Exportation Of “Made In Nigeria” Goods As A Tool For The Development Of The Nigeria Economy
An investigation into exportation of “made in Nigeria” goods as a tool for the development of Nigeria economy is an interesting topic.
The population for this study consists of all the workers of the Nigeria export promotion council information was gathered using questionnaires from thirsty-one employees of which only twenty of them were returned.
Findings showed that exportation of made in Nigeria have much role to play in the development of the Nigeria economy. It also shows that in order to achieve this purpose incentives should be provided for producer of exportable goods, stiff prohibitive measure restricting export of goods should not be adopted and also to manufacture exportable goods to meet international make goods enhances the standard of living of Nigeria. The so much needed foreign exchange depends on exportation of goods made in Nigeria goods enhance the standard of living of Nigeria they include prohibitive tariffs, lack of export market.
The Nigeria export is dominated by a particular product serving as a major foreign exchanges and revenue earner, the federal government has may roles to play in strengthening the export sector of the Nigeria economy.
1.1 Background of the Study
The issue of exportation of good in Nigeria dates back to the beginning of this country.Its importance cannot be over emphasized because it contributed immensely, to the development of the Nigeria economy.
After the Amalgamation of the two protectorates that formed Nigeria in 1914, exportation of goods because an economy element but mainly agricultural materials which were semi-finished. After independence, expectation because the main stay of the Nigeria economy. If stood the only sources of foreign, exchange to a very great extent that if because a development stimuli of the economy exportation is the act of making available goods produce in one nation to another nations. It is an international trade variable. It is an international trade variable. The bringing of goods or services into the country from abroad for sale can be said at this time to be a detrimental decision. Even though importation cannot be totally rule out the creation of more made-in-nigeria products used, will reduce the rates. In 2012 the Jonathan Administration introduced the Nigeria Industrial Revolution plan (NIRP) for the purpose of promoting locally-made goods, also the 1972 indigenisation decree which led to the improvement of cement companies after the import substitution occurred. The case of import substitution is very strong given data from the National Bureau of Statistics (NBS). In 2015, Nigeria spent approximately 1.6 Trilliom naira on importing “boiler, machinery appliances”, 1.3 trillion naira on “mineral products” and other 600 billion naira on “vehicles, aircraft and associated parts”. Using such amount of money has pushed this country far beneath the stable line. With the production of more Nigerian based products, I strongly believe that importation will be cut down because the ones we produce and buy for our use will be enough and also come in different types, sizes and brands after all, it is a mixed economy.
The rate of unemployment in our country according to the National Bureau of Statistics (NBS), was 13.9% in 2016 during the July period. Right now, with the way recession hit us, more companies would have had to let go of more of its workers. Therefore, the rate of unemployment would have increased significantly in comparison to what it was in the year 2016. According to Google “the unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force. During periods of recession, an economy usually experiences a relative high unemployment rate”. If production and distribution becomes a thing of everyman nation wide, the problem of unemployment will be reduced greatly. The factories now being used are not being utilised to their greatest capacity and this may be because the owner of such factory, does not possess the complete facilities need in production or does not have enough raw materials to be produced. If individuals in our country could work together more, forming new ideas and proving their own theories, things will be easier generally for the populace. An employer only needs a few experts to make his business boom and if he can employ such people and those people in turn get their own businesses employing other people to produce and distribute products from our roots, employment will be ensured for the students still in schools and our products will be very alive enhancing sustainable development. The government also will need to work with companies that cannot afford purchase of such large machineries. They should also grant soft loans to small businesses from all strata of the economy, providing favourable environment for aspiring business men and women , while at the long run lowering the taxation rate to equip various organisations with tools needed to produce at a profitable margine when this it done, there will be a general turn around in the economy, giving rise to a sustainable economic boom. Sustainable in the sense that the production being gainful will be continuous allowing more and more production emerge as people invest in profitable businesses.
The IMF in its Balance of Payments Manual, 5th edition, defined international reserves as “consisting of official public sector foreign assets that are readily available to, and controlled by the monetary authorities, for direct financing of payment imbalances, and directly regulating the magnitude of such imbalances, through intervention in the exchange markets to affect the currency exchange rate and/or for other purposes.” Foreign exchange reserves in Nigeria increased to 30297 USD millions in March. The increment is significantly different from that of February 2017. Most of the foreign reserve our country earns is from the exportation of oil. In a time where more products are exported to other countries in need of them, the foreign exchange reserves will be increased spontaneously. This will in turn help our country to have something salient to fall back on, in a case of economic depression or shake.Goods made in Nigeria from our own resources will yield our country a lot of money. If these goods produced are of high quality, many countries will like to patronise our country’s market more. This in turn will project a more positive image for Nigeria and make it popular for the services it provides. In that time, there will now be more foreign investors, buyers and visitors. Trading with our country will be very profitable for many. The travel for pleasure or business; also the theory of touring, the business of attracting, accommodating and entertaining tourists, and the business of operating tours will be mastered by us and through it our country will make cyclopean amount of money, employing many youths and satisfying our guests. This made in Nigeria service, will also go a long way in maintaining our growth and making our country the positive talk of the world.
In our country, happiness is understood as some sort of constitutional right, not just a bare linguistic expression. Section 16 (1)(b) of the constitution provides that “the state shall, within the context of the ideals and objectives for which provisions are made in this Constitution, control the national economy in such a manner as to secure the maximum welfare, freedom and “happiness” of every citizen on the basis of social justice and equality of status and opportunity.” The happiness we will eventually attain when goods and services produced from our base become ubiquitous round the world, will have finally answered the questions of many and become truly a means of sustainable development. Our Nigeria today is a woman dressed sitting at the seller end of her trade table, but without her “gele” which completes her style.
1.2 Statement of the Problem
Exportation of made in Nigerian goods has been an uphill task especially with the rising cost of operations faced by the manufacturers coupled with the unhealthy competition that made in Nigeria goods have to face with imported goods that have been banned by the Nigerian government. Manufacturers are facing increased competitions; a few started to do heavy advertising and sales promotion. They offered umbrellas, radios and other “come-ons” and attracted new customer accounts. Manufacturers found a new competitive tool when they began to segment their markets and innovate new products for each segment. There is a higher concept of product marketing. The issue is whether the manufacturer has installed effective systems for marketing analysis, planning, implementation and control. Nevertheless, the researcher argues that if made in Nigeria goods are promoted through export means, it will serve as a tool for the development of the economy, thus the need for this study.
1.3 Objectives of the Study
The study was primarily undertaken to ascertain the fecundity of exporting “made in Nigeria” goods as a tool for economic development. Specifically, the objectives are as follows:
- To ascertain if “made in Nigeria” goods can serve as a tool for economic development.
- To determine the challenges faced by manufacturers in exporting their goods.
- To recommend possible alternative or solutions to the challenges.
1.4 significance of the Study
The study proves significant as it is a contribution to academic literatures. The findings from the study will serve also as a reference for further studies.
1.5 Study Hypotheses
The study formulated and developed for testing the following hypotheses:
- H0: The exportation of made in Nigeria good will not contribute to economic development.
Ha: The exportation of made in Nigeria goods will contribute to economic development.
- H0: The exportation of made in Nigeria goods cannot be improved through concerned policy making.
Ha: The exportation of made in Nigeria goods can be improved through concerned policy making.
1.6 Scope and Limitation of the Study
The study reviews conceptual and empirical studies bordering on exportation of made in Nigeria goods. Several findings were reviewed to enhance comprehension. The study is however limited to the made in Nigeria goods only.
1.7 Organization of Study
The study is planned and carried out in five distinct but related chapters. The first chapter gives a background to the study, thereby stating the problem and highlighting the objectives, scope and research questions. The second chapter carefully review literatures on child abuse and neglect from wide scholars both national and internationally.
The third chapter explains the scientific methodology adopted in conducting the study; highlighting the research design, methods of data collection and employed method of analysis. The fourth chapter presents the sourced data in mathematical expression using tables and graphs to buttress the findings. The fifth chapter summarizes the findings of the study, draws a conclusion to the study and possibly makes recommendation. All these are organized in separate but harmonized chapters.
Summary, Conclusion and Recommendation
It is important to reiterate that the objective of this study was to ascertain the fecundity of exporting “made in Nigeria” goods as a tool for economic development. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in this study as regards the exportation of “made in Nigeria” goods as a tool for economic development.
This study was undertaken to examine exporting “made in Nigeria” goods as a tool for economic development. The study opened with chapter one where the statement of the problem was clearly defined. The study objectives and research hypotheses were defined and formulated respectively. The study reviewed related and relevant literatures.
The chapter two gave the conceptual framework, empirical and theoretical studies. The third chapter described the methodology employed by the researcher in collecting both the primary and the secondary data. The research method employed here is the descriptive survey method. The study analyzed and presented the data collected in tables and tested the hypotheses using the t-test statistical tool. While the fifth chapter gives the study summary and conclusion.
The Nigeria government has done so much to ensure the rapid economic development of the country through the promotion of the sales and marketing of goods manufactured in Nigeria with the view of increasing the output of goods and services as well as enhance the society’s wellbeing. Various incentives have been given to the manufacturers and the government has through its relevant agencies such as the Nigeria Export Promotion Council and the various Chambers of Commerce and industry facilitate the exposure and marketing of Nigerian made goods. Despite these effort export manufacturers still face a number of challenges.
Base on the results obtained in the course of this study, the researcher would like to make the following recommendations to the stakeholders in the Nigerian manufacturing industry so as to consolidate on the gains made from the marketing of made in Nigerian goods:
- The manufacturers and the government should put in place a rapid response team of fast thinking seasoned marketing professionals with a keen sense of direction towards developing and implementing policies that will bring about satisfying customers quest for quality goods as this will promote business excellence and growth in the economy.
- The activities of the export manufacturers of made in Nigeria goods should be built on reputation and maintained through high personal commitment. This will facilitate the realization of the goals of economic growth in the nation and will also enhance the acceptability of the goods in the market place.
- The necessary infrastructures that are lacking should be provided bythe government so as to encourage the local manufacturers carry out theoperations effectively.
- A conducive political and economic climate should also be created sothat there would be growth in the economy. The government should ensurethat there is consistency in its policies this will bring about the realization ofthe expected result/objectives.
- The quality of goods manufactured and marketed in Nigeria should beimproved upon. Agencies such as the Standard Organizations of Nigeria,and NAFDAC should be empowered to monitor the activities of thesemanufacturers appropriately so as to reduce the rate at which inferior goodsget to the open market.
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