The Nigeria economy is presently in a great distress and dilemma. The economy was plunged into this agonizing situation mainly due to over reliance on one export commodity, oil suddenly the price of crude oil dropped in the international market. This sharply reflected in the level of our national income and gave to the adverse balance of payment problem.
In an effort to restructure and redress the maladjusted economy, the objectives of export promotion was identified and incorporated for effective economic recovery. Even though export promotion has been identified, its potential in affecting economic growth is still unexploited. The researcher has therefore decided to undertake the task of analyzing critically, this laudable economic policy with the hope of fully exposing its potential.
The second chapter is a Review of related lit creature making an exposure of the reasons behind export trade with Nigeria situation in mind, as will as the roles of banks in the development and promotion of exportable goods and services.
The third chapter is about the research methodology and design (lustarical and survey) used in accumulating information utilized in the research work. The services of vela in this chapter include both the primary and secondary sources of data.
The fourth chapter present and analysis the data gathered by the method described in chapter three. The presentation is done in tabular form the analysis is done and test (applying chi-square) is carried out on the hypothesis which this research work is based.
The fifth chapter point at my findings on the hypothesis with a view to postulating reasons why certain hypothesis has to be rejected or accepted. This chapter serves as a from state of conclusion on the research topic and work done and what implication the conclusion could have on out financial institution.
Introduction
LIST OF TABLES
Table 2: Nigerian Non-oil exports. 4
Table 3: Major constraints Limiting exports 43
Table 4: Export assistance desired 44
Table 4.1: Does your bank engage in export promotion activities? 54
Table 4.2: Do your have an export department to facilitate the program or related department 54
Table 4.3: Has your bank been in this service program for a long time 55
Table 4.4: Has there been any economic improvement with regards to the existence of this program 56
Table 4.5: Does your bank have any promotion assistance to
render to exporters 56
Table 4.6: Do you have any available incentives to motivate these exporters. 57
Table 4.7: Does the provision of these incentives motivate the exporters 58
Table 4.8: Does your bank in any way aid in export documentation 58
Table 4.9: Are there nay importance attached to this documentation 59
Table 4.10: Do your have methods to make the payment for export more effective
Table 4.11: Is export transition a profitable venture to the bank
Table 4.12: do you often receive customers for export promotion
Table 4.13: Do you encounter any problem in promoting export business.
Table 4.14: In your opinion, is exporter responding to the call for export.
Table 4.15: Does your bank have adequate branches to cater for the need of farmers in the rural areas 62
Table 4.16: Does your bank receive any incentive form the federal government to encourage them I export promotion.
Table 4.2.1 Test of hypotheses one 65
Table 4.2.2 Test of hypothesis two 66
Table 4.2.3 Test of hypotheses three 67
Table 4.2.4 Test of hypotheses four 68
The topic Roles of Banks I Export promotion and economic growth about the major of bank in the development and promotion of exportable goods and services, and the contribution of banks towards to economic growth.
Export promotion, which is used here, involves all these services provided the banking and non-banking sectors to facilitate the production of goods and services outside the country.
Nij (1986) defined export promotion as a management concept employed by a export enterprise for effective international marketing of etc export products. It involves a process, which begins at the production level and terminates at the point of consumption. Our country has derived great benefits from international trade foreign good both capital and consumer goods not produced in the country have been acquired and paid for from Nigeria’s export earnings. In the worlds of the Nigeria president we must intensify our effort at self-reliance through export promotion and reduction of heavy dependence in oil revenue. After the discovery of oil in 1956. it gradually come to dominate the export sector, oil therefore become. The single most important item of export. One of the major ways through which a country acquires foreign exchange is by exporting is products and services to there countries. Since foreign exchange earning is identified with export of goods and services to foreign countries. It means that developing countries such as Nigeria will definitely nee this to be able to purchase the whole lots of goods and services they can not produce within Nigeria produces only but a little percentage of her products needs. It depends on other countries for the rest, and it secure these goods and services form abroad means making use of foreign exchange earned from exportation of what the country can produce.
Figures released by the federal office of statistics show that export of all items from the country in the firs half of 1992, and a record figure of N16,384 –96 out of this petroleum product amounted to N15,00256. the economy was over dependent on oil revenue as her foreign exchange earner, but unfortunately, the revenue from oil was never common reflected wither in the extent of job creation and other aspect on the economy. Soon the price of oil began to decline resulting from the pressures from the American international energy of petroleum exporting countries (OPEC), for an economy nuptial tied to the performance of oil in the international market. The consequences of these charge were not long in coming ad were catastrophic in effect. This ugly situation has forced the federal government into a search for a more reliable economic basic. Promotion and financing of export (non-oil) in Nig. Has three important interests. One is to increase out foreign exchange earning. Secondly is shifting emphasis away from erratic oil revenue and thirdly which is the most obvious is to generate and increase productive in the country. A lot of promotion and financing has been granted to export business since 1970s. Different establishment and boards have always taken care of export promotion activities in the country; this fag-ranges form Nigeria marketing company, commodity board but all these tumbled because of in efficiencies and poor management. The federal government has identifies export promotion as a major tool of economic recovery under the 1986 structural adjustment program. On the activities and promotion therefore, they need not be told that export transaction needs adequate finding which constitutes their area of specialization. Any financing scheme provide by financial institution in oil of export usually aim at the following. First is assisting exporters in producing processing and purchasing goods for export as the situation demands. Next is providing liquidity to exporter to enable them offer competitive credit terms to oversea lawyers. Again offering or improving price competitiveness of export on international market. lastly is to save the task of exporters form foreign trade risk of losses of capital as a result of non-payment from the trading partner and other international business risks associated with exportation of goods and services.
Having seen the above mentioned angles through which our financial institution can offer helping hands to financing and promoting export trade. The big question becomes, are these institution living up to there responsibilities in this regard. There is a belief that this question must have been answered appropriately before the exhaustion of
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