TABLE OF CONTENTS
Chapter one
Introduction = = = = = = = = =
1.1 backgrounds
to the study = = = = = =
1.2 Statement of research problem = = = = =
1.3 Research questions = = = = = = =
1.4 Objectives
of the study = = = = = =
1.5 Hypotheses of the study = = = = = =
1.6 Significance of the study = = = = = =
1.7 Scope of the study = = = = = = =
1.8 Limitation
of the study = = = = = =
1.9 Operationalization of variables = = = = =
1.11 The
structure of the work = = = = = =
1.12 Definition
of terms = = = = = = =
Chapter two
Literature review = = = = = = =
2.0 Introduction = = = = = = = =
2.1 Conceptual issues = = = = = = =
2.1.1 Definition,
classification, size and
characteristics of women entrepreneurship sector = = = = = = =
Chapter three
Research methodology = = = = = = =
3.0 Introduction = = = = = = = =
3.1 Study
Area = = = = = = = =
3.2 Research
design = = = = = = =
3.3 Population of
the study = = = = = =
3.4 Sample
size determination = = = = =
3.5
Sampling
procedure
3.6 Data collection techniques
3.7
research instruments
Chapter four
Data
presentation, analysis and interpretation of results
4.0 Introduction = = = = = = = =
4.1 Survey
results = = = = = = =
4.2 Descriptive analysis of variables = = = =
Chapter five
Summary, discussion, conclusions and recommendations
5.1
Summary
of the work = = = = = =
5.2 Discussion
of the findings = = = = =
5.2.2 Hypothesis 2: = = = = = =
5.2.3 Hypothesis 3 : = = = = = =
5.2.4 Hypothesis 4: = = = = = =
5.2.5 Hypothesis 5: = = = = = = =
5.3 Findings
of the study = = = = = =
5.4 Conclusions
= = = = = = =
References = = = = = = = = =
Questionnaire = = = = = = = =
CHAPTER ONE
1.1 INTRODUCTION
BACKGROUND OF THE STUDY
The
real exchange rate and Nigeria
agricultural exports-one of the most dramatic events in Nigeria over the past decade was devaluation of
the Nigeria
naira with adoption of a structural adjustment programme (SAP) in 1986. A
cardinal objective of the SAP was the restructuring of the production base of
the economy with a positive bias for the production of agricultural exports.
The foreign exchange reforms that
facilitated a cumulative depreciation of the effective exchange rate were
expected to increase the domestic prices of agricultural exports and therefore
boost domestic production significantly, this depreciation resulted in changes
in the studture and volume of Nigeria’s
agricultural exports as empirically determined by many researchers (Oyejide, 1986)
Ihimodu, 1993, Osuntogun et al, 1993,
world Bank 1994).
The depreciation also increased the
prices of agricultural exports and studies have shown a marked increase in
volume of agricultural exports over the gears. However, the volatility,
Frequency and instability of the exchange rate movements since the beginning of
the floating exchange rate raise a concern about the impact of such movements
on agricultural treacle flows. Structural adjustment and agricultural
performance among other measures, the structural adjustment programme (SAP)
which starlit in 1986, abolished the commodity board, the body that since 1960
had been responsible for organization and purchase of agricultural exports. As
a result farmess could sell their products directly to foreign buyers and local
processtas without any intermediary, this was expected to remove the excessive
taxation on formers products by the erstwhile marketing boards and leare
producer prices to be determined by market forces. Giver that agricultural
output is influenced by process among other factors, the depreciation of the
naira and abolition of the commodity boards were expected to result in overall
increase in production of exports.
There was a major increase in fire major
agricultural export crops that had been on the decline since the 1970s. by
1985, only 375, of the 1970 output was achieved.
According
to kwanaslice et al, (1994), the degree of fluctuation in prices is a major
determinant of the changes in earnings given the trend in output over the years.
In this regard however, exchanged rate
could be defined as the rate which one currency can be exchanged for another
are can be regarded as the price of one currency in term of another.
Furthermore, the exchange rate represents a key relative price in the economy
in addition its political undertone such that policies to changer it one often
the centre- piece of adjustment programs designed is improve international
competitiveness and selft resources towards the production of tradable goods.
As a price of a currency in terms of another, exchange rate plays a very
important role in national and international economy. Moroso. An Imf (1984)
study cities arguments that exchange rate variability would also tend to indue
macro-economic phenomena that are undesirable, for example inflation and
protectionism. Despite, more recent research explains why a positive effect
could also be possible (de Grauve, 1988, Caballero and Corbo, 1989). If firms
hedge against exchange rate rise, one could not expect to find a strong
negative effect on trade. Hedging against risk can be done via future or
forward market. Where forward markets exist, the nature of the uncertainty
faced by traders is transformed. A forward market represents, in effect, a
guaranted forecast of the end of the contract period.
Which a trader can take advantage of
payment of a small margin around the forward rates.
Since currency uncertainty can be removed
from the short-term trading transaction by payment of this margin, the cost of
such uncertainty cannot be higher than the cost of purchasing insurance against
it.
Moreover, successive government in Nigeria
have devised and implemented a wide away of exchange rate policy that failed
party or wholly to achieve their set objectives.
The real sector is here defined as
consisting of the following Sectors-Agriculture, manufacturing, Building,
Conduction, Mining, and Quarrying a review of financial static’s for the world
Bank and the Economist reveal that the real sector of Nigerians economy has been
the worse for it the stringent documentation requirements in the official
market crowds out some forex demands that are ultimately met in the parallel or
black market.
Thriving
malpractices in the parallel market and the documentation requirements of the official
market have both contrived to make patronage of the farmer increasingly
attractive and profitable, further discouraging domestic production and
worsening Nigeria’s
balance of payment position. The statistics daming.
It is dear that Nigeria is in dine need of rapid
and sustainable rate of economic growth and development, if we are to reduce
the level of human miseries parading the country.
Has come a long way in evolving an
enduring exchange rate management policy, and we have, no doubt, made appreciated
progress in this regard indeed, the need to ensure that a realistic exchange
rate of the naira is achieved has been major objective of the central bank of
Nigeria.
This is because a realistic exchanger
rate would result in the simultaneous achievement of internal and external
balance and facilitate growth and development.
The achievement of sustainable economic
growth and development. The most cities factor and challenge however, remains
how to increase the productivity of the domestic economy. The higher, the
productivity, the less the treasure on the naira exchange rate and its
volatility. All structural rigidities facing the economy have to be reduced to
the barest minimum if they cannot be completely eliminated. The effect of
having an over-valued exchange rate is legion.
The most critical is the creation of a
high propensity to import cheaper and promotes balance of payments deficits. We
experienced an unsustainable demand for foreign exchange in the early 1980,
when the government resorted to exchange control mechanism to support the
over-valued naira. We will recall the days of foreign exchange rationing
through import licensing and the suffocating distortion and corruption, which
if created is the Nigeria
economy.
In addition to these, because the
economic agents have resources in naira that commons more foreign exchange at
the official rate that could be made available.
Foreign
obligations contracted which could not be settled immediately subsequently
crystallized into pans and London
clubs foreign debts. These debts, with the accrued interest and penalties,
constitute more than 80 cent of Nigeria
total external debt incleed, most of these were not debts incurred by the
government but by Nigeria.
Private sector induced by Over-valued naira.
We sometime, the rate was $1.$ to the
naira with nostalgia, forgetting to recognize that it did incalculable damage
to our economy.
Worst of all, it destroyed our
agricultural base as food import because so cheap that farmers abandoned their
farms and because traders. The manufacturing sector was not spared.
Finally, it is critical to mention that
exchange rate is used as an appropriate instrument to enhance the productroty
of our economy.
1.2 STATEMENT
OF PROBLEM:
A
critical requirement for a freely floating exchange rate regime is the absence
of any form of economic rigidity. The Nigeria economy is characterized by
structural rigidities and bottlenecks. Most of our exports and imports are
characterized by inelasticity either on the demand or supply side or both, real
exchange rate has negative impact on non-oil real exchange rate is one of the
major factors that impede non-oil export growth.
Exports and imports to price and foreign
exchange fluctuations.
Agricultural is important segment of our
culture which also help to give an insight to some people who may want to know
more about the potency accredited to agriculture.
1.4 RESEARCH
QUESTIONS
The
study sought to find answers to the following questions:-
To
what extent do inadequate capital affect the Nigeria agricultural economy?
Are
there relationship between exchange rate and the growth rate of gross domestic
products?
To
what extent do low exchange rate impede the growth of agricultural exports in
the country?
1.5 RESEARCH
HYPOTHESIS
The
following hypothesis were formulated:-
Hi: In adequate capital does not affects the
agricultural export.
Ho: There
is no significant relationship between exchange rate and the growth rate of
gross domestic product.
1.6 SCOPE/DELIMITATION
OF THE STUDY
The
scope was limited to corporate organizations and individuals. Who know the
problems Nigeria’s
are facing in the world economic policy especially the exchanges of our
currencies.
1.7 THE
SIGNIFICANCE OF THE STUDY
This
study was embarked upon with the hope that the results and findings will add to
the existing stock of information on this area of study.
Therefore,
it is the researches belief that policy makers will gain and moreover, be in a
better position to articulate policies on exchange rate given the results of
this study. Also corporate organizations individuals and respond to various
exchange rate policies which believe will enhance the management of scarce
resources at their disposal.
1.8 THE
OBJECTIVE OF THE RESEARCH
The objective of the study are to:-
Evaluate
the nature and extent of the impact of price and exchange rate volatility on
agricultural trade flows.
To
estimate the relationships between price and exchange rate volatility and
analyze their effects on exports and imports prices.
Investigate
the dynamic characteristics of the adjustments of agricultural exports and
imports to price and foreign exchange.
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