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The Impact Of Non-oil Export On Economic Growth In Nigeria (1986-2010)
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Our industrial sector took off after independent relied on satellite
firms representing British interest. The bank sector, which is
constellation of colonial banks branches and some companies that were
able to invest in manufacturing were the multi-national that have access
to funds, technology and managerial expertise. This greatly hindered
the progress of indigenous entrepreneurs.
The Nigerian manufacturing
sector has been described by Ikediala (1983) as consisting of more
assembling plants. He says that the implication of this is that the
industries have very little backward linkage in the economy, since the
bulk of the inputs is imported, thus the manufacturing sector depends on
imported raw-material the extent of 42%. The capacity utilization of
manufacturing industry has always been low in this country. The reasons
as put by CBN (1998) are not unconnected with raw materials scarcity,
consumers resistance due to high prices, increase in cost of manpower.
Others mentioned are equipment breakdown due to poor technology, lack of
spare parts. Time lags between, when inputs are ordered for and when
they arrive, cash flow problems in industries becomes a permanent
features.
The Nigerian Civil war brought about the deterioration of
the oil palm grooves and plantation were abandoned and little if any new
planting was undertaken. As a result of that, the output of palm oil
and palm kernel declined drastically. But according to Onwuka (1985),
the problems of palm products are due to the stagnation in the
production of this commodity, which is partly explained by the presence
of wild palm trees, which are of low-yield quality, and the difficulties
experienced in harvesting them. In addition, the old system of pricing
which guarantees low producer prices for palm produce discourage
substantial investment from being made for further production of this
product. Also, the problem marketing boards cannot be over looked.
Marketing board is an institution set up by the government with the
exclusive right to buy and sell certain agricultural products.
They
purchase some products locally export sales are made through the
Nigerian marketing company, which is jointly owned by all state,
marketing. One of the functions of the marketing board is to stabilize
the prizes or our cash crops and hence creates stability of income for
farmers and to accumulate funds for development purposes. But the
operation has failed to provide incentives to farmers to increase their
input. Also, the producers paid unnecessary tax and they took from the
producers some money, which should have gone to them as income. They
thus reduced the amount of capital available to the producers.
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ABSRACT - [ Total Page(s): 1 ]The essence of this work has been to determine the effect of non-oil export on economic growth in Nigeria, during the period of 1986-2010. In carrying out this study, secondary data were collected and empirical analysis was made. To achieve these objectives, multiple regressions were used in analyzing the data. The empirical results reveal that non-oil export is statistically significant to Nigeria economic growth. On the other hand, oil export also has been significant to Nigeria Economic growt ... Continue reading---
