NON-OIL EXPORT DEVELOPMENT AND PROMOTION AS A VITAL STRATEGY FOR INCREASING FOREIGN EXCHANGE EARNING IN AN ECONOMY
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Authors:
• Mustapha Abiodun Okunnu, email: unknown, Afiliation: Lagos State Polythenic, Ikorodu, Lagos, Nigeria
• Oludare Tolulope Adeyemi, email: unknown, Afiliation: Dimension Consult Limited, Lagos, Nigeria -
Keywords: Environment, Export, Crude Oil, Degradation, Development Promotion
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Abstract:
Crude oil has been a prominent feature of Nigeria’s external sector, and has remained basically the same since the late 60’s. The continuous crude oil and gas exploration in the oil producing communities resulted in environmental degradation which now leads to youth and militia Restiveness in these communities. This has led to the upsurge in development and marketing of quality agricultural produce as a means of enhancing the foreign exchange earning capacity of Nigeria.
The performance of Nigeria’s non-oil exports has been impressive in recent years, in order to assess the situation the paper examines the contribution of the non-oil sector to the Nation’s Gross Domestic Product using regression analysis.
The paper work recognizes that the non-oil sector can contribute more to the export earnings of Nigeria than the oil sector if properly managed and also sincere implementation of various policies aimed at improving the non-oil exports by the various tiers of Governments.