this period, there came another period of price instability.  This made the reliance on agriculture and its products to fall, leading to the establishment of a market board.  This board bought these products from the local farmers and sold them overseas.

In spite of all the periods, Nigeria made a great revenue from agriculture.  In the pre-Independence era, the agricultural sector contributed most to the GDP of Nigeria.  Helleiner (1966) said that in 1929, export production amounted to 57% of Nigeria’s revenue and in that 57%, agriculture made up about 80% of the export.  On attainment of political independence in 1960, the trend was still very much the same, the Nigerian economy could reasonably be described as an agricultural economy, because agriculture served as the engine of growth of the overall economy (Ogen, 2003: 231-234), from the stand point of occupational distribution and contribution to the GDP.  Nigeria was the world’s second largest producer of cocoa, largest exporter of palm oil.  Nigeria was also a leading exporter of other major commodities such as cotton, groundnut, rubber and hides and skins (Alkali, 1997: 15-16).  Between 1964 – 1965, agriculture accounted for 55% of GDP and employed 70% of the adult workforce (Matton, 1981).  In 1970, agricultural export crops like cocoa, groundnut, cotton, rubber, palm oil, palm kernel, etc. accounted for an average of between 65% – 75% of Nigeria foreign exchange earnings and provided the most important source of revenue for the Federal as well as State governments through export products and sale taxes (Ekundare 1973), despite the reliance of Nigerian peasant farmers on traditional tools and indigenous faming methods, these farmers produced 70% of Nigeria’s exports and 95% of its food needs (Lawal, 1997: 195).

However, the 1967 – 1970 Civil War in Nigeria coincided with the ‘Oil Boom’ era, which resulted in extensive exploration and export of petroleum and its products.  This led Nigeria to neglect its strong agriculture in favour of an unhealthy dependence on oil (United States Department of State, 2005).  Ever since then, Nigeria has been witnessing extreme poverty and insufficiency of basic food items.  The agricultural sector contributions now account for less than 5% of Nigeria’s GDP (Olagbaju and Fashola, 1996: 263).  It is against this back drop that we set out to research on the impact of agricultural development on Nigeria economic growth.

As noted earlier, the neglect of the agricultural sector and the dependence of Nigeria on a mono-cultural crude oil based economy had not augured well for the well-being of the Nigerian economy.  In a bid to address this drift, the Nigerian government as from 1975 became directly involved in the commercial production of food and cash crops.

Several large scale agricultural projects specializing in the production of grains, livestock, dairies and animal feeds, to mention but a few, were established (Fasipe, 1990: 129-130).  Sugar factories were also established at Numan, Lafiagi and sunti (Lawal, 1997: 196).

The Nigerian Agricultural and Co-operative Bank (NACB) was established in 1973 as part of government’s effort to invest oil wealth into the agricultural sector through the provision of credit facilities to support agriculture and agro-allied businesses (Olagunju, 2000: 90).  By 1995 the bank had granted the sum of $3,179.6 million as loan to the Private Sector.

• The River Basin Development Authorities (RBDA) were conceived in 1963 and were to cater for the development of land and mineral resources potentials of Nigeria.
• Operation Feed The Nation (OFN) was commissioned in the 1970s with the main objectives of:
• Mobilizing the nation towards self sufficiency and self reliance in food.
• Encouraging the sector of population which relies on buying food to growing its own food.
• Encouraging general pride in agriculture through the realization that a nation which cannot feed itself, cannot be proud etc.

The OFN which was launched in 1976 to generate public awareness of the importance of agriculture to national development, and mobilize both rural and urban dwellers to participate in agriculture, be it in conventional crop farms, fish farms, backyard gardens or poultry did not realize the objectives of reducing or eliminating food imports and achieving self-sufficiency so in 1980 it was replaced with the Green Revolution Programme.

–  The Green Revolution; This was a more deliberate and calculated approach to the food production problem.  The programme was followed by the mounting of food strategies mission for Nigeria by the Federal Ministry of Agriculture, which estimated the level of food production needed to achieve self-sufficiency.  Much of the recommendations of the programme, such as the expansion of the Integrated Agricultural Development Programme (ADP) to cover all States of the Federation, support for artisanal fishers and aquaculture and the establishment of grain storage facilities, among others, are still being implemented.

–   The Directorate of Food, Roads And Rural Infrastructure (DFRI):  This was established by the Federal Military Government in 1986 and was intended to bring development to the rural areas where over 70% of the population reside and work principally as farmers.  The mandate given to DFRI is as follows:

• To improve the quality of life and standard of living of the people in the rural areas.
• To use the enormous resources of the rural areas to lay a solid foundation for the security, socio-economic growth and development activities of the rural areas to those of the Local Government Areas; the States and the Federal Government.
• To ensure a deeply rooted and self-sustaining development process based on effectively mobilized mass participation.

In spite of all these efforts, it is heartrending to note that as from the mid 70s, Nigeria became a net importer of various agricultural products.  In 1982 alone, Nigeria imported 153,000mt tons of palm oil at the cost of 92 million USD and 55,000mt tons of cotton valued at 92 million USD (Alkali, 1997:10).  Between 1973 and 1980, a total of 7.07million tons of wheat, 1.62 million tons of rice and 431,000 tons of maize were imported.

Thus from N47.8 million in the 60s, the cost of food imports in Nigeria rose to N88.2 million in 1970 and N1,027.0 million in 1988 (Alkali, 1997:19-21).  Since the 1990s till the ban of rice importation, Nigeria has been spending an average of 60 million USD on the importation of rice annually.  In 1994, the agricultural sector performed below the projected 7.2 per cent of budgetary output.  (Lawal, 1997:197-198).

Beginning from year 2000, Nigeria import expenditure on both food and live animals rose to N113,489.8 million in the year 2000

 

THE PERFORMANCE OF MONETARY POLICY IN THE NIGERIAN ECONOMY (1980-2010)

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COMPLETE PROJECT  MATERIAL COST 5000 NAIRA OR $10 , 

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Note: our case study can be change to suit your desire location . we are here for your success.

                                   ORDER NOW

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 BANKER SECURITY 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. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeriabanks

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

TABLE OF CONTENT
Certification ———————————————————————— i
Acknowledgement —————————————————————-ii
Dedication ————————————————————————–iii
Abstract —————————————————————————–iv
CHAPTER ONE
1.1 Introduction —————————————————————-1
1.2 Background of the study ————————————————-1
1.3 Statement of the problem ———————————————–7
1.4 Objectives of the study —————————————————8
1.5 Statement of hypothesis ————————————————-9
1.6 Scope and limitations of the study ————————————-9
1.7 Significance of the study ————————————————-9
CHAPTER TWO
2.0 Literature review ————————————————————11
2.0.1 Conceptual definition of monetary policy —————————–11
2.0.2 Evolution of the monetary policy framework in Nigeria ————12
2.0.3 Review of the monetary policy before the Structural
Adjustment Programme (SAP) ————————————————–16
2.1 Theoretical literature review ———————————————19
2.1.1 Monetary policy under the Structural Adjustment
Programme (SAP) —————————————————————–19
2.1.2 Nigeria monetary policy experience ————————————-23
2.2 Empirical literature review ———————————————–28
2.2.1. Framework of monetary policy in targeting inflation —————28
2. 2.2 An appraisal of the performance of monetary policy in Nigeria –30
2.2.3 Suggestion for dealing with inflation in Nigeria ———————–33
CHAPTER THREE
3.0 Research methodology ——————————————————-37
3.1 Model specification ———————————————————–37
3.2 Method of evaluation ——————————————————–39
3.2.1Unit root test —————————————————————–39
3.2.2Presentation of co-integration and error corrections —————-40
3.2.3 Diagnostic tests ————————————————————–40
3.3 Justification of the model —————————————————-40
3.4 Research approach ———————————————————–41
CHAPTER FOUR
4.0 Presentation of data and discussion of results ————————–42
4.1 Presentation of data ———————————————————-42
4.1.1 Unit Root Test —————————————————————-42
4.1.2 Co-integration Test ———————————————————-45
4.2 Economic Opinion, Interpretation/Appriori Criteria ——————–48
4.3 Statistical Criteria of the Results ———————————————48
4.3.1 T-test —————————————————————————-48
4.3.2 F-test —————————————————————————-49
4.4 Economic Criteria —————————————————————50
4.4.1 Test for Autocorrelation —————————————————–50
4.4.2 Normality test ——————————————————————51
4.4.3 Test for multicollinearity —————————————————–52
CHAPTER FIVE
Summary ——————————————————————————-55
Conclusion ——————————————————————————58
Recommendations ——————————————————————–59
Bibliography —————————————————————————-61

ABSTRACT
The purpose of this project work is based on the relative performance of monetary policy in the Nigerian economy. This work discussed the meaning of monetary policy is as combination of measures designed to regulate the value, supply and cost of money in an economy in consonance with the expected value of economies activities. The study shows further, the aims and objectives of monetary policy which includes price stability, maintenance of balance of payment equilibrium, promotion of employment, tackling inflation, output growth and sustainable development. The literature review shed more light on conceptual and evolutionary framework of monetary policy in Nigeria, review of monetary policy before and offer the structural adjustment programme (SAP), and appraisal of the performance of monetary policy in Nigeria were thoroughly discussed. also appropriate measures for managing inflation in the economy were also suggested from the research instruments and techniques, if was observed that there are leakages in velocity of money through corrupt practices in the system and diabolic means of creating cash flow which causes inflation, multiplicity of unemployment and low output growth. The research work, also showed the interplay between the gross domestic product (GDP) and other monetary policy variables (real exchange rate, real interest rate, money supply and liquidity ratio), and their respective contribution to the economy. In conclusion this project suggests total means of curling corruption using the various law enforcements in the country.
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
For most economies, the objectives of monetary policy include price stability, maintenance of balance of payments equilibrium, promotion of employment and output growth, sustainable development. These objectives are necessary for the attainment of internal and external balance, and the promotion of long run economic growth. The importance of price stability derives from the harmful effect of price volatility which undermines the objectives. This is indeed a general consensus that domestic price fluctuations undermines the role of monetary values as a store of value, and frustrate investments and growth.
Ajayi and Ojo (1981) and fisher (1993), empirical states on inflation, growth and productivity have confirmed the long run inverse relationship between inflation and growth. When decomposed into its components, that is growth due to capital accumulation, productivity growth, and the growth rate of the labour force, the negative association between inflation and growth has been traced to the strong negative relationship between it and capital accumulation as well as productivity growth respectively. The importance of these empirical findings is that stable prices are essential for growth due to capital accumulation, productivity growth, and the growth rate of the labour force, the negative association between inflation and growth has been traced to the strong negative relationship between it and capital accumulation as well as productivity growth
respectively. The importance of these empirical findings is that stable prices are essential for growth. The success of monetary policy depends on the operating economic environment, the institutional framework adopted, and the implementation of monetary policy is the responsibility of the central bank of Nigeria (CBN). The mandates of the CBN as specified by the CBN Act of 1958 include;
 Issuance of legal tender currency.
 Maintaining external reserves to safeguard the international value of the currency.
 Promoting monetary stability and a sound financial system.
 Acting as banker and financial adviser to the federal government.
However, the current monetary policy framework focuses on the maintenance of price stability while the promotion of growth and employment are the secondary goals of monetary policy. The performance of monetary policy depends on some legal framework upon which it operates. The legal framework are quantitative general or indirect and second, qualitative selective or direct. The effect effects the level of aggregate demand through the supply of money, cost of money and availability of credit. Out of the two types of instruments, the first category include bank are variations, open market operation, and required reserve ratio. They are meant to regulate the overall level of credit in the economy through commercial banks. The selective credit control aims at controlling specific types of credit. This includes changing margin requirement and regulation of consumer’s credit (M.L Jhingan, 2003).
In any economy, the conducts of both policies are normally rooted through banking institutions that play in the intermediation process. The role of bringing lenders and borrowers together through this process the central bank plays a very important role in determining the price of money (Ebhodaghe, 1996). Therefore, monetary policy is important in its own right from the past view of monetary economists and policy maker’s interns of its impacts on the economy. Of all tools available to government for directing the cause of the economy, monetary policies have proven to be the most visible instrument for achieving medium term stabilization objectives (CBN guideline 2002). Indeed monetary policy formulation and implementation emerged as a critical government responsibility so that the economy does not go astray. Policies are made not only for their own sake rather for achieving some desired goals over a given period of time.
Generally, the primary objectives of monetary policy is concerned with the application of expansionary monetary policy measures during economic recession and contractionary monetary policy controls money supply because it is believed that its rate of growth has an effect on inflation. The basic aim of monetary policies is not to aggregate themselves but the aggregate in the real sectors of the economy such as, level of capital price stabilization and economic development. Policies are designed in order to change the trend of some monetary variables in particular direction so as to induce the desired behavioral change in the monetary policy. The central bank’s role is to conduct appropriate monetary policy that is consistent with the main economic objectives that will help the growth of gross domestic product (GDP), sustainable inflation are and stable balance of payment position. This is done by putting in place the direct or indirect monetary approach so as to control monetary trends. In this regards the CBN determines the amount
of money to be supplied that is consistent with the nation’s macro-economic objectives and manipulate the monetary instrument at its disposal in order to achieve the stated objectives. Monetary policy influences the macrocosmic objectives because it is believed that there occurs a relationship between the real variables. Monetary policy affects all aspects of our economic and financial decisions whether to buy a car, build a house, start up a business or to expand the existing ones, whether to send one’s child to school or to make the child learn trade. Money supply or monetary policy tries to influence the performance of the economy as reflected in key macro-economic indicators like inflation, GDP and employment. It works by affecting aggregate demand across the economy, that is, individuals’ and firms’ willingness and stability to spend on goods and services. In doing this, monetary policy has two fundamental goals to promote maximum sustainable output and employment and to maintain sustainable price level in the economy. The job of stabilizing output in the short run and promoting price stability in the long run involves several steps first, the central bank tries to estimate how the economy is doing now and how it is likely to do in the medium term, then, it compares this estimates to its goals for the output and the price level, if there is a gap between the estimates and the goals, the CBN have to decide on how forcefully and swiftly to act to close the gap. Estimate of the current economic conditions are not as even as the most up-to-date data on key variables like employment, growth, productivity etc, largely reflect condition in the past. So to get a reasonable estimate of the current and medium term economic conditions, the central bank tries to find out what the most relevant economic developments are such as government spending, economic conditions abroad, financial conditions at home and abroad and the use of new technologies

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.

 

Pages

LIST OF TABLE

Unit Root Test for Stationarity ——————————————- 42

Co-integration Result —————————————————— 45

Modeling Log of Differenced GDP by OLS ————————— 45

Modeling Log of Differenced INV by OLS —————————- 46

Summary of t-statistic test for model 1 ———————————- 50

Summary of t-statistic test for model 2 ———————————- 52

 

 

 

 

 

 

 

 

TABLE OF CONTENT

Title page —————————————————————-        i

Approval page ———————————————————-        ii

Dedication ————————————————————–         iii

Acknowledgement —————————————————–         iv

Abstract —————————————————————–          v

List of tables ———————————————————–          vi

Table of content ——————————————————-          vii

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

THE IMPACT OF FEMALE LABOUR FORCE ON THE ECONOMIC GROWTH OF NIGERIA (1980-2010)

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3. Fidelity Bank:
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4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

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ABSTRACT
A country’s labour force consists of everyone of the working age, typically above the age of seventeen and below the retirement age of sixty- five. They are characterized by those who are actively employed or seeking employment. The focus of this study is to determine the impact of female participation in labour force on the economic growth in Nigeria between the periods of 1980- 2010. The research also seeks to investigate the determinants of female contribution to economic growth in Nigeria. The objective of this study is to determine the relationship between female labour force and economic growth in Nigeria (GDP).The data used was sourced from the National Bureau of Statistics of various years as well as the CBN Statistical Bulletin (volume 21) December, 2010. The ordinary least square method (OLS) was chosen as the estimation tool because of its advantage over other estimation techniques.The major finding was that female labour force employment has a positive impact on the gross domestic product (GDP) of the Nigeria economy. Based on the findings, some recommendations of policy and suggestions have been made.
viii
TABLE OF CONTENT
Title Page – – – – – – – – – – -i
Approval Page – – – – – – – – – -ii
Dedication – – – – – – – – – – -iii
Acknowledgement – – – – – – – – -iv
Abstract – – – – – – – – – – -vi
Table of Content — – – – – – – – – -vii
Chapter One
Introduction
1.1 Background of the Study – – – – – – -1
1.2 Statement of the Problem – – – – – – -4
1.3 Objectives of the Study- – – – – – – -6
1.4 Statement of Hypothesis – – – – – – -7
1.5 Relevance of the Study – – – – – – – -7
1.6 Scope of the Study – – – – – – – -8
1.7 Limitations of the Study – – – – – – -8
Chapter Two
Literature Review
ix
2.1 Theoretical Literature – – – – – – – -9
2.2 Empirical Literature – – – – – – – 26
2.3 Economic Analysis of Women’s Contribution To
Economic Growth in Nigeria – – – – – – – 30
2.4 Limitations of the Previous Studies – – – – – 35
Chapter Three
3.1 Methodology – – – – – – – – 36
3.2 Model Specification – – – – – – – – 37
3.2 Methods of Evaluation – – – – – – – 37
3.4 Model Justification — – – – – – – 39
3.5 Data Requirement and Sources – – – – – 40
Chapter Four
Presentation and Analysis of Results
4.1 Presentation of Regression Result – – – – – 41
4.2 Result Interpretation – – — – – – – 41
Chapter Five
Summary, Recommendationsand Conclusion
5.1 Summary – – – – – – – – – 48
5.2 Policy Recommendations – – – – – – 48
5.3 Conclusion – – – – – – – – – 50
Bibliography – – – – – – – – – 51
1
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Gender differentiation and productivity are critical issues that are central to the socio-economic life of any country. Women contribute half or more of the country’s population, but they contribute much less than men towards the value of recorded production both quantitatively in labour force participation and qualitatively in educational achievement and skilled manpower (Olukemi, 2008). The extent to which these phenomena are discussed varies from country to country. While the developed countries have practicallygraduated from endemic problems of gender differentiation, their less developed counterparts are still battling it. A close overview of world economies show that women have often been looked down upon in terms of their ability to contribute to the economic well- being of their families which invariably has some correlation to a nation’s economic growth. The under-utilization of female labour as well has obvious implications for economic welfare and growth. In particular, the participation of women in labour force appears to depend much more on the social environment than is the case for men.
2
In the light of the above, arguments have risen in favour or against women in their roles towards economic growth and development. Traditional African Gender Theory suggests that women are less important such that they are relegated to the upkeep of domestic chores. It is therefore not surprising that the clamors for more birth were and are still being emphasized till date. The theory holds that women should in no way be found rubbing minds with their husbands in family meetings, and community gatherings. Traditionally, women were regarded as homemakers, who oversee and coordinate the affairs and activities at home. Previously, in Africa, women remained at home while their husbands and sons went out to the farm to work. However, women are never idle at home. They are engaged in manual processing of food crops and other farm produce in addition to their housekeeping duties. The neo-classical are in support of this idea as they failed to acknowledge society induced differences between men and women in the face of economic growth. Thus, they remarked that markets clear automatically given pareto efficiency and that what is economically rational at the individual level is also economically rational for the society as a whole.
Despite these extreme views, there exists a clarion call all over the world for increased women participation in the socio- economic development
3
of nations. This is because of the roles that women play in economic growth and development. Danish (2001) notes that women opportunities to contribute to the development of societies need should be improved.Otherwise, economic growth in developing countries will be constraint and the ability to care for the environment in these countries reduced. One of the studies conducted by World Bank in 2003, shows that investments in women yield large social and economic returns, adding that young girls and boys should have the same opportunities to lead full and productive lives.
With the advent of Western education, industrialization and paid employment, men as well as women drifted into the modern sector of the economy. And today, there are visible changes in the perception of women, principally because they have greater opportunities for education than before. It is therefore not in doubt that economically empowered women play veritable role in household decision- making, with greater bargaining power to increase spending on education, health and other areas of family needs. Such women especially the economically sound ones, have better opportunities for entrepreneurship and to earn higher wages