THE ROLE OF NIGERIA EXPORT PROMOTION COUNCIL (NEPC) AND SOME FINANCIAL INSTITUTIONS IN NON-OIL EXPORT PROMOTION

THE ROLE OF NIGERIA EXPORT PROMOTION COUNCIL (NEPC) AND SOME FINANCIAL INSTITUTIONS IN NON-OIL EXPORT PROMOTION

ABSTRACT

“The sharp decline in Nigerian’s non-oil exports since independence in 1960 has been identified as one of the structural deficiencies hampering the nations economic growth” 1992 Harry Olufunwa, staff reporter Financial Guardian. In the 1960s, the sale of agricultural products beyond the Nigeria’s borders formed the main-stay of it’s foreign exchange earnings. However, the emergency of crude petroleum inforce in the early 70s turned the course of events. Oil became the dominant export commodity that constituted over 90% of the country’s forex earnings. The traditional exportable agricultural raw materials were neglected and efforts to manufacture for exports were not made. The adverse effects of these developments later became obvious with fluctuations in demand and price in international oil market. The situation was made worse by the resklessness with which the country’s forex was mismanaged. Thus, the country was trapped in a dual economic problems of both the internal and external sectors. Internally the problems of unemployment, low capacity utilisation etc manifested themselves while externally balance of payment problems and in debtedness worsened. It therefore, became obvious that bold steps were necessary to salvage the economy. The situation therefore, demanded for deliberate and proposedful policies to address the socio-economic problems mounting over the years and the redirection of the country toward productive economic activities that would provide for growth in the short-run, sustain it and ensure long-term develpment. The foundation of this bold attempt was laid down when in 1986 the Federal Government introduced a collection of programmes and measures, aimed at the promotion and development of export business in Nigeria. Emphasis was on diversification of the country’s export base through non-oil exports. Since the inception of the new export policy, non-oil exports have been on the increase.

TABLE OF CONTENT

Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi

CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10

CHAPTER TWO

LITERATURE REVIEW – – – – – – -11

CHAPTER THREE

Research methodology – – – – – – -39
Design of study – – – – – – – -40

CHAPTER FOUR

Presentation, analysis and interpretation of data – -48

CHAPTER FIVE

Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69

THE ROLE OF NIGERIA EXPORT PROMOTION COUNCIL (NEPC) AND SOME FINANCIAL INSTITUTIONS IN NON-OIL EXPORT PROMOTION