EFFECT OF GOVERNMENT EXPORT PROMOTION POLICIES ON THE DEVELOPMENT OF EXPORT BUSINESS IN NIGERIA (A CASE STUDY OF THE NIGERIAN EXPORT PROMOTION COUNCIL)
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EFFECT OF GOVERNMENT
EXPORT PROMOTION POLICIES ON THE DEVELOPMENT OF EXPORT BUSINESS IN NIGERIA (A
CASE STUDY OF THE NIGERIAN EXPORT PROMOTION COUNCIL)
ABSTRACT
The introduction of government export promotion policies in
the development of the export business In Nigeria, which poses more or little
threat do the export business in Nigeria. There are a lot of tasks ahead for
the government of a country, but all the tasks are quite effective.
The introduction of the export promotion policies will have
to experience some restrictions through the introduction of some policies. Many
developer countries of the world go through this process and for this, many
exporting firms now has been forced into untimely extinction. Those which still
manage to rear their heads are bedecked with a host of government policy
restrictions. The deregulation FOREX market resulting in the highest liquidity
in the Nigeria economy, the absence of effective policy for converting easily
converted debt instruments into each in the financial system. Banks can also
assist this export promotion programme, either in short term loan or even in
the case of technical know-how if required.
It is quite clear nowadays that the role of banks in
international business and indeed export promotion is highly elastic. As one
move along with this research work, chapter to chapter, all what we talk about
will be revealed to you.
TABLE OF CONTENTS
CHAPTER ONE
1.0 Introduction
1.1 Brief History
of the Nigerian ExportPromotion Council (NEPC)
1.2 Conditions and responsibilities guiding
the Nigerian Export Promotion Council (NEPC)
1.3
History of Firms in the Sample
1.4 Export
History and Performance
1.5
Significance of the study
1.6
Statement of the Problem
1.7 Scope
and Limitations of Study
1.8
Hypothesis
CHAPTER TWO
2.0 Literature
Review
2.1 Literature
Review
2.2 The role of
the Central Bank and Special Banks
2.3 Policy
Guidelines of Commercial/Merchant Bank
2.4 External
factors Affecting export growth
2.5 Export
Promotion Strategy
2.6 Central Bank
of Nigeria (CBN) Financing
2.7 Role of
Special Banks
2.8 Contribution
of ECOWAS
2.9 Export
Proceeds
2.10 Registration
of Exporters
CHAPTER THREE
3.0 Research
Methodology
3.1 A brief
Outline of the Chapter
3.2 Re-statement
of Research Questions Hypothesis
3.3 Test of
Validity and Reliability
3.4 Procedure for
Procession and Analyzing Collected Data
3.5 Limitations
of the Methodology
CHAPTER FOUR
4.0 Data Analysis
4.1 A Brief Introduction
of the Chapter
4.2
Classification of response and data
from primary source
4.3 Analysis of
other relevant data
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary
5.2
Conclusion
5.3 Recommendation;
for Further Studies
Bibliography
Appendix -
Questionnaire
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF
THE STUDY
Many countries in the world today have at one time or the
other been caught up in what some authors term "export dilemma".
Almost instinctively, they therefore recognize the aviate need to develop their
export base. One of the periodic publication of the GATT (General Arrangement
Tariffs and Trade) National of export promotion techniques often reviews the
activities and strategies of various nations to revitalize exports. It is not a
surprise that almost all the advanced industrial nations of the world today had
to go through a formalize, constant and programme of export promotion. However,
we find for example in this race, such developed countries like Australia,
Belgium, Canada, Italy, United Kingdom and U.S.A. etc. Recently, some less
developed countries like Nigeria, Togo, Turkey and India etc have decided to
follow suit.
Developing countries have realised the importance of
industrialization, this explains why they now endeavour to promote industrial
developments through direct public and private investment in export business
and alsocreate favourable industrial climate. This entire development programme
lays emphasis on industrialization as one of the goal of development.
1.2 STATEMENT OF
THE PROBLEM
With the content of the Nigerian economic, many export
business concerns, especially those engaged in export of manufactured products,
processed agricultural food items and industrial products has been passing
through traumatic experience in terms of initial capitalization and continuous
financing. Many exporting firms has been forced into untimely extinction. Those
which still manage do rear their heads are bedecked with a host of government
policy restriction. The deregulation FOREX market resulting in the highest
liquidity in the Nigerian economy, the absence of effective policy for
conbverti9ng easily converted debt instruments into each in the Nigerian
financial system.
The unwillingness of the CENTRAL BANK to discount instruments
before their actual maturities, the unpreparedness of Nigerian banks to fund
long-term projects because they cannot always ensure themselves of continued
liquidity on the period prior to the maturity of the loans and the general
syndrome of capital flight resulting from the risk avoidance attitude of
private investors all combined to slim down the chances of obtaining easy and
quick financial instruments. Sequel to such bottlenecks in the financial system
of the country, the development of new venture is fraught with host of teething
capital problems to the extent that a large number of them remain only on the
drawing board without enjoying the benefits of commencement and continued
existence.
1.3 OBJECTIVES OF
THE STUDY
The aim of this research work is to examine the Effect of
Government Export Promotion Policies on the Development of Export Business in
Nigeria. The objectives of the research work include:
· To examine if
the export promotion policies are favourable and encourage exporters.
· To investigate
if the export promotion policies are been adhered to by exporters.
· Does the
government export promotion policies have any effect on the development of
export business in Nigeria
· To identify
the external factors affecting the growth of export in Nigeria
1.4 RESEARCH
QUESTIONS
Research questions are meant to generate possible answers to
different aspects of the research problem and they should be clearly stated
such that they act as guides in identification, collection and analysis of
relevant data. In order to achieve the purpose of this research study, the
study will attempt to provide answers to the following research questions.
· What are the
effects of Government Export Promotion Policies towards the export business
development in Nigeria?
· How have the
exporters been coping with the economic realities on sourcing funds for their
enterprises?
· How have the
exporters been coping with the imposition of various policies on their business
in the country?
· What measures
has the government (if any) put in place from time do time to promote export
business?
· Has there been
improvement in economic situation to the benefit of exporters?
· What are the
possible effects of the political transition programmes of the government
administration policies on the economic situation and indeed, the financial
matters of the nation?
· How does the
government in particular now assist in export business?
1.5 STATEMENT OF
HYPOTHESES
In order to arrive at logical conclusion and present valid
suggestion, every research work seeks necessarily to provide concrete and
genuine answer to certain research hypothesis. For the purpose of this study,
the following hypotheses are postulated:
HYPOTHESIS ONE
H0: The Government
Export Promotion Policies has no impact on the export business development in
Nigeria
H1: The Government
Export Promotion Policies have impact on the export business development in
Nigeria
HYPOTHESIS TWO
H0: Government has
not put any significant measure in place to promote export business in Nigeria
H1: Government has
put significant measures in place to promote export business in Nigeria
HYPOTHESIS THREE
H0: Exporters have
not been contributing progressively to the economic advancement of Nigeria
H0: Exporters have
been contributing progressively to the economic advancement of Nigeria
1.6 SIGNIFICANCE
OF THE STUDY
General Agreement on Tariffs and Trade (GATT) In 1978,
declared the need for developing countries to expand their export. One of THE
reasons as derived from the presidential budget broadcast (1996) is that it
become a "sin quo non" that for Nigeria to charge the mono-product
identity open up other sources of national income so as to increase her
domestic and external debts, achieve a sustained economic and industrial
growth, it has to be export oriented.
The experience of South Korea steaming from her all effort
programmes of export development, speaks in favour of export promotion. South
Korea rose from a backward and impoverished agricultural society of the 1950s
to what it is today as an economic miracle and one of the most rapidly
industrializing and aggressively export-oriented economy of today.
It is on this note, the researchers sees it imperative to
embark on this study.
1.7 SCOPE AND
LIMITATIONS OF THE STUDY
This study tendsto cover the specific but significant area of
export promotion. The effect of government policies on development of export
business in the country with special reference to Nigerian export promotion
council (NEPC). The role of Central Bank of Nigeria (CBN), NEXIM bank and the
financial houses will also be examined.
Sequel to the limited time at the disposal of the writer as
well as the financial constraints which beclouded the research work, its scope
has been necessarily limited to the careful study of a single financial
institution which may not be fully representative of the broad exporting
spectrum. It is however believed that exporting firms generally face the same
kind of problems as they all operate within the same complex climate. It is
pertinent to state however, that the findings, conclusion, suggestions and
recommendations herein made are subject to further investigations by interest
researchers.
1.8 BRIEF
HISTORY OF THE NIGERIAN EXPORT PROMOTION COUNCIL (NEPC)
The Nigerian Export Promotion Council (NEPC) was legally
established through the Nigerian Export Promotion Decree No.26 of 1976 and was
formally inaugurated in March 1977.
After the Decree had gone through a series of amendment, the Nigerian Export Promotion Council
Amendment Decree no 64 of 1992 was promulgated to enhance the performance of
the council by minimizing bureaucratic bottlenecks and increasing autonomy in
dealing with members of the organized private sector. NEPC has settled for a
structure, which provides for the following Departments:
i. Personnel
and Administration;
ii. Finance and
Supplies;
iii. Trade
Information and Incentives;
iv. Product
Development, and
v. Market Development.
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