Last edited by Karg
Friday, July 17, 2020 | History

2 edition of Foreign trade and the subsistence sector in Nigeria found in the catalog.

Foreign trade and the subsistence sector in Nigeria

Godwin E. Okurume

Foreign trade and the subsistence sector in Nigeria

the impact of agricultural exports on domestic food supplies in a peasant economy

by Godwin E. Okurume

  • 338 Want to read
  • 33 Currently reading

Published by Praeger in New York .
Written in English

    Places:
  • Nigeria.
    • Subjects:
    • Agriculture -- Economic aspects -- Nigeria.,
    • Cocoa trade -- Nigeria.,
    • Food supply -- Nigeria.

    • Edition Notes

      Bibliography: p. 128-136.

      Statement[by] Godwin E. Okurume.
      SeriesPraeger special studies in international economics and development
      Classifications
      LC ClassificationsHD2130.N5 O35
      The Physical Object
      Paginationxii, 136 p.
      Number of Pages136
      ID Numbers
      Open LibraryOL5308827M
      LC Control Number72092462

      trade and investment protection agreements were signed by both countries (Abua, , Ogunkola et al, , Atomre et al ). In , the two countries signed agreements on the establishment of a Nigeria Trade Office in China and a China Investment Development and Trade Promotion Centre in Nigeria. By Export liberalization measures that promote export trade. Export processing zone to facilitate and enhance exports. Such schemes were expected to have dampened over dependence on the oil sub-sector for foreign-exchange earnings in Nigeria, which appeared to have made economic progress gloomy. Worst still, recent trends indicate.

      prices have greatly improved the country’s position. In foreign trade, Nigeria is seeking to diversify its exports and liberalise its imports. Customs duties are being simplified and reduced. The tariff range for has been brought down from % to %, . witnessed series of economic and trade reforms in Nigeria put in place by government in order to diversify the export base and ensure that foreign trade serves as a driving force for the economic growth engine. In view of this, the study aims to provide evidence on the effect of international trade on Nigeria’s economic growth.

      The Nigerian economy has overdependence on the capital intensive oil sector which provides about 15% of the GDP, 95% of foreign exchange earnings and about 75% of the government revenue. Nigeria which used to be a large net exporter of food now imports some of its food product as the agricultural sector could not cope with the increasing. Getachew says the agriculture will be insulated from the pandemic, as Ethiopia's agriculture sector is subsistence and operated on small family farms. Close Sign up for free AllAfrica Newsletters.


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Foreign trade and the subsistence sector in Nigeria by Godwin E. Okurume Download PDF EPUB FB2

Get this from a library. Foreign trade and the subsistence sector in Nigeria; the impact of agricultural exports on domestic food supplies in a peasant economy.

[Godwin E Okurume]. Foreign Trade and the Subsistence Sector in Nigeria: The Impact of Agricultural Exports on Domestic Food Supplies in a Peasant Economy [G E Okurume] on *FREE* shipping on Author: G E Okurume. Foreign Trade in Figures. Trade accounted for % of Nigeria's GDP inagainst % the year before, according to the World Bank.

The country mainly exports petroleum oils (% of export revenues inComtrade latest data available) and petroleum gas (%), and it imports petroleum oils (%), light-vessels (%), wheat and meslin (%), motor vehicles (%), motor-cycles.

News Related to International Trade in Nigeria. Nigeria To Begin Tax Enforcement Campaign - On DecemNigeria's Federal Inland Revenue Service issued a seven-day notice to tax defaulters and announced that it will soon begin a nationwide tax enforcement campaign in order to pursue those with unpaid taxes.

THE IMPACT OF FOREIGN TRADE ON THE NIGERIA ECONOMY ABSTRACT It was discovered that Nigeria as a third world country lacks certain infrastructural facilities necessary for the smooth exportation and importation of goods and services. The research intends to identify and evaluate the utility rendered by the importation and exportation of goods and services to the Nigerian people and the economy.

Foreign trade has not help in promoting economic growth because the Nigeria economy still experience some element of economic instability and this trade has also turned the country into an import.

The economy of Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors.

[citation needed] It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 24nd-largest in terms of purchasing power a has the largest economy in Africa; its re-emergent. The Nigerian services sector has shown impressive gains amid tough economic circumstances. This program has been spearheaded by a number of services industries: retail and wholesale trade, telecommunications, banking, and motion pictures (“Nollywood”).

Spurred by favorable government policies andincreased foreign direct investment (FDI). sectors of the economy. According to Manyong, et al (), the agricultural sector is of importance, especially as it relates to employment generation and contribution to National GDP and foreign exchange earnings.

Nigeria’s economy was largely driven by Agriculture in. Poised to eclipse Africa’s largest economy byNigeria is becoming a rather worthy recipient of foreign capital, receiving anywhere from $$12 billion per year. However, in order to take full advantage of what foreign investment has to offer, Nigeria must first improve its.

underutilised in t he t raditional subsistence sector in such a countr y, its opening up to foreign trade c an produce a surpl us of prim ary product s in exchange for im port of manufa ctured. Foreign trade has been an area of interest to decision makers, policy makers as well as economists.

It enables nations to sell their locally produced goods to other countries of the world (Adewuyi, ). Foreign trade is the exchange of capital, goods and services between countries.

foreign direct investment. Nigeria's international trade more than doubled in the period, with exports rising to nearly US$50 billion and imports to nearly US$34 billion. Although oil accounts for nearly all the value of exports there was strong growth in exports of.

The Nigeria fisheries sub sector contributes about percent to the country’s annual GDP and is an important contributor to the population’s nutritional requirements, constituting about 50 percent of animal protein intake.

In addition, the sub-sector generates employment and income for a significant number of artisanal fishermen and small. between foreign trade and economic growth for Nigeria. In this study, foreign trade is captured by using 3 proxies, namely, exports, foreign direct investment and exchange rate.

This is an improvement on many previous studies which simply used exports to proxy foreign trade. It is expected that. trade with other countries of the world. Foreign trade statistics in by Economic Complexity Index (ECI) shows that Nigeria is the th most complex economy and the 41st largest export economy in the world.

InNigeria exported $B and imported $B, leading to favourable trade balance of. sector as the most critical and basic sector that has significant potentials for the transformation of the Nigerian economy.

It provides the overview of agricultural development in Nigeria and also provides a framework for understanding the agricultural sector in relation. - What is the nature of Nigeria's and the U.S.'s foreign trade policies with particular reference to non-oil trade.

- What are the patterns, magnitude, composition and trends in Nigeria-US non-oil trade. - Which economic sectors possess greatest potential for fostering trade in the non-oil sector between Nigeria.

The report covers the development of all aspects of each of Nigeria's trade policies, including domestic laws and regulations, the institutional framework, trade policies by measure and by sector. Since the WTO came into force, the "new areas" of services trade and trade-related aspects of intellectual property rights are also covered.

The Curse of Foreign Aid. The country still has severe problems, some of which are common to other low-income economies. These mainly consist of high rates of malaria and AIDS, lack of access to safe drinking water and electricity, and a strong dependence on subsistence agriculture, a sector that employs about 70 percent of the labor force.

An analysis of Foreign Direct Investment in Nigeria: The Fate of Nigeria’s Agricultural Sector. 1Ogbanje, E C, 2Okwu, O. J and 3Saror, S.F. [email protected]; + 1Department of Agricultural Management, University of Agriculture, Makurdi 2Department of Extension and Communication, University of Agriculture, Makurdi 3Institute of Food Security, University of .bolstered foreign exchange earnings.

However, there are genuine concerns that international trade may not necessarily be the key to Nigeria’s economic growth; that it, in fact, weakens the economy as the competition spurned off by foreign trade kills local and infant industries.

Usman () posits that international trade has. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 20% of Gross Domestic Product, 95% of foreign exchange earnings, and about 65% of budgetary revenues.

The largely subsistence agricultural sector has failed to keep up with rapid population growth.