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Strategies For Revitalizing The Export Crop Sub-Sector Of The Nigerian Agricultural Economy

Evbuomwan, Grace O. (1996) Strategies For Revitalizing The Export Crop Sub-Sector Of The Nigerian Agricultural Economy. In: Annual Conference Nigerian Economic Society.

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In the 1970s, the focus of the economy clu~nged from export crops to crude oil export in Nigeria. About a decade later, oil prices collapsed worldwide ·. cmd Nigeria j eali?.ed thai ij.s economy had become a monopr.oduct one, with the attimddnt vulnerability to price fluctuation on world markets. The country was also import &pendant for large sectors of the economy. Government det!!i"lfiintd to carry out reforms by means of a structural {ujjustmerit programme (SAP). SAP's aim was to restructure and diversifY ·the, pr¢uctive base of. the economy, i.e., tO reduce depentience on oilaiul' imports, whfle promoting_ non oil exports. The ' export sub-sector of the agricultural sector was tO be .revitalized This has jailed and in the 1990s, the agricultural sub-sector contribution to total exports was less _than 4 per cent, crude oil being 90-per cent. · this paper anafyses some :' percetved constraints to· sub-sector growth and offers solutions to them. An econometric approach establishes the causal relationship between SAP and agricultural export crop production. The res~ts of the analysis show that policy measures · are required tO ensUre a realistic exchange raJ~{.'increased credit to the sectOr. ·aiu:l· reJuced prices for farm inputs. ·"A'fl' enabling· environment should be created, including political stability and the provision of basic . infrastructures. Jndenttves, e.g.~ accessible credit schemes, should' be coupled with the removal of .disincenttves, e.g., cumbersome export procedures and excesstve expQrt levies.

Item Type: Conference or Workshop Item (Paper)
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HG Finance
Divisions: Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: Mrs Hannah Akinwumi
Date Deposited: 22 Feb 2018 08:14
Last Modified: 22 Feb 2018 08:44

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