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EFFECT OF GLOBALIZATION
ON NON-OIL EXPORT TRADE
ABSTRACT
This project work is concerned with effects of globalization
on non-oil export trade.
Globalization as a concept can be attributed to two major
reasons: The first is its scale and speed and the way technology (especially in
communications and transportation) is changing the world. Second, it is the
latest in economic fad that has become accepted as changing the international environment
and turning the whole world into a global villages.
Three hypotheses were tested through statistical package for
the social sciences (SPSS) along with least square, regression analysis,
F-statistic (ANOVA), t-statistic, co-efficient of correlation among others were
used to analyse the result of the findings.
The findings of the study revealed that globalization has
enhanced the growth of non-oil export trade, that globalization process have an
effect on industrial development, the impact of exchange rate on export trade
of non- oil products in Nigeria.
The study concludes by stressing the significant of further
improvement of Agricultural export sector as one of the unit of non-oil export
trade. The concept invariably leads to a lot of benefits such as acts as a
catalyst to transform the economic structure of Nigeria from simple,
slow-growing and low-value activities to more productive activities that enjoy
greater margins, are driven by technology and have higher growth prospects.
Finally, recommendations like production of Agricultural
produce like cash crops, food crops, industrial produce, livestock and mineral
resources should be encouraged by government at all level via supply of
fertilizer to real farmers and there export to other countries with no tarrif,
this will increasethe foreign exchange earning of the country.
TABLE OF CONTENTS
CHAPTER ONE: INTRODUCTION
1.l Background of
the Study
1.2 Statement of
the Problem
1.3 Objectives of
the Study
1.4 Significance of
the Study
1.5 Research
Questions.
1.6 Research
Hypothesis
1.7 Scope and
Limitation of the Study
1.8 Outline of
Chapters
1.9 Definitions of
Terms
CHAPTER TWO: LITERATURE REVIEW
2.0 INTRODUCTION
2.1 Meaning of
Globalization
2.2 Globalization
and the Nigerian Economy
2.3 Industrial
Policy and Manufacturing Performance in Nigeria
2.4 Review of
Nigeria Export Sector
2.5 Current
Government Industrial Policy Thrust
2.6 Manufacturing
Performance in the Light Government Policies.
2.7 Export
Incentive in Nigeria
2.8 Manufacturing
Export Scheme Component
2.9 Merits and
Demerits of Globalization
CHAPTER THREE: RESEARCH METHODOLOGY
3.0 Introduction
3.1 Research Design
3.2 Sources of Data
Collection
3.3 Nature and
Sources of Data
3.4 Analytical
Technique of Data
3.5 Model
Specification
3.6 Apriori
Expectations
3.7 Restatement of
Research Hypotheses
3.8 Data Limitation
CHAPTER FOUR: DATA PRESENTATION AND INTERPRETATION
4.0 Introduction
4.1 Data
Presentation
4.2 Hypothesis
Testing
CHAPTER FIVE: SUMMARY, RECOMMENDATIONS AND CONCLUSION
5.1 Summary
5.2 Summary of
Findings
5.3 Recommendations
5.4 Conclusion.
REFERENCES
CHAPTER ONE
INTRODUCTION
1.l Background of
the Study
The globalization paradigm is basically a development
construct for the integration of world markets. The West has presented
globalization as a market driven strategy for development. The International
Monetary Fund (IMF) and International Bank for Reconstruction and Development
(IBRD) particularly described globalization as a principle meant to
"rapidly develop and create a dense network of interconnections and
interdependencies that characterize modern social life" (Oke, 2003). In
essence, globalization is aimed at the reduction of poverty and enhancement of
global cooperation for universal economic growth and development.
In the last two decades, economic globalization has been
inextricably linked with the inextricable economic policies of the 1980's and
1990's manifested in unleashing of marketing forces, deregulation and
urbanization; minimizing the role of the state, among others (Obadan, 2002)
economic globalization is the on-going process of change towards greater
economic integration of economics throughout the world through trade. Financial
flows, exchange of technology and information, andmovement of people. It has
been a powerful force shaping world economics in recent decades.
The trend towards more integrated world markets and economic
has opened a wide potential for greater growth, and presents unparallel
opportunities for developing countries that are prepared to range their
standard of living. Indeed, over the last thirty-years, greater integrationinto
the world economy through trade has allowed a significant number of developing
countries to partake in the opportunity and benefits of globalization to
develop the comparative advantages and gain access to more appropriate
technology, while financial liberation has increased them to international
private capital, permitting them to realize much higher rates of economic
growth.
Globalization, entailing the increasing internationalization
and integration of markets for goods, services and capital, has brought
noticeable changes to the world economy, which has frequently been described as
gravitating towards a global village. According to Kemp (1995) "the
globalization of the business world has been prospering over the past several
years and continues to grow as the world advances in the age of information
technology. The establishment of the International Date Line and world time
zones coupled with the near global adoption of the Gregorian Calendar between
1875 and 1925 generated the first consciousness that the world was united and
intertwined.
Globalization was facilitated by the activities of
multinational corporations, the multilateral monetary and financial
institutions especially the Bretton-woods institutions. Companies therefore embraced the concept of
globalization of operate as well as produce goods and services in countries
other than their home country. The idea
was to access preferred but locally scare inputs (Labour and raw materials) and
wider markets which the high population of most poor countries offers.
The popularity of “globalization” as a concept can be
attributed to two major reasons: The first is its scale and speed and the way
technology (especially in communications and transportation) is changing the
world. Second, it is the latest in
economic fad that has become accepted as changing the international environment
and turning the whole world into a global villages.
Globalization has a wide range of components but the most
prominent are the economic, political, social, cultural, environmental,
ecological and spiritual dimensions. The
economic dimension of globalization will
only be addressed in this study.
The economic component of globalization revolves around the
IMP, and IBRAD's political economic frameworks consisting of free trade,
deregulation and urbanization of the market. The component also emphasizes the
macro-economic indices such as inflation, foreign exchange and interest rates.
The political economic framework embodies in its entirely the components of the
Structural Adjustment Programme (SAP).
From the viewpoint of the IMF, the economic crisis in
Nigeria, is a product of structural distortions in the economy due to
overvalued exchange rates, import regulation, huge public sector expenditure,
poor investment management and low returns on capital, high wage structure and
low productivity of workers, import substitution, industrialization and its
policy, environment, over-extended inefficient and unproductive public
enterprises, and their undue protection by government, and discriminatory
credit policies against the private sector (Onyeonory 2003). The underlying
argument by the IMF/World Bank is that economic growth became blocked by the
present of in sustainable imbalances in this national economy between aggregate
demand and aggregate supply with the result that imbalances caused growing
deficits in the balance of payments, high rates of domestic inflation and huge
and growing public sector deficits.
Solutions to the problems became imperative thus the place of
Nigeria in the global economy has become an issue of policy relevance as a
result of the rapid integration of the world’s goods, services and financial
markets. The trend in globalization has
been sustained by the rapid liberalization of trade and capital flows between
countries. Since this trend has been
established and a reversal is imminent now and in the near future, the window
of opportunities that exists in the system are open to those countries that can
move along as effective participants.
This is the reason why the potentials for Nigeria must be critically
examined to define the path towards the realization of the full benefits from
the current engine of growth of the world economy. The objective of this study therefore is to
examine the impact of globalization mechanism on the growth of manufactured
export in Nigeria with particular reference to Lagos Area.
1.2 Statement of the
Problem
The Nigerian export market can be broadly divided into two
sections: the oil sector and the non-oil sector. The oil sector includes crude oil and its
allied products. The non oil sector is a
combination of items which were grouped together for ease of analysis. The non-oil sector can further be classified
into:
a. Agricultural
exports sector
b. Minerals
exports sector
c. Manufactured
products export sector
Before the advent of oil as a main foreign exchange earner
for Nigeria, the non-oil exports amounted for about 10 percent of total export
earnings for Nigeria. The oil boom reversed this trend as oil now accounts for
not less than 95 percent of the export earnings of the nation: The danger
inherent in this situation is obvious. Oil is an unstable product.
The present depressed state of the Nigerian economy amongst
other things is highly traceable to the incidence of tying the national
economic fortunes on oil earnings to the neglect of the non-oil sector.
According to Adeyemi and Okunu (2008), A prominent feature of
Nigeria's external sector has remained basically the same since 1960. The
sector is characterized by the dominance of a single export commodity. In the
decades of the 1960's ad 1970's the Nigerian economy was dominated by agricultural
commodity exports. Such commodities include cocoa, groundnut, cotton and palm
produce. From the mid-1970s crude oil is the most dependable and is highly
sought after in the international oil market.
The export of crude oil now constitutes about 9% of total
exports. The performance of the non oil export sector in the past two decades
leaves title on nothing to be desired. The police concern over the years has
therefore been to expand non-oil export in a bid to diversify the nations
export base. The diversification of the Nigerian economy is necessary for
important reasons. Firstly, the volatility of the international oil market with
the attendant volatility of government revenue gives credence to any argument
for diversification of exports. Secondly, the fact that crude oilis an
exhaustible asset makes it unreliable for sustainable development of the
Nigerian economy.
There is thus the inevitable need to turn the search light on
globalization and all those accompanied it and examine its impact on manufacturing
industries development, quality of the locally produced goods and the increased
level of nation's export of non-oil products.
1.3 Objectives of
the Study
The general objective of this study is to examine the impact
of globalization process on Nigeria non-oil export trade between 2000-2006.
In order to achieve the general objective, the specific
objectives of the study are to:
i. Examine the
implication of globalization process on industrial development.
ii. Identify the
effect of degree of openness on export of non-oil products.
iii. Examine the
impact of exchange rate on export of non-oil products in Nigeria.
iv. Recommend
measures for growth of manufacturing industries for the improvement of export
of non-oil products.
1.4 Significance of
the Study
There is no doubt that manufacturing remains one of the most
powerful engines for economic growth. It acts as a catalyst to transform the
economic structure of countries, from simple, slow-growing and low- value
activities to more productive activities that enjoy greater margins, are driven
by technology, and have higher growth prospects. But its potential benefits are
even greater today. With rapid technological change, seeping liberalization and
the increased defragmentation and
internationalization of production, manufacturing has become
the main means for developing countries to benefit from globalization and
bridge the income gap with the industrialized world. These are some of the many
arguments that justify the importance of promoting manufacturing export through
globalization in the developing world. This present study would go a long way
to show the benefit and advantage of Nigeria adoption of international trade.
Also, the study would show policy makers the need to promote
export operations in order to increase the balance of payment in Nigeria.
The result of the study would provide the basis for Nigeria
movement in international and regional trade as a means of developing our
economy. The study would also reveal the extent to which globalization has
encourage industrial production for export in Nigeria.
Finally, it would serve as repositioning of information for
other researchers, government officials and corporate organizations interested
on benefit of globalization.
1.5 Research
Questions.
The research will seek to address the following questions.
i. To what
extent has the globalization process has any significant impact on industrial
growth in Nigeria?
ii. What is the
effect of degree of openness on the export of non-oil product?
iii. To what extent
does exchange rate affect export of non-oil products in Nigeria?
iv. What are the
measures established by the government to promote local industries and
encourage export of non-oil products in Nigeria?
1.6 Research
Hypothesis
The hypothesis formulated to be tested in the study include:
1. Ho: There is no significant relationship
between degree of openness
(globalization) and non-oil export products.
Hi: There is
significant relationship between degree of openness and non-oil export
products.
2. Ho: Exchange rate has no significant effect on
export of non-oil products
inNigeria.
Hi: Exchange rate
has significant effect on export of non-oil products in Nigeria.
1.7 Scope and
Limitation of the Study
Since globalization is a worldwide phenomenon, which means
different thing to different people across time and globe which Nigeria is not
an exemption. In light of this, the scope of the study covers the period of1995
- 2005. This period corresponds with the period of economic reform Nigeria.
And the research study will limit itself of the examination
of how globalization is able to power the export capacity of manufacturing
sector through the openness of the,economy, government: policy, foreign
exchange capacity and policy.
1.8 Outline of
Chapters
This study will be divided into five chapters as follows:
Chapter one would be the introductory chapter, which would
comprise of background of the study, the statement of the research problem,
objective of the study, significance of the study, research questions, research
hypothesis, methodology of the study, scope and limitation of the study and
outline of chapters.
Chapter two dealt with the conceptual and theoretical
framework and the literature review.
Chapter three focused on research methodology. This will also
include research design. Population of study, operationalization of variable,
sample and sampling technique, research instrument and method of data analysis.
Chapter four involves analysis of data and interpretation of
results.
Chapter five is the concluding of chapter, continued the
summary, findings, recommendation and conclusion.
1.9 Definitions of
Terms
Globalization: The network of connections of organizations
and people across national, geographic and cultural borders and boundaries.
Economic Development: The process of improving the quality of
human life through increasing per capital income, reducing poverty, and
enhancing individual economic opportunities.
Export: Shipment or transfer of goods and services from one
country to another.
Exchange Rate: The unit of the domestic currency per unit of
a foreign currency.
Foreign Exchange: The component of the reserves that is made
up of convertible currencies, which are used on a daily basis to settle
international transactions and to finance deficits in the balance of payments.
Export Processing Zones (EPZ):Areas dedicated to production
for the export market, with special incentives (such as low taxes and tariffs,
good infrastructure to attract foreign investors).
Foreign Direct Investment: Purchase of a controlling share in
an existing company in a foreign country, or the setting up of new business
venture in a foreign country.
Integration: The process of including a national economy
within the global economy, especially through trade liberalization, export
production and opening-up to foreign investment.
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