ABSTRACT
Automated school
fees payment system is a research work that will help build an effective
information management system for Anglican Girl's grammar secondary school within the admin department. The designed
software will serve as a more reliable and effective means of documenting
school fees payment and cash payment and eliminate errors associated with the
manual method of recording payment details. This project work made use of data
collected from the secondary school library, and journals. The aim of this project work is to achieve
the following; to effectively and efficiently process students school fees
payment and document it, to provide a reliable and transparent system devoid of
personal inclinations and interest and to provide borderless access to ensure
prompt retrieval. The implementation of the computer-based school fee payment
documentation system was carried out using Visual basic languages, Access database.
The result obtained from this work was the design of an efficient system that
will help to enhance the system of school fees payment, with minimal cases of
error so as to give room for accuracy and transparency. In conclusion, the work
met all the objectives intended.
CHAPTER
ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Nigerian
economy since 1970s has been a mono-economy relying heavily on oil as its major
source of foreign exchange earnings. The implication is that the dynamics of
the economy is at the whims and caprices of the price of oil, which for the
most part, has been volatile (Enoma and Mustafa, 2011). The major fallout of
this fragile structure of the Nigerian economy is a situation where the economy
has been growing without creating jobs and reducing poverty (Onodugo, 2013).
The on-hand explanation to this economic paradox is that the oil sector that
produces about 90% of export earnings are in the hands of less than one percent
of the Nigerian population dominated by expatriates and members of the
political class who control production and the proceeds respectively. Worse
still, the sector is disconnected from other tiers and sectors of the economy
and thus offers little or no linkage and multiplier effect to the economy as a
whole.
The adverse
consequences of over dependency on oil trade heightened the need and call to diversify Nigerian economy away from
oil towards the direction of non-oil export trade. Proponents of this increased
proportion of non-oil export argue that the non-oil trade has great potentials
to propel Nigerian economy to the desired growth and development. For instance,
Onwualu (2012) maintained that the value chain approach to agriculture has the
potentials to open up the economy and generate various activities which are capable
of creating jobs and enhancing industrialization and thus makes the non-oil
sub-sector to hold the aces for future Nigerian sustainable economic growth.
Every country in the world strives to achieve high economic growth and
development. Depending on the policies and strategies put in place by one
country or the other, the goal remains the same for all to sustain it.
According to Opara (2010), exports now constitute important national goals. It
has been argued that the economic development of any nation has some strong
relationship with the export performance of the country. Thus, countries that
adopt robust export policies can move their economies to a higher level of
economic growth and development. Many countries today are involved in the
exportation of certain goods and services and the purpose is not only to
acquire foreign exchange reserves but also to gain from the other benefits that
arise from export, which improves balance of payment position, creates
employment and development of export-oriented industries in the manufacturing
sector and improves government revenue through taxes, levies and tariffs. These
benefits will eventually transform into better living condition for the
nationals of the exporting economy since foreign exchange derived would
contribute to meeting their needs for some essential goods and services
(Onayemi and Akintoye, 2009). Prior to the discovery of oil in Nigeria, the
economy depended on the exportation of agricultural commodities. In 1969 the
oil sector accounted for less than 3 per cent of Gross Domestic Product (GDP)
and a modest US$370 million in exports (42 per cent of total exports) and more
than half of GDP was generated in the agricultural sector. By 1980, the oil
sector had come to account for nearly 30 per cent of GDP, oil exports totaled
US$25 billion (96 per cent of total exports) (NCEMA, 2008). The discovery of
oil gave Nigeria new opportunities to expand the economy. As more revenues
flowed from the production of oil, Nigeria began the importation of raw materials
from other countries, thus improving trade with the rest of the world. The
revenue derived led to the growth of the industrial sector, which hitherto was
characterized by inactivity due to low demand for “made in Nigeria” goods. The
oil boom of the Seventies led to import substitution industrialization and the
establishment of new firms and the foreign oil companies increased job
creation, which lowered the unemployment level. The job opportunities,
concentrated in the major urban centers, induced rural dwellers to abandon the
low-paying and backbreaking land cultivation to migrate to urban areas for less
tedious, yet high paying jobs. High wages meant an increase in productivity and
output indicating economic growth for the country. Without a doubt, Nigeria has
benefited tremendously from the discovery of oil. One of the major policy
concerns over the years has therefore been how to expand non-oil export in a
bid to diversify the nations export base to increase its contribution to GDP.
It has been postulated that export expansion improves economic development but
requires incentives in the area of finance in developing nations (Okunnu and
Adeyemi, 2008). The existence of governmental incentives is aimed at assisting
developing countries boost their exports, such as export incentive or promotion
programmes which are public policy measures that seek to enhance exporting
activities at the company, industry or national level. Export promotion
strategy is commonly referred to by many scholars as governmental efforts to
expand the volume of country’s export through export incentives in the form of
public subsidies, tax rebates, special credit lines and other kinds of
financial and non-financial measures designed to promote a greater level of
economic activities in export industries so as to generate more foreign
exchange and improve the current account of the balance of payments (Todaro and
Smith, 2006). Export promotion features as a prominent component of the
economic development strategies adopted by developing countries (Ahmeda, 2002).
Countries such as India, Bangladesh, Brazil, Malaysia, and Ghana have all
adopted export programmes as incentives to boost their exports. The Nigerian
Export Promotion Council (NEPC) was established in 1976 and charged with the
responsibility to administer the export incentives, which were designed to
encourage a meaningful diversification of the economy. One of the goals of the
government’s trade strategy is to adopt export-led growth policies that support
non-oil exports so as to diversify and the economy from its dependency on oil.
Therefore, this study aims to examine the impact of non-oil export on economic
growth. The main objective of the study is to investigate the effect of the
non-oil export on Nigeria’s GDP between 1970 and 2014. Specifically, the
research is set to pursue the following:
·
To
determine whether non-oil export had an impact on GDP
·
To
assess the effectiveness of promoting non-oil exports as a strategy for
economic growth in Nigeria.
For the purpose of analysis,
this study is divided into five sections; the first section is introduction of
the topic under review. Section two of the study is the literature review which
reviewed the previous literature, and conceptual issues. Section three contains
the methodology, model specification, source of data, and the hypothesis to be
tested. Section four will focus on empirical analysis and interpretation of
result. Finally, in section five, the conclusion will be drawn and policy
recommendations will be made from the findings.
1.2 STATEMENT OF THE PROBLEM
Owing to both external and internal factors, the growth
performance of the Nigeria economy has been less than satisfactorily during the
past three decades. Nigeria is yet to attain the ranks of a
developed economy due to lack of structural change, among other factors. Also,
it was observed that a factor crucial to this lack of economic progress is the
lack of economic diversity which has caused the economy to rely heavily on
crude oil for revenues and as the major export commodity in the economy
(Osuntogun, 2007). Prior to the 1970s, Nigeria’s exports were predominantly
non-oil commodities with agricultural commodities accounting for the oil share.
However, in the 1970s, when the price of crude oil in the international market
sky rocketed, the share of non-oil exports began falling and has remained low
ever since (Okunnu
and Adeyemi, 2008).
This is majorly due to
the money-spinning nature of oil exports which makes it more profitable to
export oil and less profitable to export non-oil commodities. This has cause a
rather heavy dependence on the oil sector and the proceeds from the exportation
of crude oil. This heavy reliance subjects the country to difficulties when the
price of crude oil, the major export commodity, is low in the international
market. In light of this, the government adopted various strategies to boost
non-oil exports and stabilize the economy. In spite of these efforts, the
performance and contribution of the non-oil exports sector has remained very
low. The sector has continued to perform below its full potential. This
research is therefore carried out to determine to what extent the
diversification of the economy will help enhance the economic progress of the
economy, to appraise the past efforts at diversification and to discover how
the current performance of the non-oil sectors can be improved.
1.3 OBJECTIVES OF THE STUDY
1. To
examine the impact non-oil revenue on economic growth of Nigeria.
2. To
determine whether non-oil exports contribute to Nigeria’s Gross Domestic
Product.
3. To
find out whether non-oil export generate revenue in Nigerian economy.
1.4 RESEARCH QUESTIONS
1. What
is the impact of non-oil revenue in economic growth of Nigeria?
2. Does
non-oil exports contribute to Nigeria’s Gross Domestic Product?
3. Does
non-oil export generate revenue in Nigerian economy?
1.5 RESEARCH HYPOTHESES
1. H0: There is no
significant relationship between the impact of non-oil revenue and economic
growth of Nigeria.
H1:
There is a significant relationship between the impacts of non-oil revenue in
economic growth of Nigeria.
2. H0:
Non-oil exports do not contribute to Nigeria’s Gross Domestic Product.
H1:
Non-oil exports do contribute to Nigeria’s Gross Domestic Product.
1.6 SIGNIFICANCE OF THE STUDY
Despite the various allocations and policies
to the development of non-oil exports sector, it is yet to perform up to
expectation. The volume of foreign exchange being generated is either not enough
or has fallen. This is due to the monoculture nature of the Nigerian economy.
Since the first Nigerian national plan, the allocation to the non-oil exports
like manufacturing sector has been increasing with little impact being felt in
the economic recovery (Onwualu
2012).
There is over dependence on one sector of the
economy which needs diversifying. The desire to find a realistic exchange rate
for the domestic currency is an important macro-economic policy objective for
a developing country highly dependent on trade (Ahmeda, 2002).
Also the non-oil exports of the economy have
featured in the developmental strategies and plans of many countries and this
has been successful e.g. Newly Industrialized Countries (NIC) or the Asian
tigers and this has been very successful, this necessitates for a study to be
done in this area (Opara 2010).
Since exchange rate policy was adopted during
the Structural Adjustment Programme (SAP) to boost the non-oil exports, there
is need to examine the impact of oil
and non-oil revenue on the Nigeria. The interest of this study is to examine
whether the exchange policy in Nigeria has an impact on non-oil exports.
1.7 SCOPE OF THE STUDY
The study will cover a period 6 years (2006-2012). This is to
achieve a comprehensive analysis of the impact of non-oil revenue on the Nigerian economy. This period
witnessed various economic policies by the government such as the economic
stabilization act and the Structural
Adjustment Programme (SAP) which has so much
impact on the performance of this sector.
1.8 LIMITATION OF THE STUDY
As it is expected with written work of this kind, the
completion of this project was not possible without limitation or problems
encounter in the course of writing this project which includes difficulties in
obtaining relevant and up-to-date, data due to poor nature of Nigeria’s data
collection and storage facilities. Also, the dwindling state of the economy has
made it difficult for people to save and thereby little capital accumulation
for investment.
Finally, the Nigerian government, oil sector and non-oil
sector will used the recommendations of this research to provide
infrastructure, such as public utilities, good road and services etc to
Nigerian.
1.9 DEFINITION OF TERMS
Ø Gross
Domestic Product (GDP) implies the market value of all
officially recognized final goods and services produced within a country in a
given period. GDP per capita is often considered as an indicator of a country’s
standard of living. It is related to national account, a subject in macro
-economics. It is customarily reported on an annual basis. It is defined to
include all final goods and services, that is, those that are produced by
economics resources located in that nation regardless of their ownership and
are not resold in form (Wikipedia 2011).
Ø
Inflation is
defined as a generalized increase in the level of price sustained over a long
period in an economy (lipsey2013). It is a rise in the general level of prices
of goods and services in an economy over a period of time.
Ø
Exchange rate: An exchange rate has a base
currency and a counter currency. In a direct quotation, the foreign currency is
the base currency and the domestic currency is the counter currency. In an
indirect quotation, the domestic currency is the base currency and the foreign
currency is the counter currency. Most exchange rates use the US dollar as the
base currency and other currencies as the counter currency. However, there are
a few exceptions to this rule, such as the euro and Commonwealth currencies
like the British pound, Australian dollar and New Zealand dollar.
Ø Non-oil
export: These include the exportation of the non-oil
produces among which are agricultural, industrial and manufacturing outputs.
Ø Non-oil
export index: This is the fraction of the total export
of goods and services that are produced within the economy that are not
directly related to the oil sector of the economy. The non-oil products exports
are unlimited as they include cash crops, food crops, manufacturing,
entertainment, tourism etc. the value of the non-oil export index shall be used
for measuring the non-oil export (Wikipedia 2011).
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