THE EFFECT OF TRADE AND FINANCE ON ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA

THE EFFECT OF TRADE AND FINANCE ON ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA (ECONOMICS PROJECT TOPICS AND MATERIALS)

ABSTRACT

Several statistical approaches were implemented to carry out this research, inwhich Central Bank of Nigeria (CBN), Nigeria Institute of Economic Research(NISER), National Bureau of Statistics (NBS) were involved, information  were adequately collected and analysed respectively. The purpose of the study is to evaluate the effect of trade and finance evaluates the effort of Nigerian economy on the on economic growth and development in Nigeria and its impacts on development.

The findings however, showed that trade and finance has a direct impact on the economic growth and development in Nigeria.

The philosophical and logical framework of this study is based on the”hypothesis that trade and finance plays veritable role in sustainable development- whether in the developed or growing economy. Both the controllable and non controllable variables were subjected to strict and critical analysis in line with the research question.

The findings of this work clearly showed that no nation can do without trade and commerce. Another interesting finding of the work is that finance enables and facilitates efficient and effective home and international trade thereby promoting sustainable economic development.

It is very instructive to point out that trade and finance impacts significantlyto the wheel- of commerce. In summary therefore it is believed that the effect of trade and finance cannot be over-emphasized here due to the findings ofthis work which corresponds to previous findings of both the various authorsand the statistical records of the Central Bank of Nigeria and World Bankrespectively, which indicated that Nigeria with fast growing population will benefit greatly from the availability of sufficient capital and internationaltrade.

CHAPTER ONE

1.0 BACKGROUND OF THE STUDY

This study is basically under taken to take an objective view of the impact of international trade, initially with predominately a grain product, but presently dominate by petroleum products. Since the discovery of oil in commercial quantity at Oloibiri in the present day Delta State, Nigeria has been an important player in world affairs, economically and other wise, particularly being the 6th largest producer of crude oil in organization of petroleum exporting counties (OPEC). Unfortunately, these blessing by nature to Nigerians didn’t reflect in total overall welfare of the citizen, made worse, by the collapse of world oil “market as a result of glut in 1981. For example, crude oil prices, which rose rapidly from 120.94 Dollars per barrel in 1979 to $36.95 Dollars in 1980 and $40.00 Dollars in 1981, fell to $ 29.00 in 1983 and low level $14.85 in 1986. (Anyanwu, Oyefusi, Oaikhenan 1997). Exchange receipt which rose form. $ 15.7 billion dollars in 1981, fell to $ 5.2 billion dollars. (Anyanwa etal).

THE EFFECT OF TRADE AND FINANCE ON ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA (ECONOMICS PROJECT TOPICS AND MATERIALS)