THE IMPACT OF NON-EXPORT ON THE THE ECONOMIC GROWTH OF NIGERIA

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CHAPTER ONE

INTRODUCTION

The growth of Nigeria’s non-oil exports has been sluggish and non-encouraging in the post-independence period. It averaged about 2.3% during 1960 to 1990 but in relative terms, declined systematically as proportion of total exports fell from about 40% in 1970 to about 5% in 2010, World Bank, 2011. A well-developed export sector will provide employment opportunity for the people with the attendant reduction in social cost of unemployment. Earning from export will reduce the strain on the balance of payment position and even improve it. A rewarding export drive can turn a hitherto underdeveloped economy into a prosperous economy. Income earned through exporting will help in increasing the level of demand within the economy. An assessment of the trend and patterns of activities in the non-oil sector of Nigeria revealed that despite the various policies, strategies and reform programmes, the contributions of the sub-sectors of this sector have been dismal, disheartening and below its full potential. Agriculture that serves as mainstay is still characterized by low productivity. This stems from small farm size with crude and outdated farm implements, lacking access to credit facilities production machinery and inputs by farmers owing to inadequacies of their provision among others.

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THE IMPACT OF NON-EXPORT ON THE THE ECONOMIC GROWTH OF NIGERIA

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