This document proposes promoting Nigeria's cotton industry to boost the economy. Cotton is currently an important cash crop for millions of farmers worldwide. It can generate income for rural households and contribute to food security. For developing countries, cotton production and trade play a significant role in the national economy and agriculture sector. Exporting cotton and cotton textiles can earn foreign exchange and support employment in manufacturing. The document argues cotton has strong potential for economic growth in Nigeria and could become the number one cash crop, drawing foreign investment.
Nigeria has been a member of many international organizations and has pursued policies of non-alignment and support for liberation movements in Africa. However, Nigeria's role outside of Africa has been insignificant. The country relies heavily on oil exports but aims to diversify its economy and promote non-oil exports through trade policy reforms. However, non-oil exports have grown sluggishly and only make up a small portion of total exports. The study aims to examine the impact of trade policies on non-oil exports from 1970 to 2010 and identify challenges facing non-oil exports in Nigeria.
The effects of oil revenue on the Nigerian Macro-economyChris Ibekwe
The document provides an overview of Nigeria's economy and the effects of oil revenue, discussing several key points:
1) Nigeria transitioned from an agriculture-based economy to one dependent on oil exports after discoveries in the 1950s. Oil now accounts for most government revenue and GDP.
2) Macroeconomic policies have failed to effectively manage oil wealth or diversify the economy, resulting in issues like high inflation, debt, and poverty. The Structural Adjustment Programs introduced in the 1980s did not have their intended effects.
3) While oil initially provided funds and employment, it also caused Dutch disease by crowding out other sectors. Boom-bust oil prices have disrupted fiscal policy and economic stability.
Oil, a very versatile and flexible non-productive, depleting, natural (hydrocarbon) resource is a fundamental input to modern economic activities providing about 50 percent of the total energy demanded in the world apart from the former centrally planned economy. The countries dealing with oil exploiting in the world depend heavily on oil revenue for foreign exchange earnings and for the government budget, in most cases, reaching 90 percent or above. Few studies have been carried out in this regard yet there is no conclusion as to the key factors that determine economic growth. This study determines the influence of Oil revenue on economic growth of Nigeria. The study uses domestic consumption and export as proxies for Oil revenue, and represents economic growth with real gross domestic product. Using 33 years time series observations, the study used Ordinary least square method. The study covers the period from 1980 to 2013. Secondary data source was acquired from the central Bank of Nigeria (CBN) Statistical bulletin. The study found that both domestic consumption and export has positive and significant influence on economic growth of Nigeria. The study recommends that, the domestic consumption and crude oil export sales should be increased in order to have the gross domestic product increased as this will put the country on a better scale. But this will have to be done by balancing the domestic consumption with the export of oil.
The document summarizes Pakistan's economic policies under Finance Minister Shoaib during 1958-1969. Key points:
1. The period saw strong economic growth averaging over 6% annually due to prudent macroeconomic management and policies promoting private sector growth.
2. Industrialization was vigorously pursued through private sector incentives like tax breaks and subsidies, which helped manufacturing grow to 15% of GDP.
3. Agriculture also grew through initiatives like land reforms, new crop varieties, and increased irrigation. This made Pakistan self-sufficient in wheat.
4. However, critics argue the policies benefited wealthy industrialists and widened inequality, contributing to unrest. Regional disparities also increased tensions.
Political Economy of a Post-Colonial State; Economic Development of PakistanShahid Hussain Raja
Despite all the ups and downs, Pakistan is now the 26th largest economy in the world in terms of Purchasing Power Parity, (44th largest in terms of nominal GDP). With per capita income of US$ 4550, Pakistan occupies at 140th place on this count in the world, thanks to her burgeoning population of 200 million people. Pakistan is one of the Next Eleven, the eleven countries that, along with the BRICs, have a potential to become one of the world's large economies in the 21st century. By 2050, with an estimated GDP of $3.33 trillion, Pakistan is expected to become world’s 18th largest economy, according to Goldman Sachs. However, this progress is not as impressive as it looks or should have been keeping her potential. Similarly her dismal social indicators, structural anomalies and income disparities leave much to be desired.
This presentation sums up the development experience—what Pakistan did marvellously, what it did marginally and where it failed miserably during her development journey. It ends with an the lessons other developing countries can learn from this development experience of Pakistan.
The document discusses the economic reforms in India that began in the early 1990s known as Liberalization, Privatization and Globalization (LPG model). The reforms aimed to make the Indian economy more efficient and globally competitive by liberalizing industries, trade, and the financial sector. This marked India's real integration into the global economy and a shift away from the self-reliant, socialist policies after independence. The reforms have helped spur economic growth but also increased economic disparities.
In recent times, agricultural sector has returned to the forefront of development issues in Nigeria given its contribution to employment creation, sustainable food supply and provision of raw materials to other sectors of the economy. In lieu of that, this study examines the impact of agriculture on the economic growth in Nigeria using annual time series data covering the sample period of 1981 to 2018. To analyse the data collected, Autoregression Distributed Lag (ARDL) model through the bounds testing framework is employed to measure the presence of cointegrating relations between real GDP, agricultural productivity, labour force, and agricultural export. Results show the presence of both short-run and long-run relationship among the variables, and that agriculture has a positive and significant impact on economic growth in Nigeria. These findings inform the Nigerian government on the need to expedite labour force (human capital) and agricultural export (non-oil) development with the view to achieving sustainable growth and development. In addition, developing skills and competencies of labour force through capacity building in the agricultural sector will encourage research and development thereby increase the export size, hence essential for long-term growth.
Part 6 of the series on the politica economy of Pakistan which examines the global and domestic environment at the time of General Zia's take over,the economic policies pursued by his team during the 1977-88 decade and how these policies affected the process of economic development of Pakistan
Nigeria has been a member of many international organizations and has pursued policies of non-alignment and support for liberation movements in Africa. However, Nigeria's role outside of Africa has been insignificant. The country relies heavily on oil exports but aims to diversify its economy and promote non-oil exports through trade policy reforms. However, non-oil exports have grown sluggishly and only make up a small portion of total exports. The study aims to examine the impact of trade policies on non-oil exports from 1970 to 2010 and identify challenges facing non-oil exports in Nigeria.
The effects of oil revenue on the Nigerian Macro-economyChris Ibekwe
The document provides an overview of Nigeria's economy and the effects of oil revenue, discussing several key points:
1) Nigeria transitioned from an agriculture-based economy to one dependent on oil exports after discoveries in the 1950s. Oil now accounts for most government revenue and GDP.
2) Macroeconomic policies have failed to effectively manage oil wealth or diversify the economy, resulting in issues like high inflation, debt, and poverty. The Structural Adjustment Programs introduced in the 1980s did not have their intended effects.
3) While oil initially provided funds and employment, it also caused Dutch disease by crowding out other sectors. Boom-bust oil prices have disrupted fiscal policy and economic stability.
Oil, a very versatile and flexible non-productive, depleting, natural (hydrocarbon) resource is a fundamental input to modern economic activities providing about 50 percent of the total energy demanded in the world apart from the former centrally planned economy. The countries dealing with oil exploiting in the world depend heavily on oil revenue for foreign exchange earnings and for the government budget, in most cases, reaching 90 percent or above. Few studies have been carried out in this regard yet there is no conclusion as to the key factors that determine economic growth. This study determines the influence of Oil revenue on economic growth of Nigeria. The study uses domestic consumption and export as proxies for Oil revenue, and represents economic growth with real gross domestic product. Using 33 years time series observations, the study used Ordinary least square method. The study covers the period from 1980 to 2013. Secondary data source was acquired from the central Bank of Nigeria (CBN) Statistical bulletin. The study found that both domestic consumption and export has positive and significant influence on economic growth of Nigeria. The study recommends that, the domestic consumption and crude oil export sales should be increased in order to have the gross domestic product increased as this will put the country on a better scale. But this will have to be done by balancing the domestic consumption with the export of oil.
The document summarizes Pakistan's economic policies under Finance Minister Shoaib during 1958-1969. Key points:
1. The period saw strong economic growth averaging over 6% annually due to prudent macroeconomic management and policies promoting private sector growth.
2. Industrialization was vigorously pursued through private sector incentives like tax breaks and subsidies, which helped manufacturing grow to 15% of GDP.
3. Agriculture also grew through initiatives like land reforms, new crop varieties, and increased irrigation. This made Pakistan self-sufficient in wheat.
4. However, critics argue the policies benefited wealthy industrialists and widened inequality, contributing to unrest. Regional disparities also increased tensions.
Political Economy of a Post-Colonial State; Economic Development of PakistanShahid Hussain Raja
Despite all the ups and downs, Pakistan is now the 26th largest economy in the world in terms of Purchasing Power Parity, (44th largest in terms of nominal GDP). With per capita income of US$ 4550, Pakistan occupies at 140th place on this count in the world, thanks to her burgeoning population of 200 million people. Pakistan is one of the Next Eleven, the eleven countries that, along with the BRICs, have a potential to become one of the world's large economies in the 21st century. By 2050, with an estimated GDP of $3.33 trillion, Pakistan is expected to become world’s 18th largest economy, according to Goldman Sachs. However, this progress is not as impressive as it looks or should have been keeping her potential. Similarly her dismal social indicators, structural anomalies and income disparities leave much to be desired.
This presentation sums up the development experience—what Pakistan did marvellously, what it did marginally and where it failed miserably during her development journey. It ends with an the lessons other developing countries can learn from this development experience of Pakistan.
The document discusses the economic reforms in India that began in the early 1990s known as Liberalization, Privatization and Globalization (LPG model). The reforms aimed to make the Indian economy more efficient and globally competitive by liberalizing industries, trade, and the financial sector. This marked India's real integration into the global economy and a shift away from the self-reliant, socialist policies after independence. The reforms have helped spur economic growth but also increased economic disparities.
In recent times, agricultural sector has returned to the forefront of development issues in Nigeria given its contribution to employment creation, sustainable food supply and provision of raw materials to other sectors of the economy. In lieu of that, this study examines the impact of agriculture on the economic growth in Nigeria using annual time series data covering the sample period of 1981 to 2018. To analyse the data collected, Autoregression Distributed Lag (ARDL) model through the bounds testing framework is employed to measure the presence of cointegrating relations between real GDP, agricultural productivity, labour force, and agricultural export. Results show the presence of both short-run and long-run relationship among the variables, and that agriculture has a positive and significant impact on economic growth in Nigeria. These findings inform the Nigerian government on the need to expedite labour force (human capital) and agricultural export (non-oil) development with the view to achieving sustainable growth and development. In addition, developing skills and competencies of labour force through capacity building in the agricultural sector will encourage research and development thereby increase the export size, hence essential for long-term growth.
Part 6 of the series on the politica economy of Pakistan which examines the global and domestic environment at the time of General Zia's take over,the economic policies pursued by his team during the 1977-88 decade and how these policies affected the process of economic development of Pakistan
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Boosting the financing of agriculture in nigeria the capital market optionAlexander Decker
This document discusses boosting financing for agriculture in Nigeria through capital markets. It notes that while agriculture was previously a major economic driver, its decline has made Nigeria a net importer of food. The government has implemented various policies to support agriculture, but financing remains a challenge as modern agriculture requires long-term capital. The author proposes that capital markets could provide this long-term financing from state and local governments to accelerate agricultural development. Capital markets may be a viable option for financing agriculture given its need for sustained funding over long periods.
This document summarizes resource management and food insecurity in Nigeria. It discusses how Nigeria has become highly dependent on oil exports, with oil accounting for over 90% of export earnings and 99.6% in 2000. Despite huge oil wealth, Nigeria remains one of the most food insecure countries in the world. The overdependence on oil resulted in neglect of the agricultural sector, declining food production, and high food imports. Policies are needed to enhance domestic food production and reduce dependence on oil to address Nigeria's food insecurity issues.
11.final paper 0028www.iiste.org call for-paper-43Alexander Decker
This document discusses resource management and food insecurity in Nigeria. It notes that Nigeria relies heavily on oil exports for government revenue but remains highly food insecure. The overdependence on oil revenues led the government to neglect the agricultural sector, resulting in declining domestic food production and rising food imports. Despite huge oil wealth, Nigeria's economy has stagnated and poverty and hunger remain widespread problems. The document analyzes the relationship between oil prices and food insecurity in Nigeria and finds that dependence on oil has contributed significantly to food insecurity by reducing agricultural output. It recommends policies to enhance domestic food production and reduce reliance on oil.
This document provides an economic history of Pakistan from 1947 to 2013. Some key points:
- In 1947, Pakistan was predominantly agricultural but lost East Pakistan in 1971, which was its majority population province and major economic contributor.
- Under Ayub Khan from 1958-1968, Pakistan experienced significant economic growth and industrialization, though it benefited some regions more than others.
- The 1970s saw economic struggles due to the loss of East Pakistan in 1971 and global recessions.
- Economic reforms in the 1980s expanded industrialization and the service sector became dominant.
- The 2000s saw periods of growth under Musharraf but also economic issues like rising inflation.
This document analyzes economic growth in Guyana from 1970-2010. It finds that after decades of economic decline and stagnation, Guyana experienced five consecutive years of robust growth from 2006-2010, averaging 4.2% annual GDP growth. The study aims to determine whether this growth is due to good policy decisions or good fortune, and to propose strategies to further accelerate long-term growth. It analyzes factors like commodity prices, governance, and macroeconomic management that have contributed to Guyana's recent growth momentum. The document concludes that both good policies and favorable external conditions have supported Guyana's economic turnaround.
This study aims to:
1. Forecast non-oil GDP in the United Arab Emirates using ARIMA models from 1970-2006.
2. Define the most important sectors in the UAE's non-oil economy.
3. Estimate non-oil GDP for the UAE through 2020 to help plan future economic strategies and understand expected performance over the next 15 years.
Statistical software will be used to analyze historical economic data and forecast future non-oil GDP values to quantify the UAE's economic growth and potential. The study seeks to address gaps in professional analysis of the UAE economy.
The document provides an overview of Nigeria's mining sector, including key minerals found across the country's 36 states, the sector's history and potential for growth. It outlines the country's geology and distribution of commodities, as well as legislation, taxes, and infrastructure supporting investment in mining strategic minerals like coal, bitumen, limestone, iron ore, and others. The brochure aims to promote investment in Nigeria's mining sector as part of efforts to diversify the economy beyond oil and gas.
This document provides an overview of the economy of Pakistan for a B. Com. II course. It covers topics such as economic development, resources of Pakistan, agricultural development, industrial development, banking and finance, transport and communication, foreign aid, foreign trade, budgeting, and economic planning. It begins with preface and dedication sections and provides a table of contents and chapter outlines. The document appears to be a textbook or course material for a university level commerce class on the Pakistan economy.
The document outlines the economic growth patterns of Pakistan over several eras since independence in 1947. It discusses structural changes in Pakistan's economy from the late 1940s to 2015, including a shift from agriculture to industry and services. Several five-year plans aimed to boost various sectors. Overall, Pakistan saw average GDP growth rates of around 3-6% in different periods, with some challenges like wars and economic crises. The performance of Pakistan's economy is also compared to India and broader world economic trends.
1. Pakistan has experienced significant economic growth and development over the past decades, with per capita incomes increasing over six-fold and the country becoming self-sufficient in food production and a leading cotton and textiles exporter.
2. However, social development has lagged behind with adult literacy around 50% rather than 100%, contributing to per capita income being around $640 rather than $1200. Neglect of education, population growth, and periods of policy instability have held Pakistan back from its full economic potential.
3. In recent years, Pakistan has achieved macroeconomic stability through reforms like fiscal discipline, trade liberalization, privatization, and improved governance. However, challenges of poverty and unemployment remain that will require continued strong
This document analyzes the national output of Pakistan's economy from 1947 to 2016. It divides this period into major eras defined by different leaderships. For each era, it discusses key economic policies and events, and their impacts on indicators like GDP growth. The results section shows GDP growth was highest from 1977-1988 under General Zia-ul-Haq at 6.02%, followed by 1958-1969 under Ayub Khan at 4.70%, and 1999-2008 under Pervez Musharraf at 4.65%. The document aims to provide a concise illustration of Pakistan's economic growth and characteristics over 69 years.
- The document compares economic growth under Musharraf's military dictatorship to subsequent democratic regimes in Pakistan from 2008-present.
- During Musharraf's era from 1999-2008, Pakistan's economy grew at an average of 7% annually, with large-scale manufacturing and services growing at 11% and 6% respectively. Unemployment and poverty declined while investment and tax collection increased.
- In contrast, the democratic governments from 2008-2012 under Zardari and initially under Sharif did not see as much economic progress according to indicators. However, Sharif's current government has made efforts to revive the economy by addressing electricity shortages and terrorism.
Ayub Khan came to power in 1958 after a military coup. He aimed to rapidly industrialize Pakistan's economy and encourage private sector growth. Agricultural reforms like high-yielding seeds boosted farm output. Industrial policy focused on import substitution. Economic growth averaged 6.25% annually during Ayub's rule. However, foreign aid dependence rose and industrial protection policies made some industries inefficient. The 1965 war with India also slowed economic progress.
The document analyzes poverty trends in Pakistan between 1993 and 1999. It finds that poverty increased significantly during this period, with over 12 million more people falling into poverty. Rural areas saw sharper rises in poverty compared to urban areas. The rise in poverty was attributed to poor governance and slow economic growth during the 1990s. The government has since adopted a comprehensive poverty reduction strategy, and ADB's operational strategy will complement these government efforts.
The economic history of Pakistan since independence in 1947 can be summarized in 3 sentences:
Initial decades from the 1950s to 1960s saw average annual growth rates of 6.8% in the 1960s and 4.8% in the 1970s as Pakistan developed manufacturing and infrastructure projects. However, the economy of East Pakistan steadily declined as the major share of development budget went to West Pakistan. By the late 1960s, the capital was moved from Karachi to the newly constructed city of Islamabad.
The document discusses Pakistan's macroeconomic development objectives and performance over decades. It analyzes basic indicators related to population, GDP growth, economic contributions by sector, and human development. Pakistan's economy transitioned from primarily agricultural to greater roles of manufacturing and services. While growth occurred in most decades, Pakistan faces ongoing challenges including high illiteracy and poverty rates, as well as threats to continued growth and stabilization. The document calls for policies to improve competitiveness, reduce corruption and non-productive expenditures.
The document argues that Kenya should prioritize domestic-demand led economic growth. It notes that over half of Kenya's exports are agricultural goods, which are outweighed by imports of manufactured goods. Growing domestic demand could help address this trade imbalance and support industrialization. The document discusses how countries like Brazil, India, and China have successfully pursued this strategy. It argues Kenya could do the same by improving income distribution, governance, access to financing, and policies to stabilize the economy. The tourism sector in particular could benefit from growing domestic tourism. Lessons from Japan's post-WW2 economic recovery show the importance of strategic government policies and investing in education and healthcare to develop human capital and a robust domestic market.
Challenges and Prospects of Agribusiness in Nigeria The Missing Linkijtsrd
This document summarizes a study examining the challenges and prospects of the agricultural sector in Nigeria. It identifies several key challenges facing Nigerian agriculture: marketing problems related to production, distribution, and pricing of agricultural products; infrastructure deficiencies that hamper the transportation and storage of agricultural goods; and unstable input and output prices in the agricultural market. The document recommends that the government invest in improving downstream commodity activities, environmental management, agricultural financing, and developing infrastructure in both urban and rural areas to address these limitations and better support the agricultural sector.
Challenges And Opportunities Of Globalisationloveleenchawla
Globalization: challenges and opportunities
Abstract:
Globalization is a multifaceted phenomenon. The paper identify some of the
Challenges it poses, as well as some of the opportunities it offers. Attention is focused on three major aspects of globalization namely economic, cultural, and political.
During 1990 to 2003, the volume of world trade has increased and the higher and middle-income countries managed to increase their share in world trade mainly due to the opening up of economies because of globalization. The middle-income countries had invited more Foreign Direct Investment during the period and the per capita GDP of the low-income countries was marginally increased. This resulted into the economic inequality, which widened between different income groups. In other words globalization has been confined to developed countries and developing countries were able to participate in the process.
However, globalization should not be accused for loosing share of the low-income countries. These countries suffered from internal problems like rapid rise in population, infrastructure bottlenecks, weak financial markets and so on.
Globalization and its benefits required a conducive environment to ensure higher returns and larger markets for foreign investors. To get a share of global capital, technology and output, developing countries had to upgrade their social and economic institutions through administrative, legislative and legal reforms.
Globalization merely provides opportunities to flourish. Globalization is not a tool to produce equality of outcome but it produces equality of opportunity for those with right mindset. Therefore developing countries require focusing on economic restructuring, developing market-supporting institutions and creating efficient regulatory mechanisms.
The low-income countries cannot survive at their own; they require international assistance and a support mechanism so as to facilitate their participation in the process of globalization. The challenge of the hour is to make globalization work towards global prosperity through disaggregate development. The critically necessity in this context are the collective and cooperative actions which should be realized by all countries of the world and particularly the developed ones.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Boosting the financing of agriculture in nigeria the capital market optionAlexander Decker
This document discusses boosting financing for agriculture in Nigeria through capital markets. It notes that while agriculture was previously a major economic driver, its decline has made Nigeria a net importer of food. The government has implemented various policies to support agriculture, but financing remains a challenge as modern agriculture requires long-term capital. The author proposes that capital markets could provide this long-term financing from state and local governments to accelerate agricultural development. Capital markets may be a viable option for financing agriculture given its need for sustained funding over long periods.
This document summarizes resource management and food insecurity in Nigeria. It discusses how Nigeria has become highly dependent on oil exports, with oil accounting for over 90% of export earnings and 99.6% in 2000. Despite huge oil wealth, Nigeria remains one of the most food insecure countries in the world. The overdependence on oil resulted in neglect of the agricultural sector, declining food production, and high food imports. Policies are needed to enhance domestic food production and reduce dependence on oil to address Nigeria's food insecurity issues.
11.final paper 0028www.iiste.org call for-paper-43Alexander Decker
This document discusses resource management and food insecurity in Nigeria. It notes that Nigeria relies heavily on oil exports for government revenue but remains highly food insecure. The overdependence on oil revenues led the government to neglect the agricultural sector, resulting in declining domestic food production and rising food imports. Despite huge oil wealth, Nigeria's economy has stagnated and poverty and hunger remain widespread problems. The document analyzes the relationship between oil prices and food insecurity in Nigeria and finds that dependence on oil has contributed significantly to food insecurity by reducing agricultural output. It recommends policies to enhance domestic food production and reduce reliance on oil.
This document provides an economic history of Pakistan from 1947 to 2013. Some key points:
- In 1947, Pakistan was predominantly agricultural but lost East Pakistan in 1971, which was its majority population province and major economic contributor.
- Under Ayub Khan from 1958-1968, Pakistan experienced significant economic growth and industrialization, though it benefited some regions more than others.
- The 1970s saw economic struggles due to the loss of East Pakistan in 1971 and global recessions.
- Economic reforms in the 1980s expanded industrialization and the service sector became dominant.
- The 2000s saw periods of growth under Musharraf but also economic issues like rising inflation.
This document analyzes economic growth in Guyana from 1970-2010. It finds that after decades of economic decline and stagnation, Guyana experienced five consecutive years of robust growth from 2006-2010, averaging 4.2% annual GDP growth. The study aims to determine whether this growth is due to good policy decisions or good fortune, and to propose strategies to further accelerate long-term growth. It analyzes factors like commodity prices, governance, and macroeconomic management that have contributed to Guyana's recent growth momentum. The document concludes that both good policies and favorable external conditions have supported Guyana's economic turnaround.
This study aims to:
1. Forecast non-oil GDP in the United Arab Emirates using ARIMA models from 1970-2006.
2. Define the most important sectors in the UAE's non-oil economy.
3. Estimate non-oil GDP for the UAE through 2020 to help plan future economic strategies and understand expected performance over the next 15 years.
Statistical software will be used to analyze historical economic data and forecast future non-oil GDP values to quantify the UAE's economic growth and potential. The study seeks to address gaps in professional analysis of the UAE economy.
The document provides an overview of Nigeria's mining sector, including key minerals found across the country's 36 states, the sector's history and potential for growth. It outlines the country's geology and distribution of commodities, as well as legislation, taxes, and infrastructure supporting investment in mining strategic minerals like coal, bitumen, limestone, iron ore, and others. The brochure aims to promote investment in Nigeria's mining sector as part of efforts to diversify the economy beyond oil and gas.
This document provides an overview of the economy of Pakistan for a B. Com. II course. It covers topics such as economic development, resources of Pakistan, agricultural development, industrial development, banking and finance, transport and communication, foreign aid, foreign trade, budgeting, and economic planning. It begins with preface and dedication sections and provides a table of contents and chapter outlines. The document appears to be a textbook or course material for a university level commerce class on the Pakistan economy.
The document outlines the economic growth patterns of Pakistan over several eras since independence in 1947. It discusses structural changes in Pakistan's economy from the late 1940s to 2015, including a shift from agriculture to industry and services. Several five-year plans aimed to boost various sectors. Overall, Pakistan saw average GDP growth rates of around 3-6% in different periods, with some challenges like wars and economic crises. The performance of Pakistan's economy is also compared to India and broader world economic trends.
1. Pakistan has experienced significant economic growth and development over the past decades, with per capita incomes increasing over six-fold and the country becoming self-sufficient in food production and a leading cotton and textiles exporter.
2. However, social development has lagged behind with adult literacy around 50% rather than 100%, contributing to per capita income being around $640 rather than $1200. Neglect of education, population growth, and periods of policy instability have held Pakistan back from its full economic potential.
3. In recent years, Pakistan has achieved macroeconomic stability through reforms like fiscal discipline, trade liberalization, privatization, and improved governance. However, challenges of poverty and unemployment remain that will require continued strong
This document analyzes the national output of Pakistan's economy from 1947 to 2016. It divides this period into major eras defined by different leaderships. For each era, it discusses key economic policies and events, and their impacts on indicators like GDP growth. The results section shows GDP growth was highest from 1977-1988 under General Zia-ul-Haq at 6.02%, followed by 1958-1969 under Ayub Khan at 4.70%, and 1999-2008 under Pervez Musharraf at 4.65%. The document aims to provide a concise illustration of Pakistan's economic growth and characteristics over 69 years.
- The document compares economic growth under Musharraf's military dictatorship to subsequent democratic regimes in Pakistan from 2008-present.
- During Musharraf's era from 1999-2008, Pakistan's economy grew at an average of 7% annually, with large-scale manufacturing and services growing at 11% and 6% respectively. Unemployment and poverty declined while investment and tax collection increased.
- In contrast, the democratic governments from 2008-2012 under Zardari and initially under Sharif did not see as much economic progress according to indicators. However, Sharif's current government has made efforts to revive the economy by addressing electricity shortages and terrorism.
Ayub Khan came to power in 1958 after a military coup. He aimed to rapidly industrialize Pakistan's economy and encourage private sector growth. Agricultural reforms like high-yielding seeds boosted farm output. Industrial policy focused on import substitution. Economic growth averaged 6.25% annually during Ayub's rule. However, foreign aid dependence rose and industrial protection policies made some industries inefficient. The 1965 war with India also slowed economic progress.
The document analyzes poverty trends in Pakistan between 1993 and 1999. It finds that poverty increased significantly during this period, with over 12 million more people falling into poverty. Rural areas saw sharper rises in poverty compared to urban areas. The rise in poverty was attributed to poor governance and slow economic growth during the 1990s. The government has since adopted a comprehensive poverty reduction strategy, and ADB's operational strategy will complement these government efforts.
The economic history of Pakistan since independence in 1947 can be summarized in 3 sentences:
Initial decades from the 1950s to 1960s saw average annual growth rates of 6.8% in the 1960s and 4.8% in the 1970s as Pakistan developed manufacturing and infrastructure projects. However, the economy of East Pakistan steadily declined as the major share of development budget went to West Pakistan. By the late 1960s, the capital was moved from Karachi to the newly constructed city of Islamabad.
The document discusses Pakistan's macroeconomic development objectives and performance over decades. It analyzes basic indicators related to population, GDP growth, economic contributions by sector, and human development. Pakistan's economy transitioned from primarily agricultural to greater roles of manufacturing and services. While growth occurred in most decades, Pakistan faces ongoing challenges including high illiteracy and poverty rates, as well as threats to continued growth and stabilization. The document calls for policies to improve competitiveness, reduce corruption and non-productive expenditures.
The document argues that Kenya should prioritize domestic-demand led economic growth. It notes that over half of Kenya's exports are agricultural goods, which are outweighed by imports of manufactured goods. Growing domestic demand could help address this trade imbalance and support industrialization. The document discusses how countries like Brazil, India, and China have successfully pursued this strategy. It argues Kenya could do the same by improving income distribution, governance, access to financing, and policies to stabilize the economy. The tourism sector in particular could benefit from growing domestic tourism. Lessons from Japan's post-WW2 economic recovery show the importance of strategic government policies and investing in education and healthcare to develop human capital and a robust domestic market.
Challenges and Prospects of Agribusiness in Nigeria The Missing Linkijtsrd
This document summarizes a study examining the challenges and prospects of the agricultural sector in Nigeria. It identifies several key challenges facing Nigerian agriculture: marketing problems related to production, distribution, and pricing of agricultural products; infrastructure deficiencies that hamper the transportation and storage of agricultural goods; and unstable input and output prices in the agricultural market. The document recommends that the government invest in improving downstream commodity activities, environmental management, agricultural financing, and developing infrastructure in both urban and rural areas to address these limitations and better support the agricultural sector.
Challenges And Opportunities Of Globalisationloveleenchawla
Globalization: challenges and opportunities
Abstract:
Globalization is a multifaceted phenomenon. The paper identify some of the
Challenges it poses, as well as some of the opportunities it offers. Attention is focused on three major aspects of globalization namely economic, cultural, and political.
During 1990 to 2003, the volume of world trade has increased and the higher and middle-income countries managed to increase their share in world trade mainly due to the opening up of economies because of globalization. The middle-income countries had invited more Foreign Direct Investment during the period and the per capita GDP of the low-income countries was marginally increased. This resulted into the economic inequality, which widened between different income groups. In other words globalization has been confined to developed countries and developing countries were able to participate in the process.
However, globalization should not be accused for loosing share of the low-income countries. These countries suffered from internal problems like rapid rise in population, infrastructure bottlenecks, weak financial markets and so on.
Globalization and its benefits required a conducive environment to ensure higher returns and larger markets for foreign investors. To get a share of global capital, technology and output, developing countries had to upgrade their social and economic institutions through administrative, legislative and legal reforms.
Globalization merely provides opportunities to flourish. Globalization is not a tool to produce equality of outcome but it produces equality of opportunity for those with right mindset. Therefore developing countries require focusing on economic restructuring, developing market-supporting institutions and creating efficient regulatory mechanisms.
The low-income countries cannot survive at their own; they require international assistance and a support mechanism so as to facilitate their participation in the process of globalization. The challenge of the hour is to make globalization work towards global prosperity through disaggregate development. The critically necessity in this context are the collective and cooperative actions which should be realized by all countries of the world and particularly the developed ones.
Challenges And Opportunities Of Globalisationloveleenchawla
Globalization: challenges and opportunities
Abstract:
Globalization is a multifaceted phenomenon. The paper identify some of the
Challenges it poses, as well as some of the opportunities it offers. Attention is focused on three major aspects of globalization namely economic, cultural, and political.
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This document provides an overview of globalization and its impact on India. It defines globalization and discusses how India opened its economy in the early 1990s, lowering trade barriers and tariffs. This increased integration led to higher GDP growth rates, with India becoming the 4th largest economy. However, India still lags other countries in terms of factors like foreign direct investment and trade. The document also examines the relationship between globalization and poverty, consequences for national economies, and concludes that sustainable agricultural growth is still important for development.
This is a lirature review sourced from Internet. It is not minezerfudimd
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Agricultural Development And Sustainable Income To Farmers In Osun State Cha...Amy Roman
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This document is the budget speech for 1995-96 by the Minister of Finance, Manmohan Singh. In 3 sentences:
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Marketing Nigeria Through Cotton: The Golden Goose Plan
1. THE
GOLDEN
GOOSE
PLAN
G R O U P W A N I N C .
D A T E
1 1 A P R I L 2 0 1 8
S U P E R V I S E D B Y
P R O F . A B I G A I L O G W E Z Z Y - N D I S I K A
S H A I B U H U S S E I N I ( P H . D )
M A R K E T I N G N I G E R I A
T H R O U G H C O T T O N
2. Nigeria is a key regional player in West Africa, with approximately 184
million inhabitants, Nigeria accounts for 47 percent of West Africa’s
population, and has one of the largest population of youth in the world.
A federation that consists of 36 autonomous states, Nigeria is a multi-
ethnic and culturally diverse society. With an abundance of resources,
it is Africa’s biggest oil exporter, and has the largest natural gas
reserves on the continent.
Nigeria shares land borders with the Republic of Benin in the west, Chad
and Cameroon in the east, and Niger in the north. Its coast lies on the
Gulf of Guinea in the south and it borders Lake Chad to the northeast.
Noted geographical features in Nigeria include the Adamawa highlands,
Mambilla Plateau, Jos Plateau, Obudu Plateau, the Niger River, River
Benue and Niger Delta. Nigeria is found in the Tropics, where the
climate is seasonally damp and very humid. Nigeria is affected by four
climate types; these climate types are distinguishable, as one moves
from the southern part of Nigeria to the northern part of Nigeria
through Nigeria's middle belt
The fifth consecutive national elections held in 2015 marked the first
time in Nigeria’s history that it saw a peaceful transfer of power
between two political parties. The current administration, led by
President Muhammadu Buhari, identifies fighting corruption, increasing
security, tackling unemployment, diversifying the economy, enhancing
climate resilience, and boosting the living standards of Nigerians as
main policy priorities. Nigeria’s federated structure gives significant
autonomy to states.
Nigeria's natural resources include but are not limited to petroleum, tin,
columbite, iron ore, coal, limestone, lead, zinc, natural gas, hydropower,
and arable land.
OVERVIEW OF
NIGERIA
3. W O R L D B A N K E V A L U A T I O N
A N D
F O R E C A S T O N N I G E R I A N
E C O N O M Y
Between 2006 and 2016, Nigeria’s
GDP grew at an average rate of 5.7
percent per year, as volatile oil
prices drove growth to a high of 8
percent in 2006 and to a low of -1.5
percent in 2016. While Nigeria’s
economy has performed much
better in recent years than it did
during previous boom-bust oil-
price cycles, such as in the late
1970s or mid-1980s, oil prices
continue to dominate the country’s
growth pattern.
Moreover, the volatility of
Nigeria’s growth continues to
impose substantial welfare costs on
Nigerian households. The onset of
the oil price shock in mid-2014
confronted the government with
the pivotal challenge of building an
institutional and policy framework
capable of managing the volatility
of the oil sector and supporting the
sustained growth of the non-oil
economy.
After contracting for five
consecutive quarters, the economy
has returned to growth in the
second quarter of 2017. With a
renewed focus on economic
diversification, promoting growth
in the private sector and driving
job growth, GDP grew by 0.6
percent (year-on-year) in the
second quarter of 2017, driven by
recovering oil production and
some recovery in non-oil
industries, too, and modest growth
in agriculture.
Economic growth is expected to
have remained positive in the
second half of 2017, averaging
about 1.0 percent for 2017; driven
by the continued recovery of oil
production, sustained growth in
agriculture, and the positive impact
on investment and other private
sector activities from the improved
availability of foreign exchange to
support imports.
As the government begins to
implement the structural reforms
outlined in its Economic Recovery
and Growth Plan 2017–2020,
growth can be expected to
strengthen further in the medium
term, reaching about 2.8 percent by
2019.
4. SITUATION ANALYSIS
A LOOK AT THIS ISSUE:
OPEN HOUSE IDEAS - 3
NEW ADS - 3
After recovering from an economic recession that lasted two
years, Nigerian government needs ways to make the economy
stable and productive. In that case, all sectors of the Nigerian
economy are being promoted to effectively and efficiently
contribute its part to the economic development. Since Nigeria
is known to be endowed with crude oil and agricultural
products such as cocoa, cotton, groundnut, rubber, etc. It is
expedient for promotional plan to convince investors, especially
foreign prospects to be designed.
The Nigerian economy has always been dependent on oil as its
main source of revenue and although it worked in the past
years, the steady decline in the price of oil has affected the
economy. Therefore, there is an urgent need to refocus our
attention to other sectors that have proven and has the
potential to boost the economy. On this note the agricultural
sector has proven to be effective and efficient in improving the
Nigerian economy will be he reviving industry of the economy.
As much as we would love to promote the agricultural sector,
there is a need to streamline the sector into cash crops and
others. Since we are asking for foreign investors, cash crop
seems have potential to draw foreign investors as well as
Nigerians in diaspora to invest in the country especially those in
the agro-business.
Since cocoa, rubber and groundnut are enjoying a very good
exposure in both the local and international market and with
many of their merchants enjoying a return in investments, there
is a need to promote a trending industry that can in few years
enjoy the number one status.
5. SITUATION ANALYSIS (CONT'D)
A LOOK AT THIS ISSUE:
OPEN HOUSE IDEAS - 3
NEW ADS - 3
The Economic Recovery and Growth Plan (ERGP), a Medium Term Plan for 2017 –
2020, builds on the SIP and has been developed for the purpose of restoring
economic growth while leveraging the ingenuity and resilience of the Nigerian
people – the nation’s most priceless assets. It is also articulated with the
understanding that the role of government in the 21st century must evolve from
that of being an omnibus provider of citizens’ needs into a force for eliminating
the bottlenecks that impede innovation and market based solutions. The Plan also
recognises the need to leverage Science, Technology and Innovation (STI) and
build a knowledge-based economy. The ERGP is also consistent with the
aspirations of the Sustainable Development Goals (SDGs) given that the initiatives
address its three dimensions of economic, social and environmental sustainability
issues.
After more than a decade of economic growth, the sharp and continuous decline
in crude oil prices since mid-2014, along with a failure to diversify the sources of
revenue and foreign exchange in the economy, led to a recession in the second
quarter of 2016. The challenges in the oil sector, including sabotage of oil export
terminals in the Niger Delta, negatively impacted government revenue and export
earnings, as well as the fiscal capacity to prevent the economy from contracting.
The capacity of government spending was equally constrained by lack of fiscal
buffers to absorb the shock, as well as leakages of public resources due to
corruption and inefficient spending in the recent past.
The current administration recognizes that the economy is likely to remain on a
path of steady and steep decline if nothing is done to change the trajectory. It is in
this context that since inception in May 2015, Government has made several efforts
aimed at tackling these challenges and changing the national economic trajectory
in a fundamental way. The earliest action was the prioritization of three policy
goals: tackling corruption, improving security and re-building the economy.
Consequently, the Strategic Implementation Plan (SIP) for the 2016 Budget of
Change was developed as a short-term intervention for this purpose. Visible
successes and achievements have been recorded. However, it is recognized that
more needs to be done to propel the country towards sustainable accelerated
development.
6. WHY COTTON?
Cotton is also a heavily traded agricultural
commodity. Nearly 170 countries were
involved in the export or import of cotton in
2000. In addition, through the export of
textiles, cotton contributes to broader
national economic growth, because of the
significant multiplier effects deriving from
employment and earnings in the
manufacturing sector. Such contributions
have become increasingly important for
many developing countries because of the
migration of textile manufacturing
industries to them to benefit from relatively
lower cost structures.
Cotton is produced for various purposes. It
may meet the basic consumption needs of
farm families; it may be exported to earn
foreign exchange, or it may provide the raw
material for textile production for domestic
markets or for export. At the household
level, cotton is an important cash crop for
millions of farmers worldwide, and the
income which it generates contributes to
rural household food security, especially in
developing countries.
Although the importance of cotton is widely
known, I would like to take this opportunity
to outline a few salient features regarding its
economic significance in developing
countries. These are mainly of an indicative
nature, but they serve to underline the very
important role that production and trade of
cotton can have for developing countries
and for the well-being of large parts of their
population.
C O T T O N A N D T H E
W O R L D B U S I N E S S
1. Revenue contributions
(a) Contribution to agriculture and economy
In 2000, world cotton production amounted
to 19 million tonnes. Although growth was
rather slow during the 1990s, production
continued its upward trend during the
decade. Based on average export unit values,
the value of world cotton output in 2000 was
estimated at US$26.6 billion. In many
instances, the importance of the agricultural
sector in terms of its share of GDP has
declined with economic growth. However, for
developing countries, agriculture is still the key
sector on which large parts of the population
are dependent. And for some of these
countries, cotton accounts for a significant
share of agricultural production. Among all
cotton-producing countries in the world, there
were 16 which had a share of cotton
production (valued at export unit values
relative to GDP) above 1 percent in 2000. Of
these, Uzbekistan, Tajikistan, Benin and the
Syrian Arab Republic had the highest ratios,
ranging from 8 to 12 percent.
(b) Contribution to agricultural export revenue
Cotton is one of the important commodities
traded in the world market, both in terms of
volumes and value. In 2000, there were over
100 countries exporting cotton, of which 85
were developing countries. World export
revenue from cotton was US$7.1 billion in
2000. This was nearly 2 percent of the value of
global export revenues from all agricultural
products, excluding forestry, fisheries and
semi-processed products. By individual
product groups, the export revenue from
cotton was the6th largest following oil and
fats, wheat, oilseeds, bovine meat and maize.
C O T T O N
C O N T R I B U T I O N T O
W O R L D B U S I N E S S
7. WHY COTTON?
3. Food security contribution
Cotton production contributes to food
security in several ways. At the national level,
export revenue makes it possible for a
country to access food through imports.
When cotton export revenue is the major
source of foreign exchange, its contribution
to food security is obviously of primary
importance. At the rural household level, the
contribution of cotton production to food
security is mainly through income. When
households are specialized in cotton
production, there is a direct link between
cotton production and their ability to buy
basic foodstuffs and other goods. For the
diversified small farms, cotton is an
important cash crop. Cash income is needed
by rural households to acquire healthcare,
more nutritious foods such as meat, milk,
fruits and vegetables, clothing, housing and
many other services.
(c) Contribution to food imports
Food import bills of developing countries
have been rising steadily, reflecting both
higher consumption levels related to
income and population growth, but also in
many cases the need to supplement slow-
growing domestic food production
through greater imports. If trade flows are
based on comparative advantage rather
than limitations to diversification caused
by technological or policy constraints, the
use of resources to produce export
commodities rather than food for the
domestic market should yield net benefits.
(d) Indirect contributions
In addition to the direct impact of fibre
exports, cotton is one of the basic
materials for textiles, an increasingly
important export sector for many
developing countries. As shown in Table 4,
global export revenues from textiles and
clothing in 1999 were US$148 billion and
US$186 billion, respectively, or roughly 6.0
percent of the value of world total
merchandise trade. Developing countries
accounted for more than 75 percent of
both categories of exports.
2. Employment contribution
Although it is well-known that cotton
production contributes to employment,
especially in developing countries, it is
difficult to obtain numbers of farmers
employed. For instance, in countries such
as the United States cotton farmers invest
heavily in machinery to work their large
farms. In developing countries, cotton is
typically produced on small farms with the
intensive use of labour. Thus, with 5.3
million hectares planted to cotton in 2000,
the United States had some 31 500 farms
engaged in cultivation, while there were
around 40 million small farms engaged in
cotton production in China on a planted
area of about 4.2 million hectares. Farms in
the United States are large and highly
mechanized while small farms in China, as
in other developing countries, rely on
labour.
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Cotton as a major cash crop is of considerable social and economic
importance to Nigeria. Cotton/textile activities are widespread in the
country. Cotton production in Nigeria dates to 1903 with the British
Cotton Growers Association taking the lead until 1974, when it was
disbanded and replaced by the Cotton Marketing Board to develop,
gin and market the produce. Following the deregulation of the
Nigerian economy in 1986, the Board was abolished vis-à-vis the
economic activities rendered by it. The Cotton Consultative
Committee (CCC) was set up in an advisory capacity to the public
sector, while a cotton revolving fund scheme with a management
Committee (CRFMC) was put in place to ensure the sustainable
supply of certified cottonseed to farmers. In 2005, the Cotton
Development Committee was established which subsumed both the
CCC and the CRFMC, to address the cotton economy in a holistic
manner.
On annual basis, area under cotton cultivation is about 0.2-0.6
million hectares, largely in the Savannah areas of the country.
Production depends on various factors ranging from vagaries of
weather, cotton price, problems of the textile industries, etc. In
2005-2006, about 232,675 hectares were cultivated to produce about
300,000 tons of seed cotton or 110,000 tons of lint (about 607,735
bales of cotton lint). The prospect for 2007/2008 is about 400,000
tons of seed cotton from about 0.3million hectares. Production is
mainly in three cotton zones: The Northern zone (60%); Eastern Zone
(30%); and the Southern Zone (10%), respectively. Production is
dominated by small scale farmers, with farm sizes ranging from 3-5
hectares all under rainfed ecologies. Seed cotton yield ranges from
0.6 to 1.5 tons per hectare. About 98% of the crop is grown to
Gossypium hirsutum, while the balance is grown with G. barbadense.
Cotton: The Nigeria
story
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BACKGROUND TO THE NIGERIAN COTTON INDUSTRY
Cotton Industry Indicators
Ginning companies 51
Fully operational ginneries 17
Ginning capacity utilization 33%
Seed cotton production (2016/2017) 3,000, 000 tons
Lint production 110,000 tons
Seed production 1,800,000 tons
Value of seed cotton produced (Naira) $7 billion
Value of lint produced $8 billion
Value of cotton seed produced $2.5 billion
Cotton farmers 253,000
Cotton farm employees 700,000
Cotton Industry Indicators (2016/17)
Domestic market size (fabric metres) 2,200 million
Domestic market share (fabric metres) 340 million
Domestic market share (%) 30%
Textile companies 41
Gross industry sales (fabric metres) 600 million
Exports (fabric metres) 360 million
Gross industry sales (Naira) N200 billion
Total industry assets (Naira) N87 billion
Industry indebtedness (Naira) N43 billion
Bank lending to industry (Naira) N26 billion
Industry net worth (Naira) N54 billion
Industry return in capital employed 3.1%
Industry return on shareholders’ funds 3.7%
Industry profit margin 3.1%
Industry capacity utilization (of mills operating) 67%
Employees 67,000
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Cotton and Nigeria means what are the industries in Nigerian that need
the boom in the cotton industry. The following helps to project the
number of end users of cotton within Nigeria.
• It is used in the manufacture of materials such as jersey, velour, velvet
and flannel. These materials are later used in textile industry to produce
T-shirts, underwear, jeans, towels, and bed sheets.
• It is used in the medical industry for the manufacture of bandages,
cotton swabs and tents.
• Cotton oil extracted from the seed is used as vegetable oil in the
human diet
• Cotton oil is used in the industry of food (as an ingredient of
margarine) and in the cosmetic and pharmaceutical industry.
• It is also used in the production of rubber and plastic.
Cotton and Nigeria
The annual global output of textile firms is estimated at over $400 billion, half
of which comes from China. A variety of fabrics are used by different regions
and cultures. The most popular fabric type among sub-Saharan Africans is the
African print fabric. This fabric is an integral part of African culture with annual
sales volume of 2.1 billion yards at average production cost of $2.6 billion and
retail value of $4 billion.
China and India account for 60 per cent and 21 per cent respectively of African
print fabric production. On the consumption side, West Africa accounts for 65
per cent of the market with Nigeria accounting for 38 per cent of total demand
for African print fabric.
Cotton and the Nigerian Textile
Industry
11. This seems unlikely given that local textile firms have failed to thrive during the
influx of foreign textile. But a close look at the cost determinants shows that
Nigeria does have a competitive edge in textile manufacturing over the largest
textile producers in the world.
The failure of the Nigerian textile industry to compete with exports is largely due
to its inability to make use of the country’s unique advantages in lowering its
production cost.
Nigeria is a highly populated low-income country with available and cheap
labour but today textile manufacturing requires far less unskilled labour due to
increased automation. Highly skilled labour, able to coordinate automated
processes in manufacturing, is increasingly on demand. The high cost of power
in Nigeria is a major reason for the poor competitiveness of the industrial sector.
Cotton is the raw textile used in manufacturing Africa print fabric and it is the
largest contributor to production cost making up about 40 per cent of total cost
of production. Interestingly, it turns out that a textile mill in West Africa has a
huge advantage in terms of the availability and price of cotton. West Africa is the
fifth largest producer of cotton globally with several of its members having an
economy dependent on cotton production.
Also significant is that average cotton prices in West Africa is less than half the
price of cotton in the U.S, China and India – the three biggest producers of
cotton. This is large because cotton production in Africa is by small-scale
farmers who sell their cotton to just one or two large trading firms, a situation
that gives the firms a leeway in setting prices for cotton.
In Burkina-Faso, the region’s largest producer, over 80 per cent of the
population are cotton farmers who sell their produce to a monopoly trading firm
for exports. Textile firms operating in West Africa have benefited from this
situation by obtaining cotton at very low prices.
Nigeria Comparative Advantage in Textile
Manufacturing
12. From the assessment of Nigeria’s relative position in labour, power and raw materials
as cost factors in textile manufacturing, one can conclude that Nigeria has a good
competitive edge. The problem is with the industry’s inability to utilize this advantage.
This may not be unrelated to the difficulty and high cost of financing in Nigeria. The
second biggest contributor to cost in textile manufacturing is capital cost accounting for
as much as 25 per cent of total cost in some major producing countries. In terms of the
ease and cost of loans to industry, Nigeria lags competing countries. This has
discouraged capital investment by textile firms in who are missing out on the latest
advances in manufacturing technology used by their competitors to lower cost and
improve quality.
In 2009 the government set up a 100-billion-naira textile and garment intervention
fund, disbursed at 6 per cent interest rate to textile firms in Nigeria. Six years later and
with the disbursement of over 60 per cent of the funds, its achievements are at best
modest. The beneficiaries spent little on capital investments like replacing old
machinery and switching from diesel to gas plants. They simply refinanced their
outstanding loans, which helped cut their interest rate cost. While this has helped keep
some of these firms afloat, potentials in textile manufacturing remain very much
unrealised.
One important way integrated textile firms can reduce cost is by improving efficiency,
which can be done by looking for ways to turn waste from one production process into
useful input at another production level. One such way textile firms can enhance
production efficiency is by making use of a natural gas plant with co-generation
technology, ideal for manufacturing processes that require both electrical and thermal
energy.
Conventional gas plants are about 40 per cent efficient generating heat as the by-
product of gas combustion. This waste heat can be re-used in a production process
requiring heat which in textile manufacturing is the dyeing and finishing level of
production.Co-generation in integrated textile production can yield energy efficiency
rates of up to 90 per cent making it possible to carry out thermal energy intensive
processes with no additional power cost which would reduce power cost by up to 50
per cent.
The African print market is favourably structured for a textile firm seeking to improve its
margins by getting involved in the distribution and selling of its product.
13. Cotton used to be one of the major products of export in Nigeria. In fact, it was
responsible for 25% of the country’s GDP until crude oil was discovered.
Currently, cotton accounts for a paltry 5% of the nation’s GDP. Cotton can be
grown in 24 states across the nation.
Our objective is to increase the annual revenue gotten from the production of
the cotton plant. With the right investment, we will be able to not only increase
the production of the cotton but also increase the demand for cotton. The cotton
plant will be harvested and processed with the use of cutting edge technology
and high-end manufacturing equipment.
The aims and objectives of embarking on this campaign is to:
� Make foreign investors invest in cotton farming, production, and the textile
industry which will provide an increase revenue, gainful employment and project
Nigeria as a producing country thereby making the country a mantra for
investors in Africa.
� To reduce the massive smuggling of apparels/ clothing from China, India and
countries through the provision of quality local materials which will variably
reduce the amount spent on foreign exchange.
� Diversification of the cotton industry especially boosting other sectors such as
fashion, medicine, cosmetic and pharmaceutical.
� To promote the Made in Nigeria initiative; showing what Nigerians are
capable of financial independence with the right investments.
M A R K E T I N G
OBJECTIVES
14. TARGETS AUDIENCE ANALYSIS
/ JUSTIFICATION
The United Kingdom is made up of England, Scotland, Wales and
Northern Ireland, is an island nation in north-western Europe.
Her capital, London, is regarded as an influential centre of
finance and culture globally.
The economy of the United Kingdom is highly developed and
market-oriented. It is the Sixth-largest national economy in the
world measured by nominal gross domestic product (GDP),
ninth-largest measured by purchasing power parity (PPP), and
nineteenth-largest measured by GDP per capita, comprising
3.9% of world GDP. It is the second-largest economy in the
European Union by both metrics.
Its pharmaceutical industry, the tenth-largest in the world, plays
an important role in the economy. Of the world's 500 largest
companies, 26 are headquartered in the UK. The economy is
boosted by North Sea oil and gas production; its reserves were
estimated at 2.8 billion barrels in 2016, although it has been a net
importer of oil since 2005. There are significant regional
variations in prosperity, with South East England and North East
Scotland being the richest areas per capita. The size of London's
economy makes it one of the largest cities by GDP in Europe.
A country with a large GDP ($2.565 trillion) and low investment
in agriculture probably due to lack of arable land, will likely want
to invest in Nigeria especially in agriculture and mostly
specifically in cash crop like cotton.
T H E U N I T E D
K I N G D O M
15. Turkey officially the Republic of Turkey is a transcontinental country
in Eurasia, mainly in Anatolia in Western Asia, with a smaller portion
on the Balkan peninsula in Southeast Europe. Turkey is bordered by
eight countries with Greece and Bulgaria to the northwest; Georgia to
the northeast; Armenia, the Azerbaijan and Iran to the east; and Iraq
and Syria to the south. The economy of Turkey is defined as an
emerging market economy by the IMF. Turkey is also defined by
economists and political scientists as one of the world's newly
industrialized countries. Turkey has the world's 17th-largest nominal
GDP, and 13th-largest GDP by PPP. The country is among the world's
leading producers of agricultural products; textiles; motor vehicles,
ships and other transportation equipment; construction materials;
consumer electronics and home appliances.
The clothing and textile industry is largely based on cotton. Domestic
output does not fully meet demand, which makes Turkey the world's
third-largest cotton importer after China and Bangladesh.
Clothing and textiles is among the largest and best-performing
sectors of the Turkish economy, accounting for around 7% of the
country's GDP. There are some 56,000 textile and clothing companies
operating in the country and they employ around two million people.
In 2013, Turkey ranked 8th and 4th in global cotton production and
consumption, respectively. The country ranked third in organic
cotton production after India and Syria.
Domestic output does not fully meet demand, which makes Turkey
the world's third-largest cotton importer after China and Bangladesh.
Clothing and textiles accounted for nearly 20% of Turkey's total
exports by volume in 2013.The Turkish clothing industry was the 3rd
largest exporter to the European Union and the 6th largest globally in
2013.
With this and Turkey’s GDP being $657.7 billion, there are likely to be
investors that will likely chose Nigeria as an investment destination.
T H E R E P U B L I C O F
T U R K E Y