The Impact of Non-Oil Exports on Economic Growth in Nigeria

Agriculture was contributing 80% of the export earnings and 75% of the Nigeria's GDP. Consequently, this position has fallen consistently to date; the attendant fluctuation in the non-oil export, the world prices of Agriculture and manufactured products and the emergence of oil have helped in no small measure in dwarfing the role of Agriculture in the nation's development. This situation is worsened by the almost total neglect of the agricultural sector. The Nigerian external sector has always been dominated by primary commodities which have the well known basic characteristic of low price and income elasticity of demand and instability of export earning. This mono-culture situation brought untold hardship on the people of the country. The Nigeria economy has not recovered from the resultant disequilibrium in both domestic and external sectors, which has therefore brought about the need for adjustment in Nigeria to diversify and restructure the productive base of the economy in order to reduce its dependence on oil export. This thus, brought about the need to evaluate the effect of the non-oil export on the Nigeria's economy over the years.

Autorentext

I am Oyeleye Abel Olasupo with the following academic qualifications: HND Banking & Finance (Distinction), BSc. Banking & Finance (2nd Class Upper), MBA, MSc. & Ph.D (on-going) with over 10 years banking experience (enterprise-wide risk management expert). I am an Associate, Chartered Institute of Bankers of Nigeria (ACIB, 2002).