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THE IMPACT OF INTERNATIONAL TRADE ON PRIVATE SECTOR DEVELOPMENT IN NIGERIA



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THE IMPACT OF INTERNATIONAL TRADE ON PRIVATE SECTOR DEVELOPMENT IN NIGERIA



INTRODUCTION

1.1   BACKGROUND OF THE STUDY

(Abebefe 1995) stated that trade constitute of the exchanges of goods through market transactions. 1nternational trade involves trade transactions beyond national  boundaries involving two or more countries. Accordingly, Samuelson and Nordhaus (2002) see international trade as the export and import of goods, services, and capital between nations. International trade promotes specialization and increases productivity (Ingram and Dunn 1993, Samuelson and Nordhaus 2002) as quoted by (Ezirim, Aloy, Okeke, Titus, Akpobolokerni and Patrick 20l1). Trade openness is defined as the positioning of the economy outwardly or inwardly. Outward positioning significantly takes advantage of the opportunities to trade with other countries. While the inward positioning refers to economies which are unable to take advantage of the opportunities to trade with other countries. Economic theories indicate that open economies will lead the country into increased economic growth while closed economies would experience no economic growth. The essence of open trade was to protect and stimulate domestic production through the importation of capital goods at low prices, prevent balance of payment problem, boost the value of the Naira, so as to grow the economy and reduce poverty (Oyejide, 2001). The study seeks to appraise the impact of international trade on private sector development in Nigeria.

 

 

1.2 STATEMENT   OF   THE PROBLEM

The perceived benefit of International trade is faced with challenges which is affecting the rapid development of the private sector in Nigeria. The fundamental aim of open trade was to drive development in the nation but the perceived impact on poverty reduction seems illusive. A liberalized trade regime is expected to change relative factor prices in favor of the more abundant factor. Therefore greater trade openness increases labor prices and raise the standard of living of the people thereby reducing poverty. However, should the re-allocation of factors be hampered, the expected benefits from freer trade may not materialize

The rate of poverty index seems to be on the increase since 1992. Poverty is viewed as operating below 2/3 of the mean monthly household expenditure (Ajakaiye and Adeyeye [2001]). The percentage of people living below this level constitute the poverty headcount index. The problem confronting the study is to appraise the impact of international trade on the private sector development in Nigeria.

 

 

1.3 OBJECTIVE   OF THE STUDY

The Main Objective of the study is to investigate the impact of international trade on the private sector development in Nigeria; The specific objectives include

1 To determine the relevance of international trade.

2 To determine the impact of international trade on the private sector development in Nigeria.

 

1.4 RESEARCH QUESTIONS

1 What is the relevance of international trade?

2 What is the impact of international trade on the private sector development in Nigeria?

 

 

 

1.5 STATEMENT OF THE HYPOTHESIS

The statement of the hypothesis for the study is stated in Null as follows

HO    The level of international trade in Nigeria is low.

Ho    The impact of international trade on the private sector development in Nigeria is low

 

 

1.6 SIGNIFICANCE OF THE STUDY

The need for a better living standard, economic development and growth constitute the aims of pursuing the policy of international trade. The study seek to proffer relevant information for policy stakeholders to stimulate the economy with policies which are capable of promoting international trade and increase the living standard of the people.

 

 

 1.8 LIMITATION OF THE STUIDY

The study was confronted with logistics and geographical factors

 

1.9 DEFINITION OF TERMS

 

INTERNATIONAL TRADE DEFINED

International trade is the export and import of goods, Services, and capital between nations or across national boundaries

 

 

TERMS OF TRADE DEFINED

 

This is  the rate at which the goods of one country exchange for the goods of another country.

 

 

POVERTY DEFINED

Poverty is viewed as operating below 2/3 of the mean monthly household expenditure

 

 

 

 

TRADE OPENNESS DEFINED

Trade openness is defined as the positioning of the economy outwardly or inwardly. Outward positioning significantly takes advantage of the opportunities to trade with other countries. While the inward positioning refers to economies which are unable to take advantage of the opportunities to trade with other countries.

 

INTEREST RATE DEFINED

Interest rates are the rental payments for the use of credit by borrowers and return for parting with liquidity by lenders (CBN, 1997).

FINANCIAL PERFORMANCE DEFINED

This is the measure of the firm’s financial returns or goals through the use of evaluation method or financial indicators.

 

RETURN ON INVESTMENT DEFINED

The return on investment defines the firm’s efficiency in the utilization of the invested capital. This ratio is determined as net profit after tax divided by total paid in capital.

 

 

CUSTOMER SATISFACTION DEFINED

Meeting or exceeding customer expectations

 

 

 

REFERENCES

 

 

Ajakaiye, D .O. (1995) “Short-Run Macroeconomic Effects of Bank Lending Rates in Nigeria, 1987-91: A Computable General Equilibrium Analysis”. Research Paper 34. AERC

 

Ajakaiye, D .O. (1987) Macroeconomic Effects of VAT in Nigeria. A Computable General Equilibrium Analysis

 

Ajakaiye and Adeyeye (2001). The nature of Poverty in Nigeria. NISER Monograph Series No 13.

 

 

Akinyosoye et al ,Oyejide, T.A. (1997). Trade Policy Reform and Business Development in Nigeria. Policy Dialogue No1.April 1997 DPC

 

Oyejide, T.A. (2001) “Nigerian Trade Policy in the Context of Regional and Multilateral Trade Agreements. Research Report 27.DPC Ibadan. Powell and

 

 

Citation - Reference

All Project Materials Inc. (2020). THE IMPACT OF INTERNATIONAL TRADE ON PRIVATE SECTOR DEVELOPMENT IN NIGERIA. Available at: https://researchcub.info/department/paper-6918.html. [Accessed: ].

THE IMPACT OF INTERNATIONAL TRADE ON PRIVATE SECTOR DEVELOPMENT IN NIGERIA


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A Review on the impact of international trade on private sector development in nigeria, trade, international, development, research journals and thesis, researchcub.info, international relations project topics.
There is a growing body of research showing many ways in which the private sector contributes to economic growth and the literature recognizes the essential role of the private sector in promoting growth and poverty reduction (Abumere, Arimah et al, 2009). Some mounting evidence indicates that, private sector-led economies experience more rapid growth than those characterized by extensive government intervention (Jerome, 2011). For example, Naya (2012) observed that Mauritius and Botswana in Africa and the East Asian countries (prior to their financial crises) have been-hailed as models of development with their success associated to their interest in private sector and market-oriented growth. These economies were found to have the fastest rates of per capita economic growth in the world for almost a period of a decade and they also witnessed improved social conditions: life expectancy, infant mortality rates, and literacy rates comparable to those of developed countries (Olayiwola and Busari, 2001). In contrast, countries that have relied on government to provide growth with equity through planning have performed worse in areas where the pro-market and private sector-led economies have excelled. Soyibo et al (2001) provide a lucid explanation of how private sector acts upon the economic growth process of any nation. The private sector economic growth nexus is captured by the wealth creation activities and long-term gainful employment generation of the sector thus increasing .. Click here for more

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