THE EFFECT OF DEVALUATION OF NAIRA IN NIGERIA ECONOMY
ABSTRACT
Economist and Policy maker researchers had long believed that devaluation is one of the effective tools for improving the economy. This is because devaluation is expected to expand domestic Production, Promoting exports and replacing imports and as a result generating more jobs. But this is not so in the Nigeria experience. The rate of devaluation in the economy is great as many sector of economy has been attacked, many project were embarked upon but few were completed, many exporters have exported almost all the goods in the economy to the outside nation to the extent that such goods becomes more expensive than their imported counterparts, there is increase in national debt and unemployment.
As a result of this, the researchers aimed to embark on this project purposely to highlight those effects of devaluation of a thing on the overall Nigeria economy.
In the course of this research, a number of textbook and journals on devaluation were reviewed. The literature Review exposed the researchers to the beneficial effects of devaluations, reasons for its adoption, unemployment issues and others. Also, a number of copies of questionnaire were administered to elicit more facts. Questionnaires was employed to gather all the required relevant data from both the general public and importing and exporting firms. The data collected were analyzed and interpreted. Finally, Conclusions were drawn based on the data collected and analyzed with a view to offer enabling suggestions and recommendation that will aid the problem of unemployment, poverty and devaluation of naira
CHAPTER ONE
INRODUCTION
From time immemorial and since the emergence of nation states governments and policy makers have been seriously concerned with economic growth and development of their geo – political territories. As civilization unfold and political sovereignty defines the boundaries of each nation or country, the guest for national development as an index of total emancipation and economic sovereignty becomes the focal point of all nationals. With the advents of economics as a separate fixed of study and the subsequent industrial revolution in western Europe board national development objectives emerged which ever since here became the target of every nation
These board economic development objectives whenever in contemporary times define the direction of economic policy objectives of every country, Nigeria inclusive are:
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