The volatility in crude oil production in Nigeria, which in recent times, have been heightened by militant attacks on critical oil installations in the Niger Delta area and the continued price spiral in international oil market has once again brought to the front burner anxieties about the future of the oil sector in the Nigerian economy. The unfolding scenario has again exposed the Nigerian economy to downside risks of volatility in oil prices with attendant consequences and multiple effects on the economy and businesses as well.. Since the third quarter of 2015, fallen prices of crude oil and fluctuations in crude oil production in Nigeria have conspired to put the country’s economy in dire straits. The oil price has fallen by more than 50 percent since June 2014, when it was $115 a barrel. It is now consistently below $50 and has been as low as $37. These developments have put the nation’s fiscal operations in quandary. The government has rightly responded by putting in place various fiscal and monetary measures to stem the tide. The federal government has adopted some austere measures to cushion the effect of the persistent drop in revenue. However, the implementation of these short-term measures to shore up revenue could be impeded by political exigencies which often times overrides economic rationality. Thus, a more comprehensive and alternative approach that will promote non-oil export will be a better option. To this end, the authors recommend the revitalization and retooling of the Export Processing Zone (EPZ) Scheme in order to effectively diversify the economy away from oil to an export-led economy.
Oil Prices and Nigerian Aggregate Economic Activitiesiosrjce
This paper examines the oil prices and Nigerian aggregate economic activities. The data series
employed were guttered from various sources such as the central bank of Nigeria statistical Bulletin, Economic
and Financial Review, and the publications of International monetary fund. The study employed the linear
Dynamic VAR. results from VAR showed that oil price shocks and output in Nigeria is negative. This shows that
oil prices shock leads to reduction in gross domestic products. It is recommended that government should
diversify its revenue base and develop other sectors of Nigerian economy to contribute significantly to the
growth not of Nigerian Economy
The document discusses the effects of the recent decline in oil prices on different regions and countries. It finds that net oil exporting nations like those in Africa will see decreased revenues, currency devaluations, and limitations on public spending and GDP growth. Gulf states are generally better prepared to handle low prices due to sovereign wealth funds. Europe benefits as a net oil importer with lower costs. Russia is negatively impacted due to its heavy reliance on oil revenues.
This document discusses how falling global oil prices since mid-2014 have undermined Nigeria's economy by gutting government revenues from oil exports. Lower prices have reduced Nigeria's oil production and export volumes as demand has weakened. The growth of US shale oil production has significantly reduced US imports of Nigerian oil and increased competition in global oil markets. These factors threaten Nigeria's economic growth and fiscal stability, potentially undermining the government's ability to address security challenges like the Boko Haram insurgency. Corruption in Nigeria's state-owned oil company also hinders the country from maximizing gains from its oil resources.
An Evaluation of the Impact of Fluctuating Oil Revenue and the Performance of...Triple A Research Journal
This document summarizes a journal article that analyzes the impact of fluctuating oil revenue on Nigeria's economic performance from 1999-2016. It finds that oil price shocks, as a proxy for oil revenue, have a negative relationship with economic growth. A VAR test shows a unidirectional causality from oil revenue to GDP, indicating that oil export proceeds mainly drove growth during this period. The study concludes that Nigeria's overdependence on oil exports leaves its macroeconomic variables and policymaking vulnerable to instability from volatile oil prices. It recommends diversifying government revenue sources and reducing reliance on oil funds.
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.
An oil crisis occurs when there is a sudden rise in oil prices accompanied by decreased supply. This endangers economic stability globally since oil is the main energy source. OPEC controls around 44% of global oil production and 73% of proven reserves, giving it influence over prices. Higher oil prices negatively impact India's economy by increasing fuel subsidies, worsening the current account and fiscal deficits, and potentially increasing inflation. Geopolitical tensions between countries like Iran, Saudi Arabia and Venezuela contribute to higher oil prices.
Abda El-Mahdi - Former State Minister of Finance and National Economy, Sudan
ERF Conference on “Arab Oil Exporters: Coping with a New Global Oil Order”
Kuwait, November 26-27, 2017
www.erf.org.eg
The document summarizes economic trends in Nigeria for March 2015. It notes that global growth is expected to be led by the US economy in 2015, but US consumer spending has slowed in early 2015, pointing to slower Q1 growth. Oil prices rose in February but most metals prices fell. In Nigeria, the Senate revised budget assumptions for 2015, lowering the oil benchmark price. The IMF commended Nigeria's economic diversification efforts but noted vulnerabilities remain. Nigeria's GDP growth declined to 5.94% in Q4 2014, led by the non-oil sector. Inflation rose in January while interest rates increased. The CBN devalued the naira and closed the official exchange rate window in February.
Oil Prices and Nigerian Aggregate Economic Activitiesiosrjce
This paper examines the oil prices and Nigerian aggregate economic activities. The data series
employed were guttered from various sources such as the central bank of Nigeria statistical Bulletin, Economic
and Financial Review, and the publications of International monetary fund. The study employed the linear
Dynamic VAR. results from VAR showed that oil price shocks and output in Nigeria is negative. This shows that
oil prices shock leads to reduction in gross domestic products. It is recommended that government should
diversify its revenue base and develop other sectors of Nigerian economy to contribute significantly to the
growth not of Nigerian Economy
The document discusses the effects of the recent decline in oil prices on different regions and countries. It finds that net oil exporting nations like those in Africa will see decreased revenues, currency devaluations, and limitations on public spending and GDP growth. Gulf states are generally better prepared to handle low prices due to sovereign wealth funds. Europe benefits as a net oil importer with lower costs. Russia is negatively impacted due to its heavy reliance on oil revenues.
This document discusses how falling global oil prices since mid-2014 have undermined Nigeria's economy by gutting government revenues from oil exports. Lower prices have reduced Nigeria's oil production and export volumes as demand has weakened. The growth of US shale oil production has significantly reduced US imports of Nigerian oil and increased competition in global oil markets. These factors threaten Nigeria's economic growth and fiscal stability, potentially undermining the government's ability to address security challenges like the Boko Haram insurgency. Corruption in Nigeria's state-owned oil company also hinders the country from maximizing gains from its oil resources.
An Evaluation of the Impact of Fluctuating Oil Revenue and the Performance of...Triple A Research Journal
This document summarizes a journal article that analyzes the impact of fluctuating oil revenue on Nigeria's economic performance from 1999-2016. It finds that oil price shocks, as a proxy for oil revenue, have a negative relationship with economic growth. A VAR test shows a unidirectional causality from oil revenue to GDP, indicating that oil export proceeds mainly drove growth during this period. The study concludes that Nigeria's overdependence on oil exports leaves its macroeconomic variables and policymaking vulnerable to instability from volatile oil prices. It recommends diversifying government revenue sources and reducing reliance on oil funds.
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.
An oil crisis occurs when there is a sudden rise in oil prices accompanied by decreased supply. This endangers economic stability globally since oil is the main energy source. OPEC controls around 44% of global oil production and 73% of proven reserves, giving it influence over prices. Higher oil prices negatively impact India's economy by increasing fuel subsidies, worsening the current account and fiscal deficits, and potentially increasing inflation. Geopolitical tensions between countries like Iran, Saudi Arabia and Venezuela contribute to higher oil prices.
Abda El-Mahdi - Former State Minister of Finance and National Economy, Sudan
ERF Conference on “Arab Oil Exporters: Coping with a New Global Oil Order”
Kuwait, November 26-27, 2017
www.erf.org.eg
The document summarizes economic trends in Nigeria for March 2015. It notes that global growth is expected to be led by the US economy in 2015, but US consumer spending has slowed in early 2015, pointing to slower Q1 growth. Oil prices rose in February but most metals prices fell. In Nigeria, the Senate revised budget assumptions for 2015, lowering the oil benchmark price. The IMF commended Nigeria's economic diversification efforts but noted vulnerabilities remain. Nigeria's GDP growth declined to 5.94% in Q4 2014, led by the non-oil sector. Inflation rose in January while interest rates increased. The CBN devalued the naira and closed the official exchange rate window in February.
1) OPEC's oil production rose slightly in July from June, with Libya seeing the largest increase while production fell in Iraq and Angola. However, unrest in countries like Libya, Iraq, and Angola continues to affect supply.
2) Within OPEC, the largest increase came from Libya where supply rose by 210,000 barrels per day but stability remains uncertain. Saudi Arabia and Nigeria also saw small increases while Iraq's supply fell.
3) Looking ahead, declining oil prices could significantly impact Russia's economy and undermine Putin's power since Russia relies heavily on oil exports, which account for 40% of its revenues. A sustained price drop below $100 could force Russia to focus more on propping
The document analyzes recent declines in global oil prices. It provides forecasts from various agencies on expected oil prices in 2014-2015. The decline is attributed to excess supply from the US shale oil boom and OPEC's decision not to cut production. This has weakened OPEC's dominance of the oil market and power over pricing. The shale revolution has made the US more energy independent and reduced its imports. Lower prices could hurt investments in new production and some US shale is uneconomical below $80 per barrel, suggesting prices may stabilize.
Majid Al Moneef - Former Governor of the Organization of Petroleum Exporting Countries, Saudi Arabia
ERF Conference on “Arab Oil Exporters: Coping with a New Global Oil Order”
How Could Arab Oil Exporters Respond to the New Global Oil Order: Graduate to Rule-based Macroeconomic Institutions
Kuwait, November 26-27, 2017
www.erf.org.eg
Devaluation of Crude Oil and its Impact on World EconomyRushita Thakkar
Lower oil prices are having significant financial and economic impacts around the world. Oil exporting countries like Russia, Saudi Arabia, Venezuela, and Iran are facing budget deficits and recessions as their oil revenues decline. Meanwhile, oil importing countries benefit from reduced costs, which can help support growth, though some oil producing areas within these countries are struggling. The declines are largely due to increased supply from the US and lower global demand.
- The political unrest in Egypt has led to rising oil prices, negatively impacting India through higher import costs and uncertainty around oil supplies. Egypt controls the Suez Canal and Sumed pipeline through which a significant amount of oil is transported.
- India has investments in Egypt's oil and gas sectors that could be disrupted if the instability continues. Several Indian companies have already shut down Egyptian operations.
- Higher oil prices pose inflationary risks for India's economy. The outcome in Egypt will impact global energy supplies, commodity prices, and financial market stability.
The main objective of this study is to determine the impact of oil price volatility on macroeconomic variables and sustainable development in Nigeria. The significant role of oil in the Nigerian economy cannot be overestimated. Though there are studies by other researchers on oil prices and macroeconomic variables, their findings are contentious and country-specific. Our literature review and methodology shade lights on these positions. We used secondary time series data in a vector auto regression analysis. We found that fluctuations in oil prices do substantially affect the real GDP, exchange rates, Unemployment, Balance of payments and interest rates in Nigeria. Negative shocks in the international oil market, have significant impact on price fluctuations. Due to increased imports in the Nigerian economy, inflationary pressures are inevitable and are pronounced. Government revenues and expenditures have decreased significantly. We recommend diversification of the economy and energy sources for sustainable development in Nigeria.
The document summarizes the findings of a policy study on the impacts of rising oil prices on developing countries and implications for achieving the Millennium Development Goals. Key findings include: 1) oil price increases have had relatively moderate macroeconomic impacts so far but future impacts are uncertain and risks are tilted upward; 2) impacts vary significantly across regions and countries depending on their energy and economic profiles; 3) at the national level in India, impacts have been modest on GDP but inflation has increased moderately and trade deficits have risen; 4) however, sectoral and household impacts have been more significant through higher transportation, fertilizer and energy costs negatively impacting poor communities. The study calls for further research and consultation to improve assessments.
- Oil futures have fallen to their lowest levels in 8 months, with Brent crude dipping below $100 per barrel for the first time since 2013, as global demand growth is slowing.
- Both OPEC and the IEA have lowered their forecasts for global oil demand growth in 2014 and 2015 due to weaker economic growth.
- Many OPEC countries require higher oil prices than current levels to balance their budgets, and sustained low prices threaten needed investments in the oil sector, especially in the Middle East.
The document provides an overview of Pakistan's economy including key facts such as population, GDP growth rate, inflation rate, and economic sectors. It summarizes Pakistan's past economic performance with GDP growth over 5% for 9 of the last 18 years, with growth led by the services sector at 53% of GDP. It also notes trends in foreign investment, monetary assets growth, budget deficits, trade balances, remittances, debt levels, inflation, subsidies, reserves, and per capita income.
Impact of Oil Prices on the Economic Growth of PakistanMuhammad Sharjeel
We gathered data from different resources and then finalize our presentation. The intention to upload this file is to help those guys who need some guidelines for preparing presentation. :)
What the drop in oil prices means for the economy and office marketsJLL
Lower oil prices will negatively impact energy companies through reduced profit margins and capital spending cuts, leading to potential job losses. However, lower gas prices provide an economic stimulus for consumers and other industries through substantial savings. While energy-focused office markets may see weaker demand from energy companies scaling back, the broader economic benefits of low oil prices and diversifying economies will help offset negative impacts on office fundamentals. The long-term impact on office markets depends on the level of mergers and acquisitions in the energy sector and whether prices remain low, increasing vacant space through consolidation.
Between 2014-2015, crude oil prices fell more than 50% due to excess supply and uncertain demand. The US has increased shale oil production, reducing imports and maintaining high stock levels. China's economic slowdown has weakened oil demand. Saudi Arabia wants to maintain market share by keeping production high to weaken shale producers' profitability. Low prices are expected to continue into 2018 as supply remains high and demand growth slows. Energy companies must optimize operations to improve efficiency in this challenging market.
Vandana Hari presented on global energy and petrochemicals outlook. Key points include:
- World population is projected to grow to 9.2 billion by 2040, with denser urbanization in Asia and Africa.
- China and India will drive increasing shares of global economic growth.
- Global oil demand growth is expected to slow dramatically, while gas and petrochemicals demand increases.
- The outlook is for lighter, sweeter global crude but this may reverse after 2025 depending on OPEC production.
The document discusses the economic implications of the agreement between Iran and P5+1 countries to lift economic sanctions on Iran. It finds that lifting sanctions will likely have positive economic effects by increasing Iran's oil supply and exports, opening new trade and investment opportunities, and removing costs of sanctions. However, the size and timing of these economic benefits is uncertain and will depend on factors like Iran's ability to ramp up oil production and reforms to stimulate its domestic economy. The agreement may also have global economic impacts by lowering oil prices and increasing world oil supply.
New base 04 december 2017 energy news issue 1108 by khaled al awadiKhaled Al Awadi
The document discusses OPEC extending its agreement to cut oil production until the end of 2018. Key points:
- OPEC and non-OPEC producers agreed to extend cuts of 1.8 million barrels per day until end of 2018.
- There will be a review of the agreement in June 2018 to consider market conditions and progress on rebalancing supply and demand.
- Saudi Arabia's energy minister will serve as OPEC summit president for 2018.
The Impact of Oil Price on Economic Development of Kurdistan Region of Iraq f...IJAEMSJORNAL
This article analyzes the impact of oil price on economic development in the Kurdistan Region of Iraq from 1997-2019. It finds that oil price and oil production value have a statistically significant positive relationship with GDP. As the Kurdistan Region relies heavily on oil exports, changes in international oil prices can significantly impact economic growth. The findings suggest economic development in the region is strongly influenced by factors affecting oil prices and production levels. The article concludes more efforts are needed to utilize other resources besides oil revenues to increase income and stabilize the economy.
Este documento presenta las reglas de juego del fútbol para la temporada 2012/2013 según la FIFA. Incluye información sobre Joseph Blatter como presidente de la FIFA, las dimensiones del terreno de juego, las características del balón, el número de jugadores permitidos, el equipamiento, los árbitros y sus asistentes, la duración de los partidos, y las reglas sobre saques, faltas, goles y fuera de juego.
Influencia de los mensajes subliminales en los comerciales de la coca cola e...chapitoCDR
El documento presenta un protocolo de investigación sobre la influencia de los mensajes subliminales en los comerciales de Coca-Cola en los adolescentes de la preparatoria número 32 en el año 2012. El protocolo delimita el tema espacial, geográfico y temporalmente y plantea una pregunta y hipótesis principal. Se exponen objetivos específicos y generales, y una justificación. También incluye un marco teórico, temario tentativo, referencias y fichas de paráfrasis y resúmenes sobre conceptos clave como mensajes sub
1) OPEC's oil production rose slightly in July from June, with Libya seeing the largest increase while production fell in Iraq and Angola. However, unrest in countries like Libya, Iraq, and Angola continues to affect supply.
2) Within OPEC, the largest increase came from Libya where supply rose by 210,000 barrels per day but stability remains uncertain. Saudi Arabia and Nigeria also saw small increases while Iraq's supply fell.
3) Looking ahead, declining oil prices could significantly impact Russia's economy and undermine Putin's power since Russia relies heavily on oil exports, which account for 40% of its revenues. A sustained price drop below $100 could force Russia to focus more on propping
The document analyzes recent declines in global oil prices. It provides forecasts from various agencies on expected oil prices in 2014-2015. The decline is attributed to excess supply from the US shale oil boom and OPEC's decision not to cut production. This has weakened OPEC's dominance of the oil market and power over pricing. The shale revolution has made the US more energy independent and reduced its imports. Lower prices could hurt investments in new production and some US shale is uneconomical below $80 per barrel, suggesting prices may stabilize.
Majid Al Moneef - Former Governor of the Organization of Petroleum Exporting Countries, Saudi Arabia
ERF Conference on “Arab Oil Exporters: Coping with a New Global Oil Order”
How Could Arab Oil Exporters Respond to the New Global Oil Order: Graduate to Rule-based Macroeconomic Institutions
Kuwait, November 26-27, 2017
www.erf.org.eg
Devaluation of Crude Oil and its Impact on World EconomyRushita Thakkar
Lower oil prices are having significant financial and economic impacts around the world. Oil exporting countries like Russia, Saudi Arabia, Venezuela, and Iran are facing budget deficits and recessions as their oil revenues decline. Meanwhile, oil importing countries benefit from reduced costs, which can help support growth, though some oil producing areas within these countries are struggling. The declines are largely due to increased supply from the US and lower global demand.
- The political unrest in Egypt has led to rising oil prices, negatively impacting India through higher import costs and uncertainty around oil supplies. Egypt controls the Suez Canal and Sumed pipeline through which a significant amount of oil is transported.
- India has investments in Egypt's oil and gas sectors that could be disrupted if the instability continues. Several Indian companies have already shut down Egyptian operations.
- Higher oil prices pose inflationary risks for India's economy. The outcome in Egypt will impact global energy supplies, commodity prices, and financial market stability.
The main objective of this study is to determine the impact of oil price volatility on macroeconomic variables and sustainable development in Nigeria. The significant role of oil in the Nigerian economy cannot be overestimated. Though there are studies by other researchers on oil prices and macroeconomic variables, their findings are contentious and country-specific. Our literature review and methodology shade lights on these positions. We used secondary time series data in a vector auto regression analysis. We found that fluctuations in oil prices do substantially affect the real GDP, exchange rates, Unemployment, Balance of payments and interest rates in Nigeria. Negative shocks in the international oil market, have significant impact on price fluctuations. Due to increased imports in the Nigerian economy, inflationary pressures are inevitable and are pronounced. Government revenues and expenditures have decreased significantly. We recommend diversification of the economy and energy sources for sustainable development in Nigeria.
The document summarizes the findings of a policy study on the impacts of rising oil prices on developing countries and implications for achieving the Millennium Development Goals. Key findings include: 1) oil price increases have had relatively moderate macroeconomic impacts so far but future impacts are uncertain and risks are tilted upward; 2) impacts vary significantly across regions and countries depending on their energy and economic profiles; 3) at the national level in India, impacts have been modest on GDP but inflation has increased moderately and trade deficits have risen; 4) however, sectoral and household impacts have been more significant through higher transportation, fertilizer and energy costs negatively impacting poor communities. The study calls for further research and consultation to improve assessments.
- Oil futures have fallen to their lowest levels in 8 months, with Brent crude dipping below $100 per barrel for the first time since 2013, as global demand growth is slowing.
- Both OPEC and the IEA have lowered their forecasts for global oil demand growth in 2014 and 2015 due to weaker economic growth.
- Many OPEC countries require higher oil prices than current levels to balance their budgets, and sustained low prices threaten needed investments in the oil sector, especially in the Middle East.
The document provides an overview of Pakistan's economy including key facts such as population, GDP growth rate, inflation rate, and economic sectors. It summarizes Pakistan's past economic performance with GDP growth over 5% for 9 of the last 18 years, with growth led by the services sector at 53% of GDP. It also notes trends in foreign investment, monetary assets growth, budget deficits, trade balances, remittances, debt levels, inflation, subsidies, reserves, and per capita income.
Impact of Oil Prices on the Economic Growth of PakistanMuhammad Sharjeel
We gathered data from different resources and then finalize our presentation. The intention to upload this file is to help those guys who need some guidelines for preparing presentation. :)
What the drop in oil prices means for the economy and office marketsJLL
Lower oil prices will negatively impact energy companies through reduced profit margins and capital spending cuts, leading to potential job losses. However, lower gas prices provide an economic stimulus for consumers and other industries through substantial savings. While energy-focused office markets may see weaker demand from energy companies scaling back, the broader economic benefits of low oil prices and diversifying economies will help offset negative impacts on office fundamentals. The long-term impact on office markets depends on the level of mergers and acquisitions in the energy sector and whether prices remain low, increasing vacant space through consolidation.
Between 2014-2015, crude oil prices fell more than 50% due to excess supply and uncertain demand. The US has increased shale oil production, reducing imports and maintaining high stock levels. China's economic slowdown has weakened oil demand. Saudi Arabia wants to maintain market share by keeping production high to weaken shale producers' profitability. Low prices are expected to continue into 2018 as supply remains high and demand growth slows. Energy companies must optimize operations to improve efficiency in this challenging market.
Vandana Hari presented on global energy and petrochemicals outlook. Key points include:
- World population is projected to grow to 9.2 billion by 2040, with denser urbanization in Asia and Africa.
- China and India will drive increasing shares of global economic growth.
- Global oil demand growth is expected to slow dramatically, while gas and petrochemicals demand increases.
- The outlook is for lighter, sweeter global crude but this may reverse after 2025 depending on OPEC production.
The document discusses the economic implications of the agreement between Iran and P5+1 countries to lift economic sanctions on Iran. It finds that lifting sanctions will likely have positive economic effects by increasing Iran's oil supply and exports, opening new trade and investment opportunities, and removing costs of sanctions. However, the size and timing of these economic benefits is uncertain and will depend on factors like Iran's ability to ramp up oil production and reforms to stimulate its domestic economy. The agreement may also have global economic impacts by lowering oil prices and increasing world oil supply.
New base 04 december 2017 energy news issue 1108 by khaled al awadiKhaled Al Awadi
The document discusses OPEC extending its agreement to cut oil production until the end of 2018. Key points:
- OPEC and non-OPEC producers agreed to extend cuts of 1.8 million barrels per day until end of 2018.
- There will be a review of the agreement in June 2018 to consider market conditions and progress on rebalancing supply and demand.
- Saudi Arabia's energy minister will serve as OPEC summit president for 2018.
The Impact of Oil Price on Economic Development of Kurdistan Region of Iraq f...IJAEMSJORNAL
This article analyzes the impact of oil price on economic development in the Kurdistan Region of Iraq from 1997-2019. It finds that oil price and oil production value have a statistically significant positive relationship with GDP. As the Kurdistan Region relies heavily on oil exports, changes in international oil prices can significantly impact economic growth. The findings suggest economic development in the region is strongly influenced by factors affecting oil prices and production levels. The article concludes more efforts are needed to utilize other resources besides oil revenues to increase income and stabilize the economy.
Este documento presenta las reglas de juego del fútbol para la temporada 2012/2013 según la FIFA. Incluye información sobre Joseph Blatter como presidente de la FIFA, las dimensiones del terreno de juego, las características del balón, el número de jugadores permitidos, el equipamiento, los árbitros y sus asistentes, la duración de los partidos, y las reglas sobre saques, faltas, goles y fuera de juego.
Influencia de los mensajes subliminales en los comerciales de la coca cola e...chapitoCDR
El documento presenta un protocolo de investigación sobre la influencia de los mensajes subliminales en los comerciales de Coca-Cola en los adolescentes de la preparatoria número 32 en el año 2012. El protocolo delimita el tema espacial, geográfico y temporalmente y plantea una pregunta y hipótesis principal. Se exponen objetivos específicos y generales, y una justificación. También incluye un marco teórico, temario tentativo, referencias y fichas de paráfrasis y resúmenes sobre conceptos clave como mensajes sub
Unsatisfaction Pacient in Healthy Industrial in Indonesiainventionjournals
The porpose of this article is to assess and comparethe needs of public health services withthe healthcare business in Indonesia in line with the increased catastrophic disease and the high prevalence of mental disorders due to economic pressures, unhealthy lifestyle, poor environmental conditions, workload and family company which result in the detriment of state finances and family economy. Meanwhile, high education has made people, with upper middle income, havegood awareness of personal hygiene and tend to seek health services that can provide information and education on current health, including in selecting the type of insurance. Most of them entered the Y gene, as tech-savvy, and want the best facilities, including in selecting hospitals, laboratories, and medicines. This research uses descriptive qualitative approach byexploring the primary data and secondary data to obtain conclusion that healthcare business is very prospective.Although this business hasa formidable challenge, it will not be diminished by the development time.In 2014,healthcare businessinpharmaceutical industry in Indonesia reached IDR 58.2 trillion, and the government has determined the pharmaceutical and medical equipment industriesas the mainstay and priorities until 2035, given the high amount of expenditures per capita on health service each year.The increased level of life satisfaction in terms of healthcareresults in the high level of satisfaction of patients and families with health providers, but the concern isstill more focused on the high price of medicines and services.
Practica 4 movilización de prácticas educativas abiertas en ambientes de apre...Walter Sanchez-Pareja
Este documento presenta el portafolio de trabajo de Walter Jesús Sánchez Casimiro sobre la movilización de prácticas educativas abiertas en ambientes de aprendizaje. El portafolio describe el plan de la Escuela Nacional de Marina Mercante para capacitar a sus docentes en enseñanza por competencias y el uso de recursos educativos abiertos a través de la implementación de un diplomado de 8 meses. También incluye las acciones propuestas en el corto, mediano y largo plazo para lograr este objetivo.
Contemporary Theory of Management: A Comparative Study on Quantitative Approa...inventionjournals
1) The document compares three contemporary management theories: the quantitative approach, system approach, and contingency approach.
2) The quantitative approach uses mathematical tools and techniques to optimize managerial decision making through modeling and analysis.
3) The system approach views an organization as a system of interrelated sub-systems and focuses on the interactions and interdependencies between internal and external factors.
4) The contingency approach suggests that the most effective management style depends on the specific context or situation, and that a single rigid style is not always optimal.
Este documento describe los pasos clave en la elaboración de proyectos de intervención social. Define un proyecto como una solución propuesta a un problema identificado. Explica que un proyecto debe tener objetivos claros, actividades planificadas y recursos definidos. Además, destaca la importancia de identificar problemas sociales a través de técnicas como encuestas o investigación-acción participativa e involucrar a la comunidad en el proceso.
Walter Jesús Sánchez Casimiro es un ingeniero químico peruano que actualmente trabaja como jefe de estudios en una escuela de marina mercante. Tiene experiencia en educación superior y secundaria. Su conocimiento previo de recursos educativos abiertos es limitado, aunque ha usado Google, YouTube y artículos para apoyar la enseñanza. Espera que el curso le ayude a democratizar el conocimiento y apoyar la formación de estudiantes en un contexto globalizado.
Un antibiótico es un medicamento que mata bacterias. Es importante que un médico diagnostique la infección y recete el antibiótico adecuado, indicando la dosis y duración del tratamiento. Las bacterias pueden desarrollar resistencia a los antibióticos debido a su capacidad de adaptación. Para usarlos de forma prudente, se debe acudir al médico ante una infección, cumplir el tratamiento completo aunque mejore antes, y no tomar antibióticos para enfermedades virales.
Dinámica sobre el Parlamento Universal de la Juventud. Se presentan tres imágenes, cada una de ellas lleva a tres temas que a su vez proponen preguntas para el diálogo.
Leadership Effectiveness of Islamic Education Management Department at Educat...inventionjournals
The purpose of this study was to reveal: (1) The direct effect of confidence level toward work discipline, (2) The direct effect of the task structure toward work discipline, (3) The direct effect of the level of confidence toward effectiveness of the leadership, (4) The direct effect of the task structure toward effectiveness of leadership, (5) the direct effect of labor discipline toward effectiveness of the leadership of the Islamic Education Management Department at Faculty of Education of the State Islamic University of North Sumatra. This research method used correlated path models. The study population was faculty and students with the number of 148 people. Sampling using Krecji table, with this technique resulted in a sample 108 people. The instrument used to collect data was questionnaire Likert scale models. The analysis technique used is path analysis. The findings of this study indicate: (1) The confidence level affect the work Discipline of 16.9%, (2) Structural work tasks affect the Discipline of 18.7%, (3) The level of trust directly affects the effectiveness of the leadership of 19,4% , (4). The task structure directly affects the effectiveness of the leadership of 19.5% and (5) Work Discipline directly influence the effectiveness of the leadership of the Department of 22.1%.
Cultural Competence and Intercultural Communication on the Ground of Contempo...inventionjournals
This paper’s subject is the reflection on the cultural problems on the grounds of the modern glottodidactics, including the current issues of the intercultural approach to the teaching of foreign languages with putting the emphasis on the important place and significant role of the intercultural competence among the objectives of the language teaching, as well as emphasizing the mutual relationship between the communication competence and intercultural competence. The authors aimed at presenting the theoretical conditions and characterising the concepts forming the basis for the practical solutions of the intercultural education and accentuating the function of glottodidactics consisting in familiarization of the culture of the target language and making the students aware of the cultural differences to shape the cultural competence and develop the intercultural communication.
La periostitis tibial es una inflamación del periostio que recubre el hueso de la tibia, causada principalmente por el impacto repetitivo del entrenamiento. Sus síntomas incluyen dolor en la tibia durante y después del ejercicio. Su tratamiento consiste en descanso, hielo, fisioterapia y fortalecimiento muscular para prevenir futuras lesiones.
Changing Pattern of Rural-Urban Fringe Life of Tamluk Town, W.B., India (A Ca...inventionjournals
Before the formation of the peripheral Ward No.- 20 in Tamluk Municipality, most of the land use was-agricultural land, fallow land, water bodies etc. But now the picture of the land use is changing rapidly. Ward no.-20 lies between 22º17’07’’N to 22º16’28’’N and 87º54’15’’E to 87º55’21’’E latitude and longitude respectively. Objectives: i) To study migration and occupation of Ward No.-20. ii) To study decadal change of urban life of Ward No.-20. Primary data have been collected by schedule survey of households. Out of 771 households 10% (i.e. 78) households of Ward No.-20 have been randomly selected for the study. Secondary data have been collected from Tamluk Municipality office. Cadastral map is collected from DLRO. Urban life is measured with some indicators. Findings: i) At present 73.08% of the total sample houses are CCC in nature. ii) Public Transport and market facility are poor. Iii) 98.72% of family depends upon water supply as a source of drinking water. 87.18% of family depends upon water supply as a source of bathing water. 73.08% of family depends upon water supply as a source of washing water. Suggestion: Water Supply will create crisis in future. Pond may be used for bathing and washing. Attention should be given to provide tertiary economic activities (market and public transport).
Este documento describe un proyecto para desarrollar una estrategia de difusión de materiales educativos abiertos entre los docentes de la Escuela Nacional de Marina Mercante "Almirante Miguel Grau" en Perú. El objetivo es explorar posibilidades como Slideshare y encuestas para compartir los recursos educativos y recibir comentarios de los docentes sobre cómo mejorar la visibilidad del conocimiento. El autor analiza evidencias como talleres y cursos sobre recursos educativos abiertos para los docentes que podrían incluirse en su portafolio
A Study of Awareness of Cultural Heritage: Sivas Sampleinventionjournals
This study analyzed university students' awareness of cultural heritage in Sivas, Turkey. Researchers conducted surveys and focus groups with over 1,000 students. They found students had low levels of awareness across different cultural assets, particularly activities like festivals, intangible heritage like folk songs, and local minstrels. The study aimed to understand reasons for low awareness and develop suggestions to improve students' knowledge and engagement with Sivas's cultural heritage. Focus groups with students and tourism representatives provided input on raising cultural heritage awareness.
The effect of organizational culture and reward on civil servants performance...inventionjournals
This research aims at investigating the effect of organizational culture and reward on civil servants performance mediate motivation and job satisfaction. The design of this research using by survey method with a questionnaire based cross-sectional study. Simple random sampling is used in the determination of the sample with a total of 170 civil servants. Data analysis methods used in testing the hypothesis is Structural Equation Modeling (SEM). Organizational culture and rewards positive and significant effect on work motivation and job satisfaction, work motivation positive and significant effect on job satisfaction, further more organizational culture, reward and work motivation positive and significant effect on civil servants performance. Work motivation and job satisfaction is not as mediating variable to explain the effect of the organizational culture and rewards on the civil servants performance. The practical implications of this research by providing improved understanding of civil servants in improving the individual performance. The limitations of this study on the sample size using only civil servants, thus limiting the ability to generalize the results of the research findings. Originality of research provides basic configuration against the development of modeling by using Structural Equation Modeling and conceptual models that proved the effect of organizational culture and reward on civil servants performance using motivation and job satisfaction as a mediating variables, which in previous studies carried out partially.
Unmanned Aerial Vehicles (UAVs): An Emerging Technology for Logisticsinventionjournals
Unmanned Aerial Vehicles (UVAs), commonly known as drones have extensively been utilized in military operations during the last decade for surveillance, monitoring enemy activities, collecting information, and even attacking military targets and terrorist hideouts. They are also increasingly finding uses in civil applications, such as policing and firefighting and nonmilitary work, such as inspection of power lines and pipelines. Furthermore, corporations utilized them in commercial applications, such as agriculture, logistics, delivering small packages to rough terrain locations, and medication to emergency locations. UAVs are often preferred for missions that are too ―dull, dirty or dangerous‖ for manned aircraft. This paper is exploratory in nature and describes the past and current usage in logistics and military. It further explores design and development considerations of UAVs. This is an emerging technology that will change the landscape of logistics and supply chain management. This research article provides a basic foundation to academicians, researchers, and commercial companies.
Correlations among Brand Image, Dynamic Capability, Knowledge Management Capa...inventionjournals
This study aims to explore the relations among the brand image, dynamic capability, knowledge management capability of listed Taiwan semiconductor companies and their competitive advantage. The subject population in this study is department supervisors at listed Taiwan semiconductor companies. Convenience sampling is used to conduct sampling of the population. The results show that: (1) the brand image of listed Taiwan semiconductor companies (functionality/symbolism /experience) has a positive and significant effect on dynamic abilities; (2) dynamic capability (process/position/path) has a positive and significant effect on competitive advantage; (3) brand image (functionality/symbolic/experience) has a positive and significant effect on competitive advantage; (4) knowledge management capability (internal abilities/external abilities) has a positive and significant effect on dynamic capability; and (5) knowledge management capability (internal abilities/external abilities) has a positive and significant effect on competitive advantage. The results can serve as a reference for relevant operators when making operating policies.
This document analyzes the impact of the 2008 global economic crisis on Spain's welfare system and labor market. It finds that while wages and minimum wages increased slightly from 2008-2012, pensions increased to a greater extent. As a result, pension incomes exceeded the incomes of young workers, reducing incentives for young people to remain in the workforce. It also found that from 2006-2011, household expenditure was higher when headed by someone aged 65+ rather than 16-29, indicating a shift in who provides financial support within families. The document argues for reforms to make Spain's welfare system more sustainable, such as increasing the role of the private sector and making benefits more dependent on contributions to the workforce.
El documento resume los aspectos más destacados del libro "Padre rico padre pobre" de Robert Kiyosaki. 1) Enfatiza la importancia de la experiencia sobre la educación formal. 2) Explica que el miedo es el principal obstáculo para el progreso. 3) Señala que los activos deben generar ingresos. 4) Argumenta que se debe enseñar habilidades financieras desde una edad temprana. 5) Contrasta que los ricos crean capital mientras los empleados públicos solo gastan. 6) Recomienda trabajar
The story of Nigeria's 2016 currency crisis fits within the first generation theory of currency crises. Nigeria's economy is heavily dependent on oil exports, which account for over 80% of government revenue. When oil prices dropped significantly in 2015, Nigeria's currency, the naira, came under pressure. To defend the currency peg, the central bank sold foreign reserves heavily, depleting reserves. Restrictions on access to foreign currency hurt the private sector. Ultimately, the central bank abandoned the peg in 2016, leading to a large devaluation of the naira.
One of the most burning issues that have dominated the public sphere in Nigeria and other oil exporting countries is the covid-19 pandemic and its attendant challenges. This pandemic is a shock on real economic fundamentals and frictionless of the market. It introduces a barrier between the market forces with strong complementary feedbacks in the real economy. The absence of precise vaccine or medication for the virus has necessitated the adoption of several precautionary measures with the aim of containing its wide spread. Critical among which are the travel restrictions, lockdown measures as well as social and physical distancing. These measures have detrimental effect on the demand and price of oil in the international market. In view of that, this study evaluates the social and economic impact of covid-19 in Nigeria taking into cognisance the effect on certain critical macroeconomic indicators. The study adopted an analytical approach to supplement the much ongoing documentations on the subject matter. Result shows that virtually all essential macroeconomic indicators are grossly affected with tax, remittances and employment exhibiting severe consequences. Also, uncertainty, panics and lockdown measures are key to motivating higher decrease in world demand. The supply disruptions and huge death toll generates a heightened uncertainty and panic for household and business. This uncertainty and panic leads to drop in consumption and investment thereby causing a decrease in corporate cash flows and triggered firm’s bankruptcy. Also, lay-off and exiting firms produce higher unemployment while labour income decreased significantly. Since it entails a large amount of government expenditure especially in the health sector which is required to contain the spread of the virus, there is needs for government to diversify its revenue sources and thus drop over dependency on the oil remittance. Furthermore, there is a need to support the financial system to avoid the health crisis becoming a financial crisis in the long-run.
The Trend Analysis of Oil Revenue and Oil Export in NigeriaIOSR Journals
The oil sector has generated huge revenue to the Nigerian Economy, yet the prevalence economic situation rather than showcasing the benefits from this economic driver of Nigeria, depicts a divergence view about the economy. The question is what happens to the manufacturing sector, human capital development and the agricultural sector of the economy? This paper attempted to descriptively analyze the trends of oil revenue and oil export as it relates to other potential economic variables required for the transformation of the Nigerian economy. The paper also make a comparative analysis of how such chosen variables behave before and after democracy to determine the period where oil revenue management impacted positively on the economy as a means of enhancing the standard of living of the ordinary Nigerian, their health status, infrastructural facilities like power etc. However, recommendations has been proffer for policy makers and the stakeholders, which if adequately implementated will enhance efficient and effective management of Nigeria oil revenue with the broad aim of transforming the economy and positioning it for global relevance
1) Real GDP growth in Kuwait slowed to an estimated 1.3% in 2014 due to flat hydrocarbon production and lower non-hydrocarbon investment.
2) Inflation increased to 2.9% in 2014 as population growth pushed up housing rents and demand for goods.
3) The current account surplus narrowed to an estimated 35.5% of GDP in 2014, reflecting lower oil export receipts and rising imports on domestic demand.
1) Real GDP growth in Kuwait slowed to an estimated 1.3% in 2014 due to flat hydrocarbon production and lower non-hydrocarbon investment.
2) Inflation increased to 2.9% in 2014 as population growth pushed up housing rents and demand for goods.
3) The current account surplus narrowed to an estimated 35.5% of GDP in 2014, reflecting lower oil export receipts and rising imports on domestic demand.
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.
The document argues that fuel prices in Nigeria should be further reduced to provide more benefits to consumers given the large drop in global oil prices. It notes that Nigeria saw a 10.3% reduction in petrol prices after crude oil prices fell over 50%, and that other countries saw much larger percentage price drops passed on to consumers. The document recommends an additional reduction in Nigerian fuel prices that is more commensurate with the decrease in crude oil costs. This would help lower the cost of living and allow more of the budget to be spent on important capital expenditures rather than recurring costs like governance.
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 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.
Iraq Continues to Expand Its Oil ResourcesQNB Group
Iraq's economy has grown rapidly in recent years due to expanded oil production and high oil prices, however it remains overly reliant on the oil sector. While per capita GDP has risen significantly since 2005, Iraq's economy still suffers from structural weaknesses like an underdeveloped private sector and lack of economic diversification. For sustainable prosperity, Iraq needs to diversify its economy and create jobs outside the oil industry, though this will be challenging given social instability and a deteriorating education system.
Empirical study of the relationship between available forms of finance and pe...Alexander Decker
This document reports on a study that investigated the relationship between available forms of finance and the performance of intermediate cocoa processing firms in Lagos State, Nigeria. The study found a strong association (R=0.916) between available forms of finance and cocoa export performance. Available forms of finance were able to account for 84% of changes in cocoa export performance. Funds sourced through commercial banks in the form of loans had a strong effect on changes in firm performance, while retained profits had a moderate effect. Funding sourced from development banks had a less than satisfactory effect. The study recommends that policymakers route intervention funds through commercial banks but monitor interest rates charged.
The document summarizes Nigeria's economic performance and outlook in 2014 and 2015. In 2014, GDP growth remained strong between 6.2-6.5% despite global headwinds. However, declining oil prices, currency pressures, and interest rate hikes impacted the economy in Q4. The 2015 budget assumes lower oil prices and revenues, aiming to transition Nigeria away from an oil-driven economy. Macroeconomic trends are mixed with interest rates expected to remain elevated as the central bank works to curb excess liquidity and inflation. Challenges around the national elections and oil price volatility pose risks to the economic outlook.
New base energy news issue 916 dated 28 august 2016Khaled Al Awadi
- OPEC members' net oil export revenue dropped 46% in 2015 to $404 billion, the lowest level since 2004, due to declining crude oil prices.
- The effects of lower revenue have significant implications for OPEC members that rely heavily on oil exports to fund social programs and imports.
- While countries with large financial reserves like Saudi Arabia are less affected, others like Iraq, Nigeria, and Venezuela face greater challenges without large reserves to offset lower oil revenues.
Economic globalization its impact on the growth of non oil supply in nigeriaAlexander Decker
- The document examines the impact of economic globalization on the growth of non-oil supply in Nigeria from 1970-2011. It employs statistical analysis to analyze the relationship between non-oil supply growth and factors like economic openness, GDP, capital goods imports, and oil exports.
- The results show that while economic globalization had an insignificant impact on non-oil supply growth, factors like GDP, relative prices, capital goods imports, and exchange rates positively impacted non-oil supply. However, world income and oil exports negatively impacted non-oil supply growth.
- Despite policies aimed at diversifying the economy away from oil since the 1980s, non-oil exports as a percentage of total exports declined over the period
Build the Next Generation of Apps with the Einstein 1 Platform.
Rejoignez Philippe Ozil pour une session de workshops qui vous guidera à travers les détails de la plateforme Einstein 1, l'importance des données pour la création d'applications d'intelligence artificielle et les différents outils et technologies que Salesforce propose pour vous apporter tous les bénéfices de l'IA.
Null Bangalore | Pentesters Approach to AWS IAMDivyanshu
#Abstract:
- Learn more about the real-world methods for auditing AWS IAM (Identity and Access Management) as a pentester. So let us proceed with a brief discussion of IAM as well as some typical misconfigurations and their potential exploits in order to reinforce the understanding of IAM security best practices.
- Gain actionable insights into AWS IAM policies and roles, using hands on approach.
#Prerequisites:
- Basic understanding of AWS services and architecture
- Familiarity with cloud security concepts
- Experience using the AWS Management Console or AWS CLI.
- For hands on lab create account on [killercoda.com](https://killercoda.com/cloudsecurity-scenario/)
# Scenario Covered:
- Basics of IAM in AWS
- Implementing IAM Policies with Least Privilege to Manage S3 Bucket
- Objective: Create an S3 bucket with least privilege IAM policy and validate access.
- Steps:
- Create S3 bucket.
- Attach least privilege policy to IAM user.
- Validate access.
- Exploiting IAM PassRole Misconfiguration
-Allows a user to pass a specific IAM role to an AWS service (ec2), typically used for service access delegation. Then exploit PassRole Misconfiguration granting unauthorized access to sensitive resources.
- Objective: Demonstrate how a PassRole misconfiguration can grant unauthorized access.
- Steps:
- Allow user to pass IAM role to EC2.
- Exploit misconfiguration for unauthorized access.
- Access sensitive resources.
- Exploiting IAM AssumeRole Misconfiguration with Overly Permissive Role
- An overly permissive IAM role configuration can lead to privilege escalation by creating a role with administrative privileges and allow a user to assume this role.
- Objective: Show how overly permissive IAM roles can lead to privilege escalation.
- Steps:
- Create role with administrative privileges.
- Allow user to assume the role.
- Perform administrative actions.
- Differentiation between PassRole vs AssumeRole
Try at [killercoda.com](https://killercoda.com/cloudsecurity-scenario/)
Use PyCharm for remote debugging of WSL on a Windo cf5c162d672e4e58b4dde5d797...shadow0702a
This document serves as a comprehensive step-by-step guide on how to effectively use PyCharm for remote debugging of the Windows Subsystem for Linux (WSL) on a local Windows machine. It meticulously outlines several critical steps in the process, starting with the crucial task of enabling permissions, followed by the installation and configuration of WSL.
The guide then proceeds to explain how to set up the SSH service within the WSL environment, an integral part of the process. Alongside this, it also provides detailed instructions on how to modify the inbound rules of the Windows firewall to facilitate the process, ensuring that there are no connectivity issues that could potentially hinder the debugging process.
The document further emphasizes on the importance of checking the connection between the Windows and WSL environments, providing instructions on how to ensure that the connection is optimal and ready for remote debugging.
It also offers an in-depth guide on how to configure the WSL interpreter and files within the PyCharm environment. This is essential for ensuring that the debugging process is set up correctly and that the program can be run effectively within the WSL terminal.
Additionally, the document provides guidance on how to set up breakpoints for debugging, a fundamental aspect of the debugging process which allows the developer to stop the execution of their code at certain points and inspect their program at those stages.
Finally, the document concludes by providing a link to a reference blog. This blog offers additional information and guidance on configuring the remote Python interpreter in PyCharm, providing the reader with a well-rounded understanding of the process.
Comparative analysis between traditional aquaponics and reconstructed aquapon...bijceesjournal
The aquaponic system of planting is a method that does not require soil usage. It is a method that only needs water, fish, lava rocks (a substitute for soil), and plants. Aquaponic systems are sustainable and environmentally friendly. Its use not only helps to plant in small spaces but also helps reduce artificial chemical use and minimizes excess water use, as aquaponics consumes 90% less water than soil-based gardening. The study applied a descriptive and experimental design to assess and compare conventional and reconstructed aquaponic methods for reproducing tomatoes. The researchers created an observation checklist to determine the significant factors of the study. The study aims to determine the significant difference between traditional aquaponics and reconstructed aquaponics systems propagating tomatoes in terms of height, weight, girth, and number of fruits. The reconstructed aquaponics system’s higher growth yield results in a much more nourished crop than the traditional aquaponics system. It is superior in its number of fruits, height, weight, and girth measurement. Moreover, the reconstructed aquaponics system is proven to eliminate all the hindrances present in the traditional aquaponics system, which are overcrowding of fish, algae growth, pest problems, contaminated water, and dead fish.
Optimizing Gradle Builds - Gradle DPE Tour Berlin 2024Sinan KOZAK
Sinan from the Delivery Hero mobile infrastructure engineering team shares a deep dive into performance acceleration with Gradle build cache optimizations. Sinan shares their journey into solving complex build-cache problems that affect Gradle builds. By understanding the challenges and solutions found in our journey, we aim to demonstrate the possibilities for faster builds. The case study reveals how overlapping outputs and cache misconfigurations led to significant increases in build times, especially as the project scaled up with numerous modules using Paparazzi tests. The journey from diagnosing to defeating cache issues offers invaluable lessons on maintaining cache integrity without sacrificing functionality.
Redefining brain tumor segmentation: a cutting-edge convolutional neural netw...IJECEIAES
Medical image analysis has witnessed significant advancements with deep learning techniques. In the domain of brain tumor segmentation, the ability to
precisely delineate tumor boundaries from magnetic resonance imaging (MRI)
scans holds profound implications for diagnosis. This study presents an ensemble convolutional neural network (CNN) with transfer learning, integrating
the state-of-the-art Deeplabv3+ architecture with the ResNet18 backbone. The
model is rigorously trained and evaluated, exhibiting remarkable performance
metrics, including an impressive global accuracy of 99.286%, a high-class accuracy of 82.191%, a mean intersection over union (IoU) of 79.900%, a weighted
IoU of 98.620%, and a Boundary F1 (BF) score of 83.303%. Notably, a detailed comparative analysis with existing methods showcases the superiority of
our proposed model. These findings underscore the model’s competence in precise brain tumor localization, underscoring its potential to revolutionize medical
image analysis and enhance healthcare outcomes. This research paves the way
for future exploration and optimization of advanced CNN models in medical
imaging, emphasizing addressing false positives and resource efficiency.
Discover the latest insights on Data Driven Maintenance with our comprehensive webinar presentation. Learn about traditional maintenance challenges, the right approach to utilizing data, and the benefits of adopting a Data Driven Maintenance strategy. Explore real-world examples, industry best practices, and innovative solutions like FMECA and the D3M model. This presentation, led by expert Jules Oudmans, is essential for asset owners looking to optimize their maintenance processes and leverage digital technologies for improved efficiency and performance. Download now to stay ahead in the evolving maintenance landscape.
Introduction- e - waste – definition - sources of e-waste– hazardous substances in e-waste - effects of e-waste on environment and human health- need for e-waste management– e-waste handling rules - waste minimization techniques for managing e-waste – recycling of e-waste - disposal treatment methods of e- waste – mechanism of extraction of precious metal from leaching solution-global Scenario of E-waste – E-waste in India- case studies.
Gas agency management system project report.pdfKamal Acharya
The project entitled "Gas Agency" is done to make the manual process easier by making it a computerized system for billing and maintaining stock. The Gas Agencies get the order request through phone calls or by personal from their customers and deliver the gas cylinders to their address based on their demand and previous delivery date. This process is made computerized and the customer's name, address and stock details are stored in a database. Based on this the billing for a customer is made simple and easier, since a customer order for gas can be accepted only after completing a certain period from the previous delivery. This can be calculated and billed easily through this. There are two types of delivery like domestic purpose use delivery and commercial purpose use delivery. The bill rate and capacity differs for both. This can be easily maintained and charged accordingly.
Promoting Export-Led Economic Growth in Nigeria –The Export Processing Zone Option
1. International Journal of Humanities and Social Science Invention
ISSN (Online): 2319 – 7722, ISSN (Print): 2319 – 7714
www.ijhssi.org ||Volume 5 Issue 10||October. 2016 || PP.21-31
www.ijhssi.org 21 | Page
Promoting Export-Led Economic Growth in Nigeria –The Export
Processing Zone Option
1
ONWUKA, Ifeanyi Onuka & 2
Nwafor, Michael Chukwunaekwu
1
Department of Accounting & Finance, Godfrey Okoye University, Enugu State, Nigeria
2
Department of Accounting & Finance, Godfrey Okoye University, Enugu State, Nigeria
ABSTRACT: The volatility in crude oil production in Nigeria, which in recent times, have been heightened by
militant attacks on critical oil installations in the Niger Delta area and the continued price spiral in
international oil market has once again brought to the front burner anxieties about the future of the oil sector in
the Nigerian economy. The unfolding scenario has again exposed the Nigerian economy to downside risks of
volatility in oil prices with attendant consequences and multiple effects on the economy and businesses as well..
Since the third quarter of 2015, fallen prices of crude oil and fluctuations in crude oil production in Nigeria
have conspired to put the country’s economy in dire straits. The oil price has fallen by more than 50 percent
since June 2014, when it was $115 a barrel. It is now consistently below $50 and has been as low as $37.
These developments have put the nation’s fiscal operations in quandary. The government has rightly responded
by putting in place various fiscal and monetary measures to stem the tide. The federal government has adopted
some austere measures to cushion the effect of the persistent drop in revenue. However, the implementation of
these short-term measures to shore up revenue could be impeded by political exigencies which often times
overrides economic rationality. Thus, a more comprehensive and alternative approach that will promote non-oil
export will be a better option. To this end, the authors recommend the revitalization and retooling of the Export
Processing Zone (EPZ) Scheme in order to effectively diversify the economy away from oil to an export-led
economy.
Keywords: Export Processing Zone, Export-led, Economic Growth, Economic Development
I. INTRODUCTION
The volatility in crude oil production in Nigeria and fluctuations in international oil price has once
again brought to the front burner anxieties about the future of the oil sector in the Nigerian economy. Since the
third quarter of 2015, fallen prices of crude oil and fluctuations in crude oil production in Nigeria have
conspired to put the country’s economy in dire straits. The oil price has fallen by more than 50 percent since
June 2014, when it was $115 a barrel. It is now consistently below $50 and has been as low as $37 (Nigeria
Bureau of Statistics, 2015). The Goldman Sachs has predicted recently that crude oil price may fall to US$20 in
the near future (Okoro, 2015).
Moreover, the failure by Organization of Petroleum Exporting Countries (OPEC), which controls
nearly 40 percent of the world market, on production curbs, sent what was an already weak commodity to new
lows. This plunge is partly due to the sluggish world economy, which is consuming less oil than markets had
anticipated, and partly to OPEC itself, which has produced more than markets expected. The newest factor in
the oil price equation has been from what was, certainly a few years ago, an unexpected source – the oil of
North Dakota and Texas. Over the past four years the boom in extracting oil from shale formations previously
considered unviable has been unprecedented. The sheer number of new wells drilled, some 20,000 since 2010,
is more than ten times Saudi Arabia’s. This has boosted America’s oil production by a third, to nearly 9million
barrels a day which is just 1 million barrels short of Saudi Arabia’s output. The contest between the shale men
and sheikhs has meant that oil shortages are now oil surpluses (Hitchens, 2015).
The low crude oil demand can be pinned on the continuing inability of Europe to extricate itself from
an almost self-induced recession, along with the lower than expected, but still worthy GDP growth rates of over
7% from China. However, problems within the OPEC cartel also do not seem to have had much effect at all on
the price, which in the past would have been the case. The turmoil in Iraq and Libya – two big oil producers
with nearly 4 million barrels a day combined has not really affected their output (Hitchens, 2015). The market
remains more sanguine about the risks in these countries, but oil output here has not ceased nor is likely to cease
completely, nor is it likely to, especially, if government forces in both countries manage (as is possible in the
longer term) to regain majority control of production. While America has become one of the world’s largest oil
producers, it does not export crude oil, but conversely imports much less, creating a lot of spare supply (EIA,
2015).
Finally, the Saudis and their Gulf allies have decided not to sacrifice their own market share to restore
the price. They could curb production sharply, but the main benefits would go to countries they detest such as
2. Promoting Export-Led Economic Growth In Nigeria –The Export Processing Zone Option
www.ijhssi.org 22 | Page
Iran and Russia. Saudi Arabia can tolerate lower oil prices quite easily. It has $900 billion in reserves. Its own
oil costs very little (around $5-$6 per barrel) to get out of the ground (Hitchens, 2015).
There are bound to be losers in the unfolding scenario. Oil producing countries whose budgets depend
on high prices, like Nigeria, are in particular trouble. Indeed, to say that the Nigerian economy could be in dire
strait in the face of dwindling crude oil prices is to restate the obvious. Nigeria is currently experiencing
economic challenges which appear to occur almost every decade – a slump in crude oil prices (Okoh, 2014).
The steep and sudden crash of crude oil prices in the international commodities markets and the dictates of
today’s global economic conditions and realities have made it imperative for urgent reform measures to
guarantee sustainable economic growth and development. As an oil exporting country, decline in crude oil
prices is a downside to the economy in both the short and medium term. Nigeria’s fiscal revenue is
overwhelmingly dominated by the oil sector which accounts for approximately 80 percent of government
revenue, and up to 95 percent of foreign exchange earnings (Nigeria Bureau of Statistics, 2015). The declining
revenue from crude oil receipts cannot even be compensated by revenue from natural gas, as gas exporting
countries are also wincing following a glut in the gas market. Consequently, there appears to be palpable and
germane concerns on the longer term sustainability and growth of the Nigerian economy. The emerging global
oil dynamics tends to indicate that the days of low crude oil prices may just be in the early days (Enebelli-Uzor,
2014).
The unfolding scenario has again exposed the Nigerian economy to downside risks of volatility in oil
prices with attendant consequences and multiple effects on the economy and businesses as well. Anxiety on the
outlook is further aggravated by past experiences where boom-bust cycles of oil (in the 1980s and 2008)
culminated in macroeconomic instability induced by capital inflow reversals and currency devaluation with dire
economic consequences. The concerns about the Nigerian economy have been exacerbated by the lack of robust
mitigating buffer as a result of lack of strict fiscal discipline to build reserves during boom period (Chinemerem,
2015).
The first impact of the evolving development is decline in the gross federally collected revenue
accruing to the federation account. Consequently, there has been a drop in the monthly Federation Accounts
Allocation Committee (FAAC) shared among the three tiers of government (CBN, 2015). Aside declining
revenue, the Nigerian economy is faced with other headwinds. For instance, the supply gap in the foreign
exchange market is increasing as the demand for dollars outpaces supplies, exerting enormous pressure on the
Naira. This has led to the depreciation of the currency by the Central Bank of Nigeria (CBN). The depreciation
also means that imports are likely to be more expensive and are expected to slow going forward (Enebelli-Uzor,
2015).
In appreciation of the unhealthy situation the country has found itself once more, the new government
in Nigeria led by Mohammed Buhari has apparently risen to the challenge. The federal government has adopted
some austere measures to cushion the effect of the persistent drop in revenue. Some of the measures include the
downward revision of the benchmark price of crude oil for the 2016 budget. A new figure of $65 per barrel has
been proposed to the National Assembly. This new benchmark has however been overtaken by the continuous
slump of crude oil prices which are currently hovering around $47 per barrel (Enebelli-Uzor, 2016). There is
also renewed emphasis on non-oil revenue streams, especially taxation. The federal government has given
indication that the existing framework for Value Added Tax (VA) revenue might be adjusted to enable the states
and local governments get more revenue. Under the current framework for allocation of VAT revenue, the
Federal Government, States and Local Governments receive 15 percent, 50 percent and 35 percent respectively.
Possible upward review of VAT from the current 5 percent is also probable considering that VAT rate in
Nigeria is one of the lowest among its African peers (Ghana – 17.5 percent; South Africa – 14 percent; Egypt –
10 percent; Algeria – 17 percent; Angola – 10 percent; and Morocco – 20 percent). One of the outcomes of the
GDP rebasing exercise is the huge gap in the ratio of tax revenues to the GDP - down from 22 percent to 12
percent (Enebelli-Uzor, 2015).
Other measures taken by the Federal Ministry of Finance (FMF) include the review of tax waivers and
exemptions to take in additional tax revenues (FMF, 2015). The FMF has announced the introduction of new
surcharges on the importation and consumption of some luxury goods and services to yield estimated
N10.56billion additional revenue in 2016. Details of the proposed measures which are expected to kick off from
the beginning of the second quarter of 2016 include: a 10 percent import surcharge of new private jets
(estimated to yield about N3.7billion in 2016); a 39 percent import surcharge on luxury yachts (estimated to
rake in N1.6billion in 2016); 5 percent import surcharge on luxury cars (estimated to yield about N2.6billion
additional revenue in 2016); 3 percent luxury surcharge on champagnes, wines and spirits (expected to yield
about N2.3billion this year); 1 percent mansion tax on residential properties within the Federal Capital Territory,
with value of N300 million and above (estimated to yield additional N260million); and a surcharge on business
and first class tickets on air travelers (FMF, 2015).
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Additional measures involve plugging of revenue leakages, strengthening of tax administration, and
curbing incidences of non-remittance of requisite funds to the treasury by some agencies. Consequently, the
federal government has deployed electronic platforms – Treasury Single Account (TSA), Government
Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel
Information System (IPPIS). A number of short-term expenditure cutting measures have also been unveiled to
improve government spending and save an estimated N82.5billion. Specifically, procurement and upgrade of
buildings have been curtailed, potentially saving about N44billion. International travels and trainings have been
cut by 50 percent for all Ministries, Departments and Agencies (MDAs) of the government and this is estimated
to save about N14billion annually. Similarly, administrative expenditures for buildings equipment and supplies
as well as MDAs’ provisions for the procurement of administrative supplies and equipment will be cut, saving
about N5billion. Also, other provisions for overhead expenditure have been dropped completely, saving about
N4billion. Finally, government also announced the commencement of partial implementation of the White
paper on the rationalization of government agencies, commissions and committees, potentially saving about
N6.5billion in 2016 (FMF, 2015).
But as rightly observed by Enebelli-Uzor (2015), the implementation of these short-term measures to
shore up revenue could be impeded by political exigencies which often times overrides economic rationality.
Thus, a more comprehensive and alternative approach that will promote non-oil export will be a better option.
To this end, the authors recommend the revitalization and retooling of the Export Processing Zone (EPZ)
Scheme. To argue this recommendation more forcefully, the rest of the papers proceed as follows. Following
this introduction, section two reviews the EPZ scheme as a policy tool at the disposal of a developing country to
diversify her economy and promote exports.
Section 2 - Export Processing Zone Option – An Overview
Export processing zones (EPZs) have become rather popular trade policy instruments since their
modern revival in the late 1950s (Adediran, 2013). While in 1970 only a handful of countries permitted a zone,
a recent OECD publication (cited in Adenugba & Dipo, 2013), places the total number of zones at 800 located
in 173 countries. Export Processing Zones (EPZs) is seen as fenced-in industrial estates specializing in
manufacture for exports that offer firms free trade conditions and a liberal regulatory environment (Osanakpo,
2013). This description allows for some domestic sales and includes export processing firms (EPFs) which
benefit from the same EPZ incentives without being fenced in.
According to Afeikhana (2006), the primary goals of an export processing zone are:
To provide foreign exchange earnings by promoting non-traditional exports.
To provide jobs to alleviate unemployment or under-employment problems in the country and assist in
income creation.
To attract foreign direct investment (FDI) and engender technological transfer, knowledge spill-over and
demonstration effects that would act as catalysts for domestic entrepreneurs to engage in production of non-
traditional products.
To this end, Export Processing Zones share a few common features:
Unlimited, duty-free imports of raw, intermediate input and capital goods necessary for the production of
exports.
Less governmental red-tape. More flexibility with labor laws for the firms in the zone than in the domestic
market.
Generous and long-term tax holidays and concessions to the firms.
Above average (compared to the rest of the host country) communications services and infrastructure. It is
also common for countries to subsidize utilities and rental rates.
Zone firms can be domestic, international or joint venture. The role of FDI is prominent in EPZ activities.
Zones can be categorized into public or private zones (owned or managed), and high-end or low-end. The
latter distinction refers to the range of quality of management, facilities and services provided by the zone
and therefore, the type of firms populating it.
Like many developing nations, Nigeria has never disguised her desire for industrialization and export-
led growth as strategy for economic diversification (Adediran, 2013; Adenugba & Dipo, 2013; Moneke, 2014).
After witnessing a shift from agriculture to crude oil and gas as the main driver of growth, the country has
pursued various export-oriented strategies at various times to point the economy away from total dependence on
hydrocarbon revenues. Mineral export constitutes more than 90 percent of the nation’s export, with crude oil
accounting largely for her foreign exchange earnings. Indeed, the nation’s over reliance on oil as a major
foreign exchange earner has continued to be of major concern to economic watchers as well as managers
especially during periods of economic bust. More critically, the recent collapse of oil prices in the international
market and the resultant slum in Nigeria’s foreign exchange earnings have once again brought to the front
burner, the need for the country to diversify her economic structure and broaden her export proceeds.
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Beyond the drive for export-led growth, specifically the non-oil export, Nigeria is known to be a
heavily import dependent country. The country relies on importation for a majority of its goods, even food,
thereby spending a chunk of her foreign reserve on payment for goods and services imported into the country.
For example, Nigeria’s value of total import stood at N5.34trillion (more than $35billion) by third quarter of
2014 according to the National Bureau of Statistics (NBS, 2014). This skewed economic structure has
continued to put pressure on the country’s stock of foreign exchange reserves as well as domestic currency,
making industrialization very imperative. One policy instrument that the country can and has indeed attempted
to leverage on, as a strategy for rapid industrialization and diversification is the Export Processing Zone (EPS)
Scheme.
Essentially, Export Processing Zone Scheme as an economic tool involves a deliberate government
policy to encourage exports of goods and services by offering a more conducive and competitive business
environment, through the provision of special incentives including tariff exemptions to inputs and infrastructure
provision in a geographically defined area called an Export Processing Zone or a Free Trade Zone (Cling, 2008).
Thus, an Export Processing Zone or Free Trade Zone is a specially designated enclave, clearly delineated and
administratively considered to be outside the Customs Territory of the host country, having special regulatory
and fiscal incentive rules to enhance its competitiveness. The creation of such zones with special incentive tend
to attract Foreign Direct Investment (FDI), boost industrial growth with several other benefits, as investors seek
to take advantage of such opportunities (International Labour Organization, 1998, 2003).
The adoption of the scheme as a diversification strategy generated some substantial initial impacts in
China and other countries like Ireland and Indonesia, leading to its acceptance by a large majority of developing
countries including Nigeria (Osanakpo, 2013). The adoption of EPZ Scheme as an economic policy by Nigeria
was necessitated by the grim picture depicted by her economic structure. The aim was to integrate the economy
into the global market through the establishment of a liberal market, promotion of exports in both traditional and
non-traditional commodities and stimulation of the transfer, acquisition and adoption of appropriate and
sustainable technologies to nurture competitive export-oriented industries (Afeikhana, 2006; Adediran, 2013).
More so, the scheme as an economic tool seeks to contribute to Nigeria’s industrialization quest
through forward and backward linkages. Forward linkages allow companies in Export Processing Zones (EPZs)
to sell manufactured/finished goods to the domestic consumer-based depending on the model of Free Trade
Zones adopted while backward linkages allow companies within EPZ to buy inputs from the domestic market of
the host country and subcontract services to local enterprises (Onayemi & Akintoye, 2009).
It is easy therefore to surmise from the foregoing, that if effectively and adequately harnessed, the
country can leverage on the scheme to industrialize and diversify her economic base which will contribute
immensely to meeting the present deficiency in the supply of foreign exchange in the country through
hydrocarbon revenue.
Section 3 - Nigerian’s Export Processing Zone Scheme
In Nigeria, the Export Processing Zone (EPZ) Scheme as a policy was adopted in November, 1991 to
achieve sustainable economic growth, industrialization and diversification (Nigeria Export Processing Zone
Authority, 2007). Often referred to as Free Trade Zone (FTZ) Scheme, its overall objective for adoption is to
create an enabling environment aimed at enhancing economic growth and development of export oriented
manufacturing in the non-oil sector of the economy, as well as the propagation of the Nigerian content policy in
the oil and gas sector in order to diversify the country’s economic base, attract Foreign Direct Investment (FDI),
generate employment, increase foreign exchange earnings, enhance technology transfer, skill
acquisition/upgrading as well as create backward linkages (Nigeria Export Processing Zone Authority, 2008).
To achieve this laudable objective, two bodies were created to effectively manage these zones; the
Nigerian Export Processing Zone Authority (NEPZA) established by the NEPZA Decree No.63 of 1992 (now
Cap. N107, LFN, 2004) and the Oil & Gas Export Free Zone Authority (OGEFZA) established by OGFZA
Decree No. 8 of 1996 (now Cap. 05, LFN, 2004). The bodies are saddled with the responsibility of promoting
and facilitating local and international investments into licensed free trade zones (general purpose zones and
specialized purpose zones) in Nigeria. There are currently about 31 licensed free zone enterprises operating in
the various zones across the country. Of the number, 14 are fully operational while 8 others are still under
varying degrees of construction. Physical development is yet to commence in another 8 approved Free Trade
Zones while 1 has its operational license suspended. Also, there are about 10 more FTZs awaiting approval at
different stages (Nigeria Export Processing Zone Authority, 2013).
3.1 Incentives Offered in Nigeria’s Export Processing Zones (EPZs)
In order to attract investments in the EPZs, government has strategically designed a wide range of
incentives for potential investors to create a win-win situation for the country as well as for investors. Some of
these incentives as administered by the government legislation include: complete tax holiday from all federal,
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state and local taxes, rates, and levies, duty free importation of capital goods, machinery/component, spare parts;
100 percent repatriation of foreign capital investment in EPZs at any time with capital appreciation on the
investment; waiver of all import or export licenses; rent free land during the first six months of construction of
factory space (Osanakpo, 2013).
Others are unrestricted remittance of profits and dividend earned by investors in the zone; 100 percent
foreign ownership of enterprises in the EPZ; and sale of up to 100 percent of production (goods) in the domestic
market (provided duty is paid on imported raw materials). In addition to these incentives, all free zones in
Nigeria are provided with the following standard facilities in order to create an enabling environment for
business transactions; large expanse of industrial land with good access to international airports and sea ports;
fenced wall around the zones with good security network; trained Free Zone Customs/Immigration roles as
obtained in the Free Zones Worldwide (Nigeria Export Processing Zone Authority, 2007).
Equally provided are: police post to provide security for the zone; pre-built zone warehouses for ware-
housing and storage of raw material and products; efficient telecommunication facilities; uninterrupted
electricity and water supply; good internal/external road network and central transit warehousing facilities at
major ports for efficient handling of Free Zone goods (Onayemi & Akintoye, 2009).
In a bid to create a readily available market to export goods produced within her shores, the Nigerian
government entered into several trade agreements that guarantee preferential tariffs on her exports. Some of
these trade agreements include: Global System of Trade Preference (GSTP), World Trade Organization, African
Growth and Opportunity Act (AGOA), Economic Community for West African (ECOWAS) Trade
Liberalization Scheme (ETLS), Organization of Oil Export Countries (OPEC), and Developing Eight (D-8)
Preferential Tariff Agreement (PTA). All these fiscal, regulatory and infrastructural incentives are geared
towards attracting investors into the country’s Free Trade Zones (Nigeria Export Processing Zone Authority,
2013).
3.2 Nigeria’s as Preferred Export Hub
Nigeria possesses features that make investment in EPZ very attractive to investors. Besides her
abundant natural endowment (both mineral and non-mineral), Nigeria’s teeming population of over 170 million
people provide a ready market for goods and services. With her policy of allowing sales of goods in the
domestic market, investors have access to arguably the largest consumer market in Africa. In addition, the
population provides a large pool of skilled and unskilled labour required for productive activities. Nigeria
enjoys excellent location that creates easy access to markets in Africa, the Middle East, Europe and the
Americas. Her access to sea shores and even inshore waters make movement of goods from production point to
export destinations very convenient. Furthermore, the country has a well developed aviation industry with six
international airports and same number of major port complexes. According to Moneke (2013), these features
make Nigeria arguably one of the best investment destinations in the world.
More so, the government has consciously embarked on several investment climate reform programmes,
through various agencies and parastatals, to make Nigeria the preferred destination for African and global
investors. Such programmes include: establishment of a One-Stop Investment Centre in the Nigerian
Investment Promotion Commission, start-to-finish 24-hour business incorporation services, intellectual rights
and copyright protection policy and establishment of trade and investment desks in major Nigerian embassies
abroad, amongst others. In addition to the establishment of the Competitiveness Council, the government
constituted the Doing Business and Competitiveness and Investor Care Committees; working with the
Department for International Development and the World Bank aimed at removing all barriers to industrial
productivity (Nigeria Export Processing Zone Authority, 2013). All these reforms are making Nigeria a more
attractive investment destination.
Section 4 - An Overview of the EPZ Strategy
Since the adoption of the Export Processing Zone as an economic policy, Free/Export Trade Zones in
the country have continued to increase both in numbers and in scope. The proliferation of the Zones perhaps
underscores the potentials they possess in helping the nation attract foreign direct investment and also achieve
the much desired economic growth/diversification. Specifically, between 1992 to date, the number of export
zones has grown to about 31 with 10 more awaiting approval (Nigeria Export Processing Zone Authority, 2013).
Also, the inclusion of the private sector as well as state governments has opened up more opportunities to the
propagation of Free Trade Zones. Today, many zones are being sponsored and developed by states in
partnership with private investors as a way of attracting investors into their regions in the hope of harnessing the
benefits of EPZs.
The scheme has made significant progress in attracting foreign direct investments (FDIs) into the
country. According to the Nigerian Export Processing Zone Authority (NEPZA, 2013), the scheme has
attracted a total sum of US$13.5billion from 1992 to date. The government is also targeting another
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US$68.1billion fresh FDI from newly licensed free trade zones, with a strategy of fast-tracking the approval of
more specialized Export processing zones as well as focusing on high profile investors and their value chains.
The scheme has been able to attract companies like General Electric and other leading companies.
However, despite the increase in the number of Export Processing Zones in the country and the huge
investments attracted, the result in achieving export diversification has been minimal if not dismal
(Chinemerem, 2015). A lot of the zones that have been granted approvals have remained moribund, value-
added has been low, economic linkages and technology transfers have also been poor. To that extent, the
scheme has not optimally exploited the country’s rich human and natural resources to bring about significant
change in Nigeria’s export structure. For example, as at September, 2014, Nigeria’s export was dominated by
mineral product with oil and gas contributing more than 90 percent of total exports while the country is still
heavily dependent on imported goods. Undeniably, the country is yet to harness the benefits of the scheme to its
fullest (Aggarwal, 2010).
Adediran (2013) and Moneke (2013) have identified a number of factors as impediments that have
retarded the efficacy of the scheme. Some of the challenges facing free zones in Nigeria include: policy
reversals and inconsistencies resulting from inadequate knowledge of the scheme, weak infrastructures and
power supply; weak regulatory environment due to conflicting and overlapping laws and procedures; security
challenges in some regions; non-availability of long-term funds as well as inadequate consideration to export
zones scheme in trade policy mix. The seeming failure in this realm appeared to have informed the recent
review of Nigeria’s policy on the existing zones. The focus of the review is to tackle these challenges and
reposition the zones and make them efficient and functional to maximize the benefits of the scheme.
Section 5 - Optimizing Export Processing Zones
Export Processing Zones remains one of Nigeria’s most viable liberal market policies that guaranteed
her economic integration into the global market. The successes recorded in some of the zones in the country
and indeed across the globe, clearly demonstrated that it is one of the country’s untapped treasure-troves. By
creating Export Processing Zones, the country is able to lure investors in export-oriented industries which in
turn will spur the transfer and adoption of appropriate technologies needed to harness the nation’s abundant and
untapped resources. The economic linkages will create jobs for the country’s teeming workforce as well as
generate foreign exchange earnings.
However, to effectively harness the potential and benefits of Export Zones, there is need to maintain
consistent policies regarding Export/Free Zones. According to Stein (2008), government should be seen to be
unswerving in her policy stance as it relates to goods allowable, incentives, waivers and other benefits. This
might require a special consideration of Free Trade Zones during the process of policy formulation to be sure
such policies do not repudiate existing incentives for the Zones. More so, government must ensure a review and
harmonization of all laws and regulatory framework with clearly defined duties and responsibilities for all her
agencies to avoid overlapping functions.
In addition, the business environment should be made very conducive to be able to attract investors into
these Zones. Specifically, there is need for security and political stability as such is necessary to attract foreign
investments (Madani, 1999). Provision of adequate infrastructure in and around the zones especially electricity
and accessible roads, rail lines, sea ports and other infrastructures should also be given top priority by
developers as well as government (Milberg & Amengual, 2008).
Finally, government should place special emphasis on high value-added activities in the zones
especially manufacturing for exportation. Such zones are generally better integrated into the domestic economy
and thus provide sources of far more significant gains for the country on the path to economic diversification.
Types of industries allowed in Nigeria Export Processing Zones according to Nigeria Export
Processing Zone Authority (2007) include:
i) Electrical and electronic products
ii) Textile products
iii) Wood products
iv) Leather products
v) Plastics products
vi) Petroleum products
vii) Rubber products
viii) Cosmetics
ix) Garments
x) Chemical products
xi) Metal products
xii) Educational materials and equipment
xiii) Communication equipment and materials
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xiv) Sports equipment and materials
xv) Machinery
xvi) Handicraft
xvii) Optical instruments and appliances
xviii) Medical kits and instruments
xix) Biscuits and confectioneries
xx) Printed materials, office equipment and appliances
xxi) Paper materials
xxii) Food processing
xxiii) Pharmaceutical products
xxiv) Oil & Gas activities
Lynakurwa (1991) observed that under propitious circumstances and good management, EPZs
generally achieve the two basic goals of creating employment (especially non-traditional employment and
income opportunities for women) and increasing foreign earnings. For instance, Mauritius EPZs boosted 71
percent of the nation’s gross exports in 2004 and employed 16.6 percent of the work force (Cling, 2005).
However, some argue that the net foreign earnings may not constitute a large enough sum to warrant the
investments undertaken by the country to accommodate a zone. The opportunity costs of such public
investments should be considered more closely. Furthermore, there are potential revenue losses from
concessions on income taxes and tariffs. EPZs are sensitive to the national economic environment. They will
perform better when the country pursues sound macroeconomic and realistic exchange rate policies (Grossman,
1990; Cling, 2005; Stein, 2008).
Others like (Aggarwal, 2005; Milberg & Amengual, 2008) have argued that EPZs may contribute to the
building of national human capital in two ways. Previously unskilled workers have benefited from EPZ
presence. Their productivity has increased via job training and learning by doing. The benefits of this skill
acquisition is limited however, as most production processes are low-skill and low-tech. The most valuable
aspect of this type of employment, aside from the income earned, may be the workers’ learning of industrial
work discipline and routine.
Training has also occurred at the supervisory and managerial level, with local employees becoming
privy to new organizational and managerial methods, negotiation and marketing skills, general business know-
how, foreign contacts and entrepreneurship.
In addition, a successful zone, per se, is an efficient and competitive industrial infrastructure. As such it
provides the country in which it operates an industrial set-up which it may lack. Most African nations would fit
this profile. There are many cases of catalyst and demonstration effects on the host economy (Nigeria Export
Processing Zone Authority, 2007)). These effects, together with the labor training, may be the zone’s lasting
contributions to the country in which it operates.
Creation of backward linkages seems largely conditional on the industrial base of the nation. In
countries which did not already enjoy a solid industrial base and which adopted EPZs to encourage these
linkages and foster a domestic industrial base, some linkage occurred, though it was spotty and inconsistent,
with firm zones complaining of the poor quality or the incompatibility of local inputs. In countries where a solid
industrial base existed prior to the establishment of the EPZs - e.g. Taiwan and South Korea- linkages have
occurred (Milberg & Amengual, 2008). The transfer of know-how and technology was facilitated by the existing
technological sophistication and highly educated labor force. In these cases, EPZs were only one tool in a
canopy of governmental policies to foster economic growth through export promotion. Even at the height of
their influence, EPZs never acquired a prominent role either in terms of exports value or employment creation in
S. Korea or Taiwan.
Wages in most EPZs are equal or higher than average wages outside the zones. However, there is a
noted variance around this average. Lax labor, work safety and health laws in many zones have raised concerns
with regards to workers’ welfare (UNIDO, 2008). The size, nationality and corporate policy of the firm, the type
of industrial production, labor market conditions and the country’s institutions and regulations play a
determining role in establishing the wage rate, workers’ rights and work environment in EPZs (International
Labour Organization, 2003).
The environmental impact of zone production and laxity in government regulation and monitoring has
also raised some concern. There are some information confirming environmental pollution, however, there is
lack of systematic qualitative and quantitative analysis on the topic that would lead to well targeted, sensible
regulation and monitoring (UNCTAD, 2002).
Some consider a successful zone a good model for country policy makers to mimic in formulating
liberalizing domestic policies (Osanakpo, 2013). In this case EPZs facilitate liberalization efforts. Others argue
that a successful zone may be used as a safety valve, providing jobs and foreign exchange earnings, and thus
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easing the pressure on policy makers to undertake economy wide reforms (Adediran, 2013). Zones would then
be a stumbling block to liberalization. A third and more recent development is that of post -macro and trade-
reform economies (such as Uganda) considering or establishing zones (among other export promotion tools) to
bolster low FDI inflows (Onayemi & Akintoye, 2009).
Overall, the EPZs did not universally fulfill the role of “engines of industrialization and growth” as
some proponents had anticipated. They have been an engine --among others – in the economy, when they have
been given their proper place as a policy tool, and where proper perspective is taken as to their ultimate
achievements and costs. EPZs’ greatest contribution seems to be job creation and income generation. Their
lasting legacy can be three fold. They can contribute to building human capital, and through their demonstration
and catalyst effect on the country entrepreneur pool. Also, an efficient, competitive zone is an industrial
infrastructure that many countries lack.
Section 6 – Challenges faced by Export Processing Zones
EPZs face new challenges in the increasingly global economy. Rapid changes in consumption
preferences and the resulting competitive pressures to meet this demand can affect the locational choices of
investors (Mahajan, 2008). Furthermore, increased product sharing is changing the reducing the need for
country specific technical expertise. This phenomenon has a differential impact on industries as a function of
their technical sophistication. Exclusion of a country from a preferential trade/integration arrangement seems to
impact EPZ firms and EPFs which operate there negatively (e.g. Impact of NAFTA on firms and EPZs in the
Dominican Republic). These firms may or may not flourish from the membership of their host country in
preferential trade arrangements (UNIDO, 2008). The EPZ firms’ (and EPFs) initial product mix, market
orientation, technological sophistication, strategic business planning and adaptability to the new competitive
conditions will have a material influence on their continued success and contributions to the country in which
they operate.
The compatibility of EPZ incentives with WTO rules is country specific. Many of the incentives
offered to firms are considered export subsidies and developing countries may or may not qualify for a timed or
extended exemption from them. Least developed countries and developing countries with less than $1000 per
capita GNP are exempted from disciplines on prohibited export subsidies (UNCTAD, 2001).
Section 7 - Policy Recommendations
Based on the foregoing, the following policy recommendations are proffered:
1. An EPZ is not a first best policy choice. The best policy is one of overall liberalization of the economy.
Furthermore, EPZs and EPFs are only two of many trade instruments used by firms and countries to
promote export development and growth, and have limited applicability. Other policy tools may therefore
be more appropriate for a specific country than an EPZ. Nonetheless, EPZs can play a long term dynamic
role in a country’s development process if they are appropriately set-up and well managed.
2. Establishing an EPZ in a country that has undertaken trade and macroeconomic reform is not usually
recommended on three grounds. First, the low FDI inflow may be due to inadequate legal or regulatory
framework, or distorted economic incentives in other areas of the economy (e.g. private property laws).
Second, EPZs are distortionary trade instruments and introduce an element of discretion into the policy
environment. Finally, even if export promotion is in order (i.e. WTO compatible and deemed a solution to
the country’s low FDI inflow), an EPZ may not be the best instrument to achieve such a goal. If these
economies are intent on establishing new EPZs, it is recommended that minimal differential fiscal
incentives should be offered compared to the national standards to minimize their distortionary impact on
the host economy.
3. Sound and stable monetary and fiscal policies (low inflation, budget management and independent
monetary policy), clear private property and investment laws provide a general environment propitious for
EPZ success. These conditions should be made available by the central government to realize the full
potentials of an EPZ.
4. Moderate income and corporate tax rates are recommended. There is no need for “overly friendly tax
incentives (such as permanent tax holidays or waiving all taxes). Provide for accelerated depreciation,
rationalize and minimize indirect taxation and licensing practices. Improved collection rates can partially
compensate for potential revenue due to reduced tax rates. Ensure that EPZs can import and export free of
trade taxation and tariffs.
5. There should be a framework for private development and management of EPZs, including on-site
infrastructure (pavements, building shells, etc). Provision of infrastructure external to the zone proper can
have positive spillovers for the local and national economy by facilitating transportation and
communications (telephones, roads, ports and airports). In this case, if private development is not available
for the infrastructure external to the zone, the public role has an economic rational. Subsidizing utilities
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encourages over-consumption and discourages economically rational use of resources and factors of
production, detracting from the zones benefits for host countries.
6. Labor market constraints increase labor costs and slow market adjustment. In this sense, more business
friendly labor laws are beneficial and should be enacted. However, this need not be accompanied by
disregard or abuse of workers’ safety and labor rights as is the case in some zones. Strengthening regulatory
and monitoring activities will reduce labor turn-over and absenteeism and improving workers’ productivity.
7. Most developing countries have lax laws and implementation. There are concerns regarding the EPZs large
production volume and its potential pollution level- compared to the host economy production levels. In this
area, a first necessary step is to form a better qualitative and quantitative understanding of these industrial
refuses and their impact on air, soil, water and human health. Follow-up regulation, provision of incentives
and monitoring should be tailored accordingly.
8. There is need to perform a careful analysis of incentives offered, their costs to the country, and the type of
industries and investment packages (e.g. short or long term) they attract. Incentives need to conform to the
WTO rules and time-lines on export promotion instruments.
REFERENCES
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10. Promoting Export-Led Economic Growth In Nigeria –The Export Processing Zone Option
www.ijhssi.org 30 | Page
Appendix
Table 1 - List of Active Export Processing Zones in Nigeria as at December, 2012
S/N Name Location Sponsor/
Developer
Land Size
(Hectares)
Date of
Designation
Specialty Status
1 Calabar Free
Trade Zone
(CFTZ)
Cross
River
Fed. Govt. 220 1992 Manufacturing, Oil &
Gas, Logistic Services
Operational
2 Kano Free Trade
Zone (KFTZ)
Kano Fed. Govt. 463 1998 Manufacturing, Logistic
Services, Warehousing
Operational
3 Tinapa Free Zone
& Resort
Cross
River
State
Govt./Private
265 /2004 Manufacturing, Trade,
Tourism & Resort
Operational
4 Snake Island Int.
Free Zone
Lagos Nigerdock
Plc
59.416 2005 Steel Fabrication, Oil &
Gas, Sea Port
Operational
5 Maigatari Border
Free Zone
Jigawa State Govt. 214 2000 Manufacturing,
Warehousing
Operational
6 Ladol Logistics
Free Zone
Lagos GRML 6/21/2006 Oil & Gas, Fabrication,
Oil & Gas Vessels,
Logistics
Operational
7 Airline Services
EPZ
Lagos Private 2003 Food Processing and
Packaging
Operational
8 ALSCON EPZ Akwa
Ibom
Fed.
Govt./Private
814.619 2004 Manufacturing Operational
9 Sebore Farms EPZ Adamawa Private 2000 2001 Manufacturing Oil &
Gas, Petrochemical
Operational
10 Ogun Guandong
FT Zone
Ogun State
Govt./Private
10000 2008 Manufacturing Operational
11 Lekki Free Zone Lagos State Govt. 2008 Manufacturing,Logistic
s
Operational
12 Abuja Tech.
Village Free Zone
Federal
Capital
Territory
FCT 702 2007 Science & Technology Under
Construction
13 Ibom Science &
Tech. FZ
Akwa
Ibom
State Govt. 122.137 2006 Science & Technology Operational
14 Lagos Free Trade
Zone
Lagos Eurochem
technology
Singapore
218 2002 Manufacturing Oil &
Gas, Petrochemical
Operational
15 Olokola Free
Trade Zone
Ondo &
Ogun
State
Govts./Privat
e
10500 2004 Oil & Gas
Manufacturing
Operational
16 Living Spring Free
Zone
Osun State Govt. 1607.86 2006 Manufacturing, Trading
and Warehouse
Under
Construction
17 Brass LNG Free
Zone
Bayelsa Fed.
Govt./Private
304.245 2007 Liquified Natural Gas Dev. yet to
commence
18 Banki Border Free
Zone
Borno State Govt. 500 Manufacturing,
Warehousing, Trading
The Sponsor
yet to be
committed
19 Oils Integrated
Logistics Services
Free Zone
Lagos Private Oil
Field
Industry
Support
Service Ltd
1000 2004 Marine, Logistics,
Support Services for
offshore Oil Repairs
Operational
License
Suspended
20 Specialized
Railway Industrial
FTZ
Ogun State Govt. 2007 Rail Cargo Transport Dev. yet to
commence
21 Imo Guangdong
FTZ
Imo State Govt. 1399.27 2007 Manufacturing Dev. yet to
commence
22 Kwara Free Zone Kwara State Govt. 355.587 2009 Trading, Warehousing Physical Dev.
Yet to
commence
23 Koko Free Trade
Zone
Delta State Govt. 2327.29 2009 Manufacturing Physical Dev.
Yet to
commence
24 Oluyole Free Zone Oyo State Govt. 1374.5 2000 Manufacturing Physical Dev
yet to
Commence
25 Ibom Industrial
Free Zone
Akwa
Ibom
State Govt. 2012 Manufacturing, Oil &
Gas, Trading Services
Physical Dev.
yet to
commence
26 Badagry Creek
Integrated Park
Lagos Kaztec
Engineering
531 2014 Fabrication Under
Construction
11. Promoting Export-Led Economic Growth In Nigeria –The Export Processing Zone Option
www.ijhssi.org 31 | Page
27 Ogindigbe Gas
Revolution
Industrial Park
(GRIP)
Delta Alpha GRIP
Dev. Co.
2506.03 2014 Petrochemical,
Fertilizer,
Manufacturing and Gas
Processing related
activities
Under
Construction
28 Nigeria Aviation
Handling
Company
(NAHCO)
Lagos NAHCO 10 2014 Cargo Hub, Trans
shipment and
Warehousing
Under
Construction
29 Nigeria
International
Commerce city
Lagos Eko Atlantic
FZ Ltd
1000 2014 Financial institutions
(local and international)
leisure, real estate,
shopping malls and
corporate business,
commerce
Under
Construction
30 Ogogoro
Industrial Park
Lagos Digisteel 52 2014 Oil & Gas, Fabrication,
Oil & Gas Vessels,
Logistics
Under
Construction
31 Centenary City Centenary
City Plc
1264.78 2014 Leisure, real estate,
shopping malls and
corporate business,
commerce
Under
Construction
32 Ondo Industrial
City
Ondo Ondo State
Govt
2771.2 2015 Petro-Chemical &
Manufacturing
Under
Construction
Source: Nigeria Export Processing Zone Authority, 2014 (http://www.nepza.gov.ng/freezones.asp)
Table 2 - List of Export Processing Zones Awaiting Approval as at December, 2012
S/N Name Location Sponsor/
Developer
Land Size
(Hectares)
Specialty Status
1 Ossiomo Free
Trade Zone
Ossiomo
Investment Ltd
1497 Refineries, Petrochemical
plant, Gas processing plant,
Metal extraction Industries,
Metal Fabrication, fertilizer
production, warehousing,
Packaging and logistics
Services.
At the
Presidency
2 Enugu Power
And Industrial
Development
Free Zone
Enugu State Govt./Oil
Data Consulting
Company Ltd
403.562 Manufacture of high voltage
power generation and
distribution equipment and
accessories, production of
fertilizer from coal, and
other value added industrial
clusters.
At NEPZA
3 Warri Industrial
Business Park
Delta State
Govt./ARCO
Petrochemical
Engineering
Company
Limited
329.1 Heavy & light Industries,
Oil& Gas, shipping &
logistics, R&D and
Residential Real estate/
Leisure.
At the
Ministry
4 Kogi Free Zone Kogi State Govt. 268.49 Manufacturing At the
Ministry
5 Baklang Free
Zone
Baklang Offshore
Support Services
Conglomerate
(BOSS)
75 Fabrication: ship, high value
marine, oil & gas
equipments, logistics
services and manufacturing.
Appraisal On-
going. Site
inspection
carried out
6 Madewell &
Textile INC.
Free Zone
Madewell
Garments INC
952.534 Manufacturing activities viz-
a-viz production of apparels
and garments
At the
Ministry
7 Airport Free
Zones
Enugu, Kano,
Lagos, Rivers
NEPZA/ Federal
Ministry of
Aviation
1742.24 warehouses, proccessing of
manufactured goods,tourism
and hotel services,light
industries
Appraisal On-
going. Site
inspection
carried out
8 Sahara offshore
Logistics Base
Free Zone
Sahara energy
Resources
20.6 Oil & Gas Processing,
Fertilizer, Plastics &
Chemical, Warehousing,
Trans-shipment &
Distribution
Appraisal On-
going. Site
inspection
carried out
Source: Nigeria Export Processing Zone Authority, 2014 (http://www.nepza.gov.ng/freezones.asp)