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Chapter One

Introduction

1.1 Background of the study1

This thesis investigates the impact of economic liberalisation

on the development and performance of manufacturing Small and

Medium Sized Enterprises (SMEs) in Nigeria; in this specific

context, the effects of trade and financial market

liberalisation on the development, performance and survival of

manufacturing SMEs. The Nigerian government has, since

independence in 1960, implemented various economic policies,

such as the Import Substitution Industrialisation (ISI)

Strategy, the Structural Adjustment Programme (SAP) trade and

financial market liberalisation (Adenikinju and Chete, 2002;

Mesike, Giroh and Owie, 2008). All these policies were

implemented by the Nigerian government in an attempt to develop

the country and make it economically and politically self-

sufficient (Agboli and Ukaegbu, 2006).1Some extract of this chapter is already in print as journal articles. See Obokoh (2008e); Obokoh, Ehiobuche, and Madueke (2009).

The ISI policy was meant to develop the industrial potentials

of Nigeria, but some analysts believed that the programme

achieved very minimal success. It was believed that the ISI

policy was plagued with problems ranging from policy

inconsistencies and lack of commitment on the part of the

government and its agencies, to initiate and conclusively

implement economic programmes (Ikpeze, Soludo and Elekwa, 2004;

Agboli and Ukaegbu, 2006; Ayadi, Adegbite and Ayadi, 2008). The

lack of commitment and inconsistencies were linked to the

inability of the government to prudently and judiciously manage

the revenue proceeds from the sale of primary products with

public governance immediately after independence towards

sustainable economic development of the country (Akyüz

and Gore, 2001).

Nigeria’s gross domestic product (GDP) per capita was put at

$300 per annum in 1998 and in 2007, was estimated at $1,169.

The country is classified among less developed countries (LDC)

of Sub Saharan Africa (SSA) under the tariff order of 2005

(IMF, 1999; UNSD, 2009). According to the World development

report of 1997, LDCs are countries that their level of economic

and social developments are lower than that of the advanced

capitalist West due to their low industrial base and dependence

on primary product export.

2

Nigeria is a major exporter of crude oil and producer of

primary products such as cocoa, rubber, cotton, and groundnut.

It relies heavily on revenue from the sale of crude oil and the

primary products (Mesike, Giroh and Owie, 2008). In the late

1970s and early 1980s, the Nigerian economy faced a serious

balance of payment crisis, following the fall in the

international market price for primary products, including

crude oil (Mosley, 1992; Akinlo, 1996). The subsequent fall in

revenue, due to the drop in demand for primary products in the

international market, resulted in balance of payment problems.

This prompted the Nigerian government to embark on a

fundamental economic reform process called SAP based on the

recommendation of International Monetary Fund (IMF) and the

World Bank (WB) (Okome, 1999).

The SAP prepared the ground for the complete liberalisation of

the Nigerian economy, with the aim of creating a competitive

business environment for manufacturing SMEs and Multinational

Corporations (MNCs) (Onyeonoru, 2003). It was envisaged that

economic liberalisation would give SMEs the chance to exploit

the domestic market and also explore international market

opportunities occasioned by the liberalised business

environment (Dawson, 1994; Vachani, 1994). In so doing, SMEs

would then have an unhindered opportunity to contribute

meaningfully to the economic development of Nigeria and help

3

reduce the reliance on primary products (Agboli and Ukaegbu,

2006; Obokoh, 2008c).

It has been argued that SMEs are an effective instrument for

economic growth and development in Developed and Less Developed

Countries (Beyene, 2002; Nitani, 2005). This is because SMEs

contribute significantly to the Gross Domestic Product (GDP)

and produce substantial amounts of locally consumed products

(ECA, 2000; Wattanapruttipaisan, 2003; Tagoe, Nyarko and Anuwa-

Amarh, 2005; Saleh and Ndubisi, 2006). According to Mojmir

(2000), SMEs play an important role in the economic growth of

any country including industrialised countries because they

account for more than half of a country’s output and employment

(Hussain, Matlay and Scott, 2008). In the same vein, Udechukwu

(2003) asserts that the development of SMEs is an essential

element in the growth strategy of most economies, which holds

particular significance for developing countries like Nigeria.

SMEs are a vital part of any market economy because they are

represented in all major branches of manufacturing and service

sectors (Obokoh, 2008c). This is in addition to their role in

job creation for the unemployed, provision of goods and

services within and across national boundaries of countries

(Saleh and Ndubisi 2006; Woldie, Leighton and Adesua, 2008).

Due to their small size, SMEs are flexible and are more able to

adapt to changes within the market environment than large firms

4

(Mazzarol, 2000; Udechukwu, 2003; Aryeetey, 2005). However, the

small size of SMEs and their small capital base also

constitutes an obstacle to their access to funds for their

operations (Obokoh, 2008d). It is expected that SMEs, with

ready and willing entrepreneurs, can succeed in an increasingly

competitive world, especially if there are enabling and

supportive government policies (Biggs, 2007). In this vein,

Berry (2002) asserts that the flexibility of SMEs operations

persuades business analysts to believe in their strategic role

towards future industrial growth of developing nations. Despite

this flexibility, SMEs are also exposed to external

environmental risks such as government policies and competition

from MNCs (Watson and Everett, 1999; Abonyi, 2003). Some of

these environmental factors often hinder SMEs from gaining the

necessary international exposure for achieving large scale

production for the efficient utilisation of resources (Mambula,

2004).

Given favourable policy environment and support, it is believed

that SMEs can achieve an efficient production process that

would enable them to compete successfully in the global market

(Briggs, 2007). Therefore, government policies should be

directed towards improving the economic environment in which

SMEs operate (Fredland and Morris, 1976; Everett and Watson,

1998). There is now a re-newed emphasis on the development of

SMEs especially in LDCs (ECA 2001). This is in view of LDCs

5

governments’ formulation of policies that would create the

enabling environment for the establishment and the operation of

SMEs (Agboli and Ukaegbu, 2006).

The re-newed emphasis by various Governments in LDCs on SMEs

development can be linked to the current global trend of

economic liberalisation and the need to bridge the development

gap, that hitherto existed between LDCs and industrialised

countries through private sector participation (Akinlo, 1996).

The realisation of the need to encourage private sector (SMEs)

participation in economic activities was borne from the balance

of payment crisis of the 1980s. This is because the private

sector that would have provided the needed substitutes for

domestic consumption was not well developed owing to defaults

in earlier policies.

1.2 Statement of Research Problems

Prior to the liberalisation process in Nigeria, manufacturing

SMEs were characterised by small capital base which constituted

an obstacle to access to funds for their operations and

expansion. This resulted in low productivity value-added to

economic growth and Gross Domestic Product (GDP) (Dawson, 1994;

Ekpenyong, 2002; Mambula, 2002).

The effect of SMEs low productivity, absence of a strong

private sector (SMEs) and the dismal performance of the

6

manufacturing sector to sustained economic growth in Nigeria

became evident in the early 1980s, following the fall in the

international market price for crude oil. The revenue from

crude oil sales accruing to the government dropped drastically,

which led to a balance of payment deficit and the government’s

inability to meet up with import bills (Adenikiju and Chete,

2002). The recognition of the vital role of the private sector

and manufacturing SMEs necessitated the need for economic

reform that culminated in the liberalisation of trade and

financial market by the Nigerian government (Mosley, 1992;

Adenikinju and Chete, 2002).

The liberalisation of the financial market was aimed at

creating avenues for easy and cheap access to finance for SMEs.

It was widely believed that the Nigerian financial market was

highly repressed by the government’s regulation of the interest

rates through the Central Bank of Nigeria (Akinlo and Odusola,

2003). In order to make the liberalisation of the financial

market effective, the government removed the restriction on

exchange rate movement to allow free flow of investible funds

into and out of the country and also make market forces

determine the Naira exchange rate (Obadan, 2006a). The

liberalisation of the financial market that resulted in the

deregulation of interest rates and exchange rates had two basic

purposes. The first was to maintain a positive real interest

rate in order to encourage savings which would make funds

7

available and accessible to SMEs. The second purpose was to

devalue the Naira exchange rate to make the import of finished

goods more expensive and less attractive to Nigerians (Ikhide

and Yinusa, 1998). It was also envisaged that this would

provide the needed opportunity for SMEs development through the

utilisation of local raw material and intermediate inputs for

production (Dawson, 1994).

On the other hand, trade liberalisation resulted in the

abolition of import license, tariffs, and removal of import and

export restrictions. The liberalised trade was intended to

create competition in the domestic goods market for the

production and distribution of consumables, especially with the

free import of finished goods. In addition, it was envisaged

that the competition brought about by liberalised trade would

help reduce the rent seeking ability of large manufacturing

firms and eliminate the inefficient ones (Söderbom and Teal,

2002; Akinlo, 2006). The liberalised trade was also meant to

promote the development and utilisation of indigenous

technology; generate employment and encourage the export of

manufactured goods by SMEs.

However, the SAP policy that prompted the reform process

anchored on the neoliberal policy of the Washington Consensus

precluded the government from direct participation in economic

activities. This then confined the government to a supervisory

8

role in order to allow market forces to determine the

allocation of scarce resources. The SAP policy also required

the government to cut down on public expenditure and the

removal of subsidies on petroleum and other items (Mosley,

1992). The reduction in public expenditure then resulted in

serious cases of non-performance of public infrastructure owing

to poor budgetary outlays towards their expansion and

rehabilitation (Lee and Anas, 1992; Agboli and Ukaegbu, 2006).

The bottom line of the economic reform in Nigeria was to create

a conducive and competitive business environment for the

development of private sector, especially manufacturing SMEs.

Financial market liberalization enabled the government to

pursue positive real interest rates, as a means of inducing

local savings and attracting foreign funds from abroad (Ikhide

and Alawode, 2002, Obokoh, 2009). On the other hand, the

devaluation of the Naira was aimed at discouraging the import

of finished goods. While the deregulation of the foreign

exchange market, allowed the Naira to float against other major

currencies. It was envisaged that this would facilitate easy

access to foreign exchange for the importation of needed raw

material and intermediate goods. Despite the perceived

advantages of these actions, the outcome created obstacles to

SMEs competitive performance in Nigeria. These policies have

put SMEs in a position where they have to struggle for survival

and have even led to the failure of some SMEs against the

9

expectation of exporting their finished products, as was

promised by the liberalization policy. In addition, the absence

of functioning public infrastructure and the low level of

technological development in Nigeria constituted a serious

obstacle to SMEs competitiveness.

In this thesis it is argued that these problems militate

against the performance and development of SMEs. It also gave

an insight as to why government programmes designed for the

development of manufacturing SMEs have failed to achieve their

desired objectives (Mambula, 2002) under an economic

liberalisation policy in Nigeria.

1.3 Research question

In view of the perceived benefits of economic liberalisation by

the Nigerian government and the opinions of the proponents of

liberalisation, the main research question of this thesis is;

what is the impact of economic liberalisation on manufacturing

SMEs in Nigeria? The answer to this question would enable this

study to assess the desirability, or otherwise, of economic

(trade and financial market) liberalisation that commenced in

1987. The following sub questions would assist in answering the

main research question and also help in assessing the impact of

economic liberalisation policy on the development, performance

and survival of SMEs in Nigeria:

10

(i) What is the effect of interest rate liberalisation on SMEs

performance and is there any link with the shut down decision of

SMEs?

(ii) What is the effect of exchange rate deregulation on SMEs

performance and does it have any link with the failures of SMEs in

Nigeria?

(iii) To what extent has the liberalisation of the financial market

solved the problems of access to finance for SMEs?

(iv) To what extent has trade liberalisation facilitated the export of

manufactured goods by SMEs?

(v) To what extent has the state of infrastructure in Nigeria hindered

the performance and competitiveness of SMEs in the liberalised

economy?

(vi) What are the constraints of SMEs after economic liberalisation and

how have these constraints hindered their performance?

(vii) To what extent has the government development programmes designed

to boost SMEs performance achieved their desired goals under a

liberalised economic environment?

1.4 Objectives of the study

This study sets out to examine empirically the impact of

economic liberalisation on manufacturing SMEs in Nigeria and

how it has affected their profits, turnover and cost of

operation. The specific objectives of this study therefore are

to:

(i) Examine the effects of interest rate deregulation on the

performance of manufacturing SMEs and to establish if there is

link with the shut down decision of SMEs.

11

(ii) Analyse the effects of exchange rate deregulation on manufacturing

SMEs and if it has any link with the failures of SMEs.

(iii) Investigate the impact of financial market liberalisation on the

problem of access to finance for manufacturing SMEs and if it has

solved the problem of access to finance for SMEs.

(iv) Examine whether the removal of trade restrictions improved

manufacturing SMEs opportunities in the international market or

facilitated the export of their finished goods.

(v) Examine the effects of the state of infrastructure on the

performance and competitiveness of SMEs in a liberalised economy

of Nigeria.

(vi) Highlight the constraints of SMEs after economic (trade and

financial liberalisation) and how these constraints impact on

their performance in Nigeria.

(vii) Investigate the reasons why programmes designed by the government

to boost manufacturing SMEs performance are yet to fully achieve

their desired objectives.

The performance of SMEs in this study would be measured in

terms of cost of operations (production cost), sales/ turnover

and profits.

1.5 Hypothesis of the study

The following null and their alternate hypothesis were

formulated based on the literature that high interest rates

affect working capital and output of firms which invariably

also affect profits (Wijnbergen, 1985). It has also been argued

that SMEs are more sensitive to interest rates shocks compared

to big businesses because of their small resources (Vickery,

2008). This is on the backdrop of inadequate infrastructure in

12

Nigeria which earlier research indicates affect the performance

of SMEs due to their resorting to self provision of the needed

infrastructure (Lee and Anas, 1992). These three hypotheses

would be tested to find out whether they hold true for SMEs

operating in Nigeria:

(i) (Ho) There is no significant relationship between high interest

rates and operational cost of SMEs after financial market

liberalization.

(Hi) There is significant relationship between high interest rates

and operational cost of SMEs after financial market

liberalization.

(ii) (Ho) There is no significant relationship between high interestrates and SMEs profit levels.

(Hi) There is significant relationship between high interest ratesand SMEs profit levels.

(iii) (Ho) There is no significant relationship between the state ofinfrastructure and the operational costs of SMEs.

(Hi) There is significant relationship between the state ofinfrastructure and the operational costs of SMEs.

1.6 Motivation and Justification for the study

This study is motivated by the fact that all the studies on

economic globalization and liberalization in developing

countries, including Nigeria, have dwelt on narrow issues of

the effects of either financial market liberalisation or trade

liberalisation. Issues discussed in those studies revolved

around the problems of access to finance by SMEs and the

13

positive effects of market determined interest rates. On the

other hand, studies on trade liberalisation dwelt on problems

of raw materials constraints affecting SMEs and the need for

the removal of all trade restriction that encourages

competition among manufacturing firms in Nigeria (see for

example Mambula, 1997; Adenikinju and Chete, 2002; Ekpenyong,

2002; Mambula, 2002; Iyanda, 2003; Onyeonoru, 2003; Udechukwu,

2003; Aryeetey, 2005; Tagoe et al, 2005). None of these studies

have so far investigated how the performance of manufacturing

SMEs in Nigeria has been affected by the combined effects of

trade and financial market liberalisation in view of the poor

state of infrastructure in Nigeria. That is, how the high

interest rates, the depreciation of the Naira and the removal

of trade restrictions as a result of economic liberalisation

policy have affected SMEs in view of the poor state of

infrastructure. This study attempts to bridge the gap in

literature with respect to these economic variables which it

believes has led to the failures of most manufacturing SMEs in

Nigeria.

It has been suggested that a private sector-SMEs led economy

would contribute positively towards the realisation of the

United Nations millennium development goal of the global

partnership for economic development, through the eradication

of poverty, hunger and job creation in Nigeria and other SSA

countries (Nwankwo and Richards, 2004). Based on the

14

recognition of the importance of manufacturing SMEs’ abilities

to diversify the Nigerian economy and their potentials to

contribute towards the attainment of the millennium development

goals further justify the need to study how the economic

liberalisation policy has affected the performance and survival

of SMEs in Nigeria.

Besides, liberalisation has been a contentious issue that has

resulted in different views from scholars due to the

methodological approach applied in their studies (Sachs and

Warners, 1995; Rodriguez and Rodrik, 2000; Stiglitz, 2002a, b).

This study then sets out to present a different methodological

approach in the study of the effects of the economic

liberalisation on the development and performance of

manufacturing SMEs in response to the call by Soludo’s (2003)

and Winters’s (2004) for a different methodological approach in

the study of the impact of liberalisation in an economy.

The different methodological approach and the use of ROI to

investigate the combined effects of trade and financial market

liberalisation on SMEs give this study its uniqueness.

1.7 Methodology

This study used quantitative and qualitative methods of data

collection to obtain data from manufacturing SMEs operating in

Lagos State of Nigeria. The data obtained from these primary

15

sources were triangulated with the secondary data from the CBN

to ensure validity and reliability of the primary data. The

data were analysed using SPSS 16.0 and the application of

return on investment (ROI) model on the transaction data of the

sampled SMEs. The presentation of results was purely

descriptive using tables and graphs.

The mixed methods approach was employed to avoid the

controversies trailing the use of econometric models, because

of their inability to cater for some qualitative factors. Some

of the models include, but are not limited to, partial

equilibrium model and general equilibrium model. These models

utilize time series and cross-country panel data to demonstrate

the effects of liberalisation on economic variables in

developing countries. It has been argued that there are other

qualitative factors such as cultural values, religious norms

and people’s attitudes, that can influence economic growth

which cannot be measured by economic growth models.

Furthermore, it has been demonstrated that it is difficult to

establish causality between economic liberalisation and rapid

economic growth using models (Albaladejo, 2003; Winters, 2004).

That is why this thesis utilized primary data that would be

able to draw on people’s perception of the effects of the

policy on their businesses, in addition to using reliable

secondary data from the CBN to measure the impact on the

economy in general.

16

1.8 Scope of the study

This thesis investigates the impact of trade and financial

market liberalisation on the development and performance of

manufacturing Small and Medium Sized Enterprises (SMEs) in

Nigeria and focuses on the period between 1980 and 2006. It

examines the effects of the policy on manufacturing SMEs access

to credit, productivity performance and also their

competitiveness within the domestic and international markets.

Issues related to economic liberalisation discussed in this

thesis focuses on trade (abolition of import license, tariffs,

and removal of import and export restrictions) and financial

markets (exchange rate and interest rate deregulation)

liberalisation. This is because the Nigerian government

simultaneously pursued macroeconomic stabilisation and

adjustment policies (IMF, 1999) during the period under study

(Akinlo, 1996; Ikhide and Alawode, 2001).

McCulloch, Winters and Cirera (2001) stressed that trade and

financial market liberalisation is linked in developing

countries, where macroeconomic stabilisation and adjustment

programmes that contain various elements of liberalisation are

pursued simultaneously by the governments. Liberalisation is an

unwritten requirement for economic integration; a conditional

lending policy of IMF, which requires a borrowing country’s

adherence to structural adjustment programme (Falvey and Kim,

1992; Aisbett, 2003).

17

The study focuses on SMEs in the manufacturing sector because

of the importance of the manufacturing sector to economic

development in Nigeria. Due to budget and time constraints, the

study was restricted to manufacturing SMEs operating in Lagos

State of Nigeria. The generalisation in this study would be

based on the findings of the structured questionnaire and semi-

structured interviews carried out in the State. Lagos State was

chosen for this research because it accounts for the majority

of Nigeria’s commercial and financial activities and has the

highest concentration of manufacturing SMEs in the country

(Ajayi, 2007).

1.9 Structure of the Study:

This thesis is structured into six chapters. Chapter one gives

the general introduction and background of the study.

Chapter 2 gives a brief background of Nigeria and traces the

economic reforms implemented by the Nigerian government from

1960 to 2006, which has affected SMEs in the manufacturing

sectors with particular focus on the period 1980 to 2006. The

definition, characteristics, problems of manufacturing SMEs and

the various schemes designed by the government for the

development of SMEs in Nigeria are considered in the chapter.

18

Chapter 3 is the literature review that gives an in-depth

review of economic liberalization vis-à-vis trade and financial

market liberalization. It reviews the theories underpinning

trade and financial market liberalisation and the link with

manufacturing SMEs in Nigeria. This chapter also provides

empirical evidence of different scholars on trade and financial

market liberalisation and lays the methodological foundation

for the study.

Chapter 4 contains the methodology that describes the research

design and the procedure followed in the collection of data for

the study. It also describes the various research instruments

and the method of data analysis.

Chapter 5 contains the presentation and analysis of the

results. The study used descriptive methods of data

presentation such as tables and graphs to present the results.

This chapter also contains the discussion of results that seeks

to establish if there exist any link between the theories

behind the liberalisation policy and the realities on the

ground in Nigeria.

Chapter 6 gives the summary, recommendations and conclusion of

the research. It also contains the contribution of this thesis

to knowledge.

19

1.10 Conclusion

The economy of Nigeria experienced a downturn following the

fall in the international market price for crude oil that

subsequently led to balance of payment crisis. The common view

then was that there was a lot of waste because of the

government’s spending on the large public sector. It was

recommended by the World Bank/ IMF that the government should

cut down on public sector expenditure through the removal of

subsidies and a comprehensive economic reform. The World

Bank/IMF argued that it was the only way to revive Nigeria’s

economy and qualify it for a structural adjustment loan. This

resulted in the liberalisation of the economy, with the aim of

making the private sector play a more active role in the

economy. It was envisaged that the liberalisation of the

economy would result in efficient allocation of scarce

resources through the interplay of the market forces and make

finance more accessible to SMEs, as a result of the ensuring

competition (Dawson, 1994).

The next chapter looks at the stages of reforms process in

Nigeria and how it has affected development of SMEs. It would

highlight the problems SMEs faced before and after the

implementation of the liberalization policy. The chapter would

also give an insight to the sources of finance and how the

government through CBN provided avenues to improve the access

to finance for SMEs.

20

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92

Appendix 1 Pilot Questionnaire

THE IMPACT OF GLOBALISATION ON SMALL AND MEDIUM SIZED

ENTERPRISES IN NIGERIA.

All responses will be used in STRICT CONFIDENCE. I greatly

appreciate your participation.

Please answer all questions by ticking ( ) or writing in the

spaces provided as appropriate.

A. Company characteristics

1. How old is your company?

[ ] 1-9 years, [ ] 10-19 years, [ ] 20-29 years, [ ] above

30

2. What line of business is your company engaged in?

[ ] Manufacturing, [ ] Service [ ] Both

3. What is the total number of employees in your company?

[ ] 1-20, [ ] 21-40, [ ] 41-60, [ ] 61-80, [ ] 81-

100, [ ] 101-200, [ ] 201-300

[ ] above 301

93

4. What is your company’s total asset base excluding land and

working capital?

[ ] N1-N9m, [ ] N10-99m, [ ] N100m- N499m, [ ] above

N500m

5. How many different products does your company produce?

[ ] 1-5 [ ] 6-10 [ ] 11-20 [ ] 21-30

6. What is the average level of output of your company per

annum before 1986 in

tonnes (‘000)?

[ ]1-10 [ ] 11-20 [ ]21-30 [ ]31- 50 [ ]51-100

[ ]101-200 [ ]above 201

7. What is the current average level of output of your company

per annum after 1986 in

tonnes (‘000)?

[ ] 1-10 [ ] 11-20 [ ] 21-30 [ ] 31- 50 [ ] 51-100 [ ]

101-200 [ ] above 201

8. What percentage of your output per annum is for the

Nigerian market?

[ ] 1-20% [ ] 21-40% [ ] 41-60% [ ] 61-80% [ ] 81-100%

94

9. What is your company’s average turnover per annum in

monetary terms before 1986?

--------------------------------------------------------

---------------------------------------

10. What is your company’s average turnover per annum in

monetary terms after 1986?

---------------------------------------------------------

------------------------------------------

11. Where does your company source its raw material for

production?

[ ] locally [ ] internationally [ ] both

The Federal Government liberalised the economy in 1986 in line

with the policy instrument of Structural Adjustment Programme

(SAP) to allow market forces determine allocation of resources.

12 Has the liberalisation of the economy made procurement of

raw material cheaper and

easier for your Company?

[ ] yes [ ] no

13 If no, what do you think is responsible?

95

[ ] devalued naira [ ] transportation cost [ ] scarcity

[ ] unstable exchange rate

[ ] competition from large Multi National Companies

[ ] other

------------------------------------------------------------

----------------------

14 Using 1986 as the base year for Q15 and Q16, what will you

say about the cost of

running your company?

[ ] Cost was better before liberalisation in relation to

profit [ ] Cost increased after liberalisation in relation

to profit [ ] Not sure when it was better.

15 What can you say about the profit level of your company?

[ ] It has increased compared to pre-liberalisation [ ] It

has decreased compared to pre-liberalisation [ ] there is no

remarkable difference

[ ] other

------------------------------------------------------------

-------------------------

16. Do you think the Government made adequate provision in

terms of institutional policy

for SMEs before embarking on liberalisation policy?

[ ] yes [ ] no

96

17. What impact has liberalisation on the following in your

Company?

Positive NegativeProfit of your

CompanySale/ Turnover Cost of Operation

B. Market Environment

1. From your assessment of the market situation before and

after the liberalisation policy, did the demand for your

company’s products increase in the local market?

[ ] yes [ ] no

2. How has the current influx of finished goods into the

Nigerian market affected the turnover of your company’s

product?

[ ] Increase the turnover [ ] Reduce the turnover [ ] Do

not have any effect on turnover

3. What would you say about the buying pattern of Nigerian

consumers towards made in Nigeria goods?

[ ] Favours imported goods [ ] Favours made in Nigeria

product.

97

4. If your answer in Q3 says favours imported products,

what can you say is

I responsible for this buying pattern?

[ ] Imported products are cheaper than those produced in

Nigeria [ ] Imported products are of better quality

[ ] others please

specify---------------------------------------------------

------------------

5 What do you think can be done either by Government or

Nigerian manufacturers to correct this buying pattern?

6. Has the liberalisation policy affected SMEs in

Nigeria?

[ ] yes [ ] no

7. From your assessment of Nigerian economic situation, do

you feel the effect of the

policy is?

[ ] positive [ ] negative

C. Extent of International Operations

1. Does your Company export her product?

[ ] yes [ ] no

98

2. If yes, when did your Company enter the International

Market?

[ ] 1-10 [ ] 11-20 [ ] 21-30

3. What percentage of your Company’s product is for

International Market?

[ ] 1-10% [ ] 11-20% [ ] 21-30% [ ] 31-40% [ ] 41-

50% [ ] 51- 80%

4. Does your product enjoy International Patronage compared

to the local market? [ ] yes [ ] no

5. Are there any special features that differentiate your

Company’s products from other products in the

International market to attract more patronage?

[ ] Yes [ ] no

6. If yes, please state these features

----------------------------------------------------------

----------------------------------------------------------

----------------------------------------------------------

----------------------------------------------------------

-------------------------

7. Do you think the differentiating features in the product

of your Company contribute to its demand in the domestic

market?

[ ] yes [ ] no

8. Do the differentiating features have any positive effects

on the demand of your products in the International

Market?

99

[ ] yes [ ] no

9. Did the liberalisation policy increase your firm’s

international market share?

10. [ ] yes [ ] no

11. Do you think SMEs in Nigeria have been able to create

a niche in the International market in view of the stiff

competition they face? ----------------------

12. If yes, can you give evidence to support your

assertion.------------------------------------------------

----------------------------------------------------------

----------------------------------------------------------

----------------------------------------------------------

----------------------------------------------------------

----------------------------------------------------------

----------------------------------------------------------

--------------------------------

13. What are the factors listed below you think hinders

your Company from achieving its potentials in the

International Market?

[ ] Lack of International experience

[ ] Cost of exporting (logistics) products,

[ ] Quality of our products does not match other products

from other International Competitors

[ ] Inability to produce on a large scale

100

[ ] Legal bottleneck of export process

[ ] Profit margin is low compared to the cost of

production

[ ] Others please

specify---------------------------------------------------

----------------------------------------------------------

----------------------------------------------------------

----------------------------------------------------------

------------------------------------------

D. Production and Infrastructural Facilities

1. What type of production process does your Company use

to produce her

products?

[ ] Labour Intensive [ ] Capital Intensive

If Capital intensive go to question 3

2. If labour intensive process, why is your Company still

using this process?

[ ] We do not have the necessary fund to go Capital

intensive process

[ ] We do not have the technical expertise for

Capital intensive process

[ ] Our product does not allow Capital intensive

process

3. Does your Capital intensive process have positive

effect on your output?

101

[ ] yes [ ] no

4. All the equipment required for production in your

company

were they manufactured in Nigeria?

[ ] yes [ ] no

5. If no, do you have the necessary parts and Technical

Expertise to service the equipment in an event of

breakdown?

[ ] yes [ ] no

6. Are these parts readily available and affordable?

[ ] yes [ ] no

7. Does the level of Technological advancement in Nigeria

affect your production in term of cost?

[ ] yes [ ] no

8. Do you think the level of Technological

advancement in Nigeria is adequate

for to put Nigeria SMEs in a solid footing

to compete internationally?

[ ] yes [ ] no

9 Which of these two production processes do you think

will produce more output in terms of efficiency

of cost and quantity?

[ ] Labour Intensive Process [ ] Capital Intensive

Process

102

10 Do you think the level of Infrastructural facility on

ground is adequate for your Company to compete

favourably in the International market?

[ ] yes [ ] no

11 Does the current business and political climate in

Nigeria, affect your production and hence the

competitiveness of your products both locally and

internationally?

[ ] yes [ ] no

12 What level of importance are the following to the

operations of your Company?

Very

Importan

t

Importan

t

Not

Importa

nt

Indiffer

ence

Good

Access

RoadConstant

Electricit

y SupplyClean

Portable

WaterCommunicat

ion

Facilities

103

13 If these infrastructures are provided by the

Government, do you think it will make your

products more price competitive and improve your profit

performance?

[ ] yes [ ] no

104

E. Drivers and strategies for International Market

1. What strategy/strategies did your company adopt to

remain in operation despite the high

level of competition in the local market?

[ ] Introduction of new product [ ] Product

differentiation

[ ] Improve product quality as result of improvement

in manufacturing method

[ ] Export drive to gain new market [ ] Change of

business line

F. Finance and Government Support

1. Do you think SMEs in Nigeria have easy access to Bank

loans for their operation?

[ ] yes [ ] no

If your answer is yes, go to Q3.

2. If your answer to Question 1 is no, which of

these items listed below do you

think is responsible for SME’s inability to

have access to Bank loan?

[ ] SME’s inability to provide necessary

collateral for Bank loans

[ ] Perceived risk by Banks of granting

loans to SMEs

105

[ ] Banks prefer to grant short term loans

3. Do you think availability of finance have any effect

on SMEs operation both

locally and internationally?

[ ] yes [ ] no

4. If SMEs in Nigeria are provided with easy access to

finance do you think they

Can compete favourably locally and internationally?

[ ] yes [ ] no

5. Do you think SMEs in Nigeria have enough support from

the Government in terms of finance and institutional

policies?

[ ] yes [ ] no

6. What other areas apart from infrastructure do

you think that the Government

could be of help to SMEs?

---------------------------------------------

-------------------------------------------------

---------------------------------------------

-------------------------------------------------

---------------------------------------------

-------------------------------------------------

106

7. What institutional policy do you want the Government to

put in place to

help SMEs succeed in the global

market?--------------------------------------------------

---------------------------------------------------------

---------------------------------------------------------

---------------------------------------------------------

-------

8. What is your position in the Company?

9. What is your gender?

Thank you for your participation

107

108

Appendix 2 Main Research Questionnaire

Dear Sir/Madam,

Re: The Impact of Economic Liberalisation on Small and Medium

Sized Enterprises (SMEs) in Nigeria

I am writing to solicit your support to complete this

questionnaire for a survey on the Impact of economic

liberalisation on Small and Medium Sized Enterprises (SMEs) in

the manufacturing sector in Nigeria.

The aim of this survey is to find out the effects of economic

liberalisation on the performance of manufacturing SMEs in

Nigeria. The findings of this research will inform policy

decisions in future programmes designed to support the

operations and performance of SMEs in a liberalised Nigerian

economy by the Federal Government.

This questionnaire will only take about 15-20 minutes to

complete and I appreciate your time and support.

Please note that the information provided is purely for

academic purposes. It will be treated with utmost

confidentiality and the identity of your establishment will not

be disclosed to a third party.

109

Thank you

Yours Sincerely,

Lawrence Obokoh

Survey Questionnaire

THE IMPACT OF ECONOMIC LIBERALISATION ON SMALL AND MEDIUM SIZED

ENTERPRISES IN NIGERIA.

All responses will be treated in STRICT CONFIDENCE. Your

participation is greatly appreciated.

Please answer all the questions by ticking or writing in the

appropriate spaces provided.

A. Company characteristics

1. What is your position in the company?

-----------------------------------------------

[ ] Director [ ] Manager [ ] Secretary [ ] Others,

Specify--------------------------

110

2. How old is your company?

[ ] 1-5 [ ] 6-10 [ ] 11-15 [ ] 16-20 [ ] 21-25 [

] 26-30 [ ] above 30

3. What line of business is your company engaged in?

[ ] Manufacturing [ ] Service [ ] Retail [ ] Retail &

Manufacturing

4. What is the total number of employees in your company?

[ ] 1-10 [ ] 11-20 [ ] 21-40 [ ] 41-60 [ ] 61-80 [ ]

81-100 [ ] 101-200 [ ] 201-300

[ ] above 301

5. What is your company’s current asset base excluding land

and working capital?

[ ] 0-N.99m [ ] N1-N9m [ ] N10-99m [ ] N100m- N499m

[ ] above N500m

6. Have there been any changes to your asset base since you

started operation?

[ ] increased [ ] decreased [ ] no changes

7. How many product line(s) does your company produce?

[ ] 1-5 [ ] 6-10 [ ] 11-15 [ ] 16-20 [ ] 21-25 [

] 26-30

111

8. What is your current average output level in monetary value

of your company per annum?

------------------------------------------------------------

-----------------------------

9. With the current liberalised economy, what would you say

about your output level since you started operation?

[ ] increased [ ] decreased [ ] no changes

10. Has your company ever stopped the production of any of its

products?

[ ] yes [ ] no [ ] other

comments----------------------------------------------

If no please go to Q 12.

11. Which of the following items mention below would you say

informed the decision to stop the production of the product?

[ ] increasing cost of raw material [ ] availability of

imported similar cheaper products

[ ] availability of better quality imported similar

products [ ] others, please explain----

---------------------------------------

12. What percentage of your output per annum is for the

Nigerian market?

[ ] 1-20% [ ] 21-40% [ ] 41-60% [ ] 61-80% [ ]

81-100%

112

13. Does your Company export any of its products?

[ ] yes [ ] no [ ] others please

specify--------------------------------------------------------

14. If yes, when did your Company enter the International

Market?

[ ] 1-10 years ago [ ] 11-20 years ago [ ] 21-

30years ago [ ] N/A

15. What is your company’s current average turnover per annum

in monetary terms?

---------------------------------------------------------

------------------------------------------

16. With the liberalised economy that allowed for the import

of finished goods, what would you say about your

turnover?

[ ] increased [ ] decreased [ ] no changes

17. Where does your company source its raw material for

production?

[ ] locally [ ] internationally [ ] both

18. What percentage of your raw material is sourced

internationally?

113

[ ] 1-10% [ ] 11-20% [ ] 21-30% [ ] 31-40% [ ]

41-50% [ ] 51-80%, or

[ ] 81-100%

B. Source of Finance

19. Has your company ever taken external loan for its

operations?

[ ] yes [ ] No [ ] other comments

-------------------------------------------------------------

If No, please go to Q24

20. Has your company ever taken loan from any of these sources

for its operation before liberalisation in 1987?

[ ] Informal Money Lender (Esusu) [ ] Commercial Banks

[ ] Cooperative Society [ ] Family/ Friends [ ] Not

applicable

21. Has your company ever taken loan from any of these sources

for its operation after liberalisation in 1987?

[ ] Informal Money Lender (Esusu) [ ] Commercial Banks

[ ] Cooperative Society [ ] Family/ Friends [ ] Not

applicable

22. Which of the following items hinders your company from

seeking loan from Commercial Bank?

114

[ ] requires too many documentation [ ] Too much delay

after application [ ] cannot provide collateral required [ ]

high interest rate charged [ ] others, please

specify--------------------------------------------------

23. Has the liberalisation of the financial market made it

easier for your company to secure loans from Commercial

Banks?

[ ] yes [ ] no [ ] other comments

---------------------------------------------------

24. How would you rank the interest rates charged by Commercial

Banks before financial market liberalisation?

[ ] very high [ ] high [ ] moderate [ ] low [ ] Not

applicable

25. How would you rank interest rates charged by Commercial

Banks after financial market liberalisation?

[ ] very high [ ] high [ ] moderate [ ] low [ ] Not

applicable

26. Has your company ever taken loan from the Informal Money

Lender (Esusu)?

[ ] yes [ ] no [ ] [ ] other comments

----------------------------------------------------

If no, please go to 30

115

27. How can you rank interest rates charged by Informal Money

Lender (Esusu)

after financial market liberalisation?

[ ] very high [ ] high [ ] moderate [ ] low [ ]

Not applicable

28. Are the interest rates charged by Informal Money Lenders

higher compared to Commercial Banks rates?

[ ] yes [ ] no [ ] others comments

29. Are you experiencing any difficulties meeting the high

interest rate charged by the Informal Money Lenders?

[ ] yes [ ] no [ ] other

comments-------------------------------------------------------

--------

30. What are the effects of high interest rates on the

operational costs of your company after liberalisation?

[ ] increased operation cost [ ] decreased operation

cost [ ] no effect on operation cost

31. What are the effects of high interest rates on the profit

of your company after liberalisation?

[ ] Profits have increased [ ] Profits have decreased

[ ] no changes

116

32. What are the effects of high interest rates on the

turnover/ sales of your company after liberalisation?

[ ] Turnover/ sales have increased [ ] Turnover/ sales

have decreased

[ ] no changes

C. State of Infrastructure

33. What is the current state of infrastructure (power supply,

good access roads communication facilities) available to

SMEs in Nigeria?

[ ] good [ ] adequate [ ] poor [ ] very poor

34. What are the effects of the current state of infrastructure

on the operational cost of your company?

[ ] increased operational cost [ ] decreased operational

cost [ ] no effect

35. What are the effects of the current state of infrastructure

on the profit of your company?

[ ] increased [ ] decreased [ ] no effect

36. Does your company generate power to complement electricity

supply from National Electric Power Authority (NEPA)?

117

[ ] Yes [ ] No [ ] other

comments-------------------------------------------------------

--------

37. Would you say it is cheaper for your company to generate

its own power for production?

[ ] yes [ ] no [ ] other

comments-------------------------------------------------------

--------

38. What will be the result of your company’s performance if

the state of infrastructure (power supply, good access roads

etc) is improved?

[ ] improve performance [ ] decrease performance [ ]

will have no effect

The following statements reflect the economic situation that

affect SMEs in the manufacturing sector in Nigeria. There is no

right or wrong answer. Please tick one of the boxes for each

question.

Key: SA = Strongly Agree; A = Agree; UD = Neither agree nor

disagree; D = Disagree; Strongly Disagree = SD and N/A= Not

Applicable).

118

D. Exchange Rate Deregulation

SA A UD D SD N/A

1. The depreciation of naira has made business

operation unprofitable for SMEs [ ] [ ] [ ] [ ]

[ ] [ ]

2. The depreciation of the naira has forced some

SMEs to change from manufacturing to

retail trading [ ] [ ] [ ] [ ] [ ] [ ]

3. The depreciation of the naira has forced

some SMEs to shut down operation [ ] [ ] [ ] [ ] [ ]

[ ]

4. The depreciation of the naira has

drastically reduced the operational cost

of SMEs [ ] [ ] [ ] [ ] [ ] [ ]

5. The depreciation of naira makes import

of raw materials cheap and abundant for

SMEs [ ] [ ] [ ] [ ] [ ] [ ]

6. The depreciation of naira made the

importation of capital goods cheap [ ] [ ] [ ] [ ] [ ]

[ ]

119

7. Imports of finished goods do not reduce

or affect SMEs turnover/ sales volume [ ] [ ] [ ] [ ]

[ ] [ ]

8. The importation of finished goods does not

reduce the profit making ability of SMEs

from turnover/ sales [ ] [ ] [ ] [ ] [ ]

[ ]

E. Interest Rate

9. High interest rates after liberalisation has

Increased operational cost of SMEs [ ] [ ] [ ] [ ] [ ]

[ ]

10. High interest rates has led to the shut down

of most SMEs after liberalisation [ ] [ ] [ ] [ ]

[ ] [ ]

11. Informal Money Lenders charge excessive

interest rates on their loans [ ] [ ] [ ] [ ]

[ ] [ ]

12. The excessive interest charged by

Informal Money Lenders makes it difficult

for those SMEs that borrows from them

120

to repay the loans and interest [ ] [ ] [ ] [ ]

[ ] [ ]

13. Most SMEs that cannot meet their loan

commitment to Informal Money Lenders

may be forced to shut down [ ] [ ] [ ] [ ] [ ]

[ ]

14. Most SMEs that obtains loan from

Informal Money Lenders pay higher interest

on loan than SMEs that obtained loans from

Commercial Bank [ ] [ ] [ ] [ ] [ ]

[ ]

15. SMEs that borrow from Informal Money

Lenders are more likely to shut down than

those who borrow from commercial banks [ ] [ ] [ ] [ ]

[ ] [ ]

F. Technology and Infrastructure SA A UD D SD

N/A

16.The level of technological advancement

in Nigeria is adequate to produce all the

technical equipment SMEs require for

efficient production process [ ] [ ] [ ]

[ ] [ ] [ ]

121

17. The level of technological advancement

in Nigeria is adequate for SMEs to create

a niche and compete favourably in a

liberalized economy [ ] [ ] [ ] [ ] [ ]

[ ]

18. SMEs have enough financial resources

at their disposal to acquire modern

technology for efficient and cost

effective production [ ] [ ] [ ] [ ] [ ]

[ ]

G. Government Support

1. Do you think SMEs in Nigeria have enough support from the

Government in terms of finance and

institutional policies/structure?

[ ] yes [ ] no [ ] other

comments-------------------------------------------------------

--------

2. Do you think the Federal Government planned and made

adequate provision for problems that may arise before

embarking on liberalisation (devaluation of naira and

interest rate liberalisation) of the economy?

122

[ ] yes [ ] no [ ] other

comments-------------------------------------------------------

--------

3. Please tick one of the following items you think that most

likely cause Government programmes designed for SMEs

development to fail in Nigeria?

[ ] Lack of infrastructures [ ] Poor programme design

[ ] no participation of SMEs in designing of the

programme [ ] poor policy implementation [ ] others,

please specify………………………………….

4. If the state of infrastructure improves, do you think that

SMEs development programmes will achieve its desired

objectives?

[ ] yes [ ] no [ ] other

comments-------------------------------------------------------

--------

5. We may like to carry out a case study of your company in

future; would you grant us the opportunity?

[ ] yes [ ] no

Thank you for your participation

123

124

Appendix 3 Text of Semi-structure Interview

1. What is your position in the company?

2. Does your company enjoy any/all of the following

facilities:

Loan Overdraft Credit facilities from supplier

3. Is the source of your company’s loan from the formal or

the informal sector?

4. What is the rate of interest your company pay on your

loan/overdraft/credit facility?

5. How long have your company been making use of the

facility?

6. To what extent did any of the facilities assisted the

overall performance of your company?

7. Is your company still enjoying the facility?

8. Do your company still wish to continue using the facility?

9. How has the facility affected your operational costs?

10. For the purpose of this study, it would be appreciated if

you make available the following financial data of your

company: asset, sales, and costs of operation and profits

figures from 1980 to date.

125

Appendix 4 Table 1 Movement in Market Interest Rate, Exchange Rate and Inflation Rates

in Nigeria

Year Exchange Rate(N/$) Interest Rate Inflation Rate1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

0.55

0.61

0.67

0.72

0.76

0.89

2.02

4.02

4.54

7.39

8.04

9.91

17.30

22.05

21.87

81.02

7.5

7.75

10.25

10.00

12.50

9.25

10.50

17.50

16.50

26.80

25.50

20.01

29.80

36.09

21.00

20.18

10.0

21.4

7.2

23.2

40.7

4.7

5.4

10.2

56.0

50.6

7.5

12.9

44.5

57.3

57.0

73.1

126

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

81.25

81.65

83.81

92.34

100.80

111.70

126.26

134.04

134.73

145.82

148.46

19.74

13.54

18.29

21.32

17.98

18.29

20.48

21.16

19.47

20.0

18.7

29.1

8.5

10.0

6.6

6.9

18.9

12.9

14.0

19.4

17.9

12.2

Source: Extracted from Central Bank of Nigeria Statistical Bulletin (Various issue).

127

Table 2: Interest Rate Differentials (%)Year Nigeria Europe USA Japan United

Kingdom2000 17.98 4.9 6.4 0.5 5.92001 18.29 3.2 2.4 0.1 4.12002 20.48 2.2 1.6 0.0 4.12003 21.16 2.2 1.3 0.0 4.42004 19.47 2.2 2.9 0.0 4.92005 20.00 2.7 4.8 0.1 4.72006 18.70 3.7 5.4 0.5 5.3

Source: Extracted from Adedipe (2006) and CBN various issue

Figure 1: Interest and Inflation Rates Graph

Interest and Inflation Rates Graph

010

2030

4050

6070

80

19801982198419861988199019921994199619982000200220042006

Years

Percentage

Interest Rates

Inflation Rates

Source: Extracted from Central Bank of Nigeria Statistical Bulletin (Various issue), derived

from Table 1.

128

Figure 2: Rate of Naira Depreciation against US Dollars

020406080100120140160

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

Year

Naira Rate of Naira

Depreciation

Source: Extracted from Central Bank of Nigeria Statistical Bulletin (Various issue), derive

from table 1

129

Appendix 5 Nigeria Total Foreign Trade (N million)

Table 3 Nigeria Total Foreign Trade (=N=MILLION)

Year/

Quarter

Imports (cif) Exports and Re-Exports

(fob)Oil Non-Oil Total Oil Non-

Oil

Total

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

227.4

119.8

225.5

171.6

282.4

51.8

913.9

3,170.10

3,803.10

4,671.60

6,073.10

7,772.20

19,561.50

41,136.10

8,868.20

12,719.80

10,545.00

8,732.10

6,895.90

7,010.80

5,069.70

14,691.60

17,642.60

26,189

39,644.80

81,716.00

123,589.7

0

9,095.60

12,839.60

10,770.50

8,903.70

7,178.30

7,062.60

5,983.60

17,861.70

21,445.70

30,860.20

45,717.90

89,488.20

143,151.2

0

13,632.30

10,680.50

8,003.20

7,201.20

8,840.60

11,223.70

8,368.50

28,208.60

28,435.40

55,016.80

106,626.5

0

116,858.1

0

554.4

342.8

203.2

301.3

247.4

497.1

552.1

2152

2,757.40

2,954.40

3,256.60

4,677.30

4,227.80

4,991.30

14,186.7

0

11,023.3

0

8,206.40

7,502.50

9,088.00

11,720.8

0

8,920.60

30,360.6

0

31,192.8

0

130

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

42,349.60

155,825.9

0

162,178.7

0

166,902.5

0

175,854.2

0

211,661.8

0

220,817.7

0

239,416.3

0

266,738.2

0

380,997.8

0

303,952.8

0

797,298.9

4

932,495.6

6

124,493.3

0

120,439.2

0

599,301.8

0

400,447.9

0

678,814.1

0

661,564.5

0

650,853.9

0

764,204.7

0

1,131,992

.80

1,190,353

.20

1,126,425

.00

1,334,400

.90

2,003,557

.39

2,479,680

.89

165,629.4

0

162,788.8

0

755,127.7

0

562,626.6

0

678,814.1

0

837,418.7

0

862,515.7

0

985,022.4

0

1,371,409

,1

1,457,091

.40

1,507,422

.80

1,638,353

.70

2,800,856

.33

3,412,176

.55

201,383.9

0

213,778.8

0

200,710.2

0

927,565.3

0

1,286,215

.90

1,212,499

.40

717,786.5

0

1,169,476

.90

1,920,900

.40

1,973,222

.20

1,787,622

.00

1,995,398

.70

2,963,796

.12

7,140,579

.24

7,191,073

.99

5,349

23,096.1

0

23,327.5

0

29,163.3

0

34,070.2

0

19,492.9

0

24,822.9

0

28,008.6

0

95,046.1

0

95,092.5

0

113,735.

30

105,955.

82

133,594.

65

57,971.2

0

109,883.

10

121,535.

40

205,611.

70

218,770.

10

206,059.

20

950,661.

40

1,309,54

3.40

1,241,66

2.70

751,856.

70

1,188,96

9.80

1,945,72

3.30

2,001,23

0.80

1,882,66

8.10

2,090,49

1.24

3,077,53

1.45

7,246,53

5.06

7,324,66

131

8.64

CIF: cost, insurance & freight

FOB: free on board.

Sources: Central Bank of Nigeria Statistical Bulletin (2004) and

Central Bank of Nigeria Annual Report & Statement of Accounts for the Year Ended 31st

December 2007.

Figure 3: Foreign trade: total imports (cif) of oil and non-oil products

0

500000

1000000

1500000

2000000

2500000

3000000

3500000

4000000

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

Year

Naira

(=N=

)

Oil Non-oil Total

CIF: cost, insurance & freight.

Source: Derived from table 3

Figure 4: Foreign trade: total exports (fob) of oil and non-oil products

132

0.00

1,000,000.00

2,000,000.00

3,000,000.00

4,000,000.00

5,000,000.00

6,000,000.00

7,000,000.00

8,000,000.00

Year

Naira (=N=)

Oil Non-oil Total

Fob: free on board.

A graphic representation of total exports (oil and non-oil) derived from

table 3.

Source: Derived from table 3.

Appendix 6

Map of Nigeria (source: United Nations Office on Drugs and

Crime- Nigeria) Available at

http://www.unodc.org/nigeria/en/social_context.html

visited 21/4/09.

133

134