oil price instability and industrial sector output in Nigeria
In the theoretical literature, trade oil has been identified as one of the most crucial commodity traded on the global economy. Despite the fluctuating nature of the commodity in terms of it’s pricing, crude oil together with petroleum – based products, accounts for over 70 percent of the commodity export of developing countries
According to Ubogu “1979” crude oil is of such important of the world economic, chat for the producers, at presents on easily negotiable source of wealth, for the industrial sector, it represents an efficient source of energy and for the industrial sector, it represents a good base for industrial production. Because of the pressing chain chat result from petrol chemicals crude oil is equally importance in many more ways that no other commodity impinges so directly on the lives of people. For the Nigerian economy, the oil sector has been the key propeller of economy since that early 1970s since then, the oil sector has accounted for over 95 percent of total foreign exchange. Earnings and about 87 percent of government revenue “Adeyemi 2001” Rather than being a leading sector and a key factor in the socio – economy as a wile, the oil sector is yet to developed the capability of effectively tapping the potentials of the industrial sector to promote dynamic and self – sustaining growth and development.
Consequently, with the continuous instability in the oil industry resulting largely from political instability inconsistency in governments policy, frequency classes and inter tribal wars in the oil producing communities and instability resulting from external shock in the world oil market, the manufacturing sector and other leading industries sector has suffered greatly in term of high cost of energy
The fluctuating nature of crude oil price in the international market has contributed significantly to the poor performance of the industrial sector in Nigeria. The industrial sector has failed to meet the expectation of the Nigerian society in terms of its contribution of GDP aid of providing gain full employment. Rather than being a leading growth sector, the industrial sector in Nigeria has remained a major consumer of foreign exchange with a high dependency on imported raw materials and capital good and making relatively minor contribution to foreign exchange earnings.
As can be seen in table 2.1 / see appendix the contribution so of the industrial sector to GDP remained stagnant at an average of about 8% during the 1980s and declined to an average of about 7.0% during the 1990 to 2000 period the country’s industrial GDP achievements persistently fell far short of what obtained in other developing countries at similar stages of development e.g Malaysia 26% Thailand 21.5%. this poor performance of the industrial sector suggests rather strongly that, the effect to promote the industrial sector through the various structural adjustment programme (SAP) and the recent commercialization and privatization programme have failed to yield desirable result. At the macro level the poor state of the economy for most of the 1980s and 1990s, several poor state of the Nigeria economy on the oil sector, the poor an haphazard implementation of the structural adjustment programme. Other factors includes huge shortage in foreign exchange earnings in the 1980s, and 1990. Read More
design and implementation of an online hotel reservation system. Case study of Winika Hotel Gboko
Most hospitality companies, even small independent units operate several businesses. A bed and breakfast operation will provide accommodation, a meal and perhaps a bar or licensed area for recreation. The larger the hospitality business the more difficult it is to define precisely the nature of the business.
Levitt (1999) suggested that the product led definitions of a business such as Hotel and catering’ are not helpful and may distract the strategic policy makers in the formulation of effective long term action plans.
He maintains that the definitions of the business should be in terms of its customers satisfying ability in which the hotel and catering operation may be described as serviced accommodation for short stay travelers. Emphasis in the example is place on the rooms the provision of food and beverages is subordinate to this main aim and may even be provided on concession arrangement by another company. Read More
political party development in Nigeria: an opinion survey of the three senatorial districts of edo state, nigeria (1999 – 2012)
The methodology has to do with the systematic collection and analysis of data in research. It also has to do with the research design, population of study, sample size/sampling methods or techniques, sources of data, instruments of data collection as well as techniques of data analysis.
Below are the components of the methodology of this study.
3.1 RESEARCH DESIGN
The descriptive survey design was used in this study. According to Mark Brown (1985), the descriptive survey research tries to identify variables that exist in a given situation and tries to describe the relationship among the variables, as well as identify the factors that exist among such variables.
3.2 POPULAITON OF STUDY
The 2006 census put the population of Nigeria at over one hundred and fifty million out of which Edo State figures stood at three million, two hundred and thirty-three thousand, three hundred and sixty-six (3,233,366). Therefore, in this study, the population of Edo State was used in the investigation. However, it comprised of the three senatorial districts of Edo State. Read More
privatization of public enterprises and its implication on economic policy and development of cross river state.
Review of Related Literature and Theoretical and Theoretical Background
This chapter deals with the scholarly view of some authors on privatization with theoretical background.
Review of relevant literature
Since the creation of Cross River State, there have been a lot of works on issue covering the privatization of public enterprises and its implication of economic policy and development in Cross River State.
Anyanwu (1999) succinctly explained that despite the greater expectation that spurred the establishment of public enterprises and the huge investment and subvention pumped to float and maintain them, they have remained a colossal drain on the nations hard earned resources with little positive impact on the socio-economic life of the country. The fourth National Development Plan (1975-1980) state that the actual performance of the public enterprises in Nigeria leaves much to be desired. It is clear that many of them are not responding to the changing and dynamics economy. Some do not posses the tool for translating into reality, the hope of successful commercial options the lead and quality of personnel are mediocre and reflect the worst traditions and rigidities of the civil service. Read More
problem and prospects of small scale fish farmers in edo state: a case study of ovia north east local government area of edo state
Fish farming otherwise known as fish culture is a branch of aquaculture which involves the domestication and rearing of different types of fish. This practice allows feeding, breeding, growing and harvesting of fish in a well planned manner. A wide range of fish farming does exist including growing of fish in earthen ponds, concrete tanks, cages, pens, or run-ways (Swift, 1993). Several methods of successful production of fish is practiced but the popular and simple technique is the earthen pond, which is the basic unit of fish farming worldwide and it is dependent on natural production of fish feed (Plumb,1999).
Previous study had confirmed that land, water, labour and capital are the most essential resources in that order (Kudi et al., 2008). In spite of availability of these resources, fish farmers identified lack of finance, lack of good market, pest and diseases as other important issues in fish production (Agbebi et al., 2006; Ndu, 2006). Another problem faced by fish farmers is the processing and preservation needs of fish. Davies and Davies, 2009 reported different methods of preservation such as drying, smoking, chilling and brining, but the most prominent method of fish preservation in Nigeria is smoke-drying (Akinola et al., 2006). According to Momoh (2009), several Nigerian government parastatals planned to collaborate to establish industries for canning and further Read More