THE NIGERIAN EXPORT PROMOTION COUNCIL AND NIGERIA’S ECONOMIC DEVELOPMENT

THE NIGERIAN EXPORT PROMOTION COUNCIL AND NIGERIA’S ECONOMIC DEVELOPMENT

Abstract

One of the characteristics of underdevelopment is the existence of a mono-cultural economy. This proves to be true in the case of Nigeria. Up to the late 1960s and early 1970s, Agriculture was the main stay of the economy. With the advent of crude oil, especially after the Arab – Israel War of 1973, oil began to replace Agriculture to such an extent that by the 1980s up to the present day over 90% of the foreign exchange earnings comes from its export. Nigeria Export Promotion Council was set up by the government to help diversify the economic base of the country. Thus the effective management of this council will contribute immensely towards Rapid economic development. The organization and concept of export promotion has been in existence for more than two decades in Nigeria, the meaning, importance and activities vis a vis contribution to the economic development of the nation are still wrapped in obscurity. With the discovery of oil and its subsequent exportation, the nations export posture staffed from the exploration of agricultural products and other form of mineral resources to mainly oil. Due to the recent decline in the price of oil, the need arises for the nation to diversify to no oil export in order to have a balance of trade. For the country to achieve this, the study attempts to look at the structure, functions, objectives and activities of the Nigerian export promotion council, as well as its problems and implementation of its various incentives schemes to assist Nigerian exporters. Some functions of the council include to spear head the national effort in export development, to assist and advise government in the creation of necessary export infrastructure, to coordinate and monitor export promotion activities in Nigeria. The NEPC is also without its problems. This has made the registration of exporters to continue to drop from 2,966 in 1995 to 1,349 in 1996 and 1,030 in 1997. These problems are: research and development, technological changes, price competitiveness, cost of production, smuggling, lack of documentation and political instability. The NEPC implements regular incentive scheme in keeping with government policy stance of diversification of the country export base, through the promotion of non oil export. The export incentive schemes are the Duty Draw back scheme, Export Expansion Grant Fund (EEGF) ECOWAS Liberalization Scheme (ELS) and the manufacture In Bond Scheme (MIBS). Some recommendations suggested for the NEPC to correct its problems are also highlighted in the study, they are; producing quality standard products, human resources should be highly trained, the various incentives schemes to be adequately publicized to manufacturers and smuggling to be seriously checked.

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 NIGERIAN EXPORT PROMOTION COUNCIL AND NIGERIA’S ECONOMIC DEVELOPMENT