THE IMPACT ON NIGERIA IMPORT RESTRICTION ON THE ECONOMY 2001/2005. A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE
CHAPTER ONE
INTRODUCTION
1.1 STATEMENT OF PROBLEM AND PURPOSE OF STUDY
most developing countries like Nigeria which depend more on importation has been affected strongly due to the import restriction on the economy. For the fact that the standard of living of the economy is proportional to the rate of importation of goods into the country. One of the greatest impact of restricting importation in the country like Nigeria will be gradual declining of the standards of living. Which we known that its efficacy will result to many adverse effect such as increase the death rate fast decrease in population emigration and other effect which may come up later on the course of this project.
For this purpose this project seeks to identify the impact of Nigeria import restriction on the economy and to discus its effect on industrialization market and other commercial areas. Also to ascertain the volume and the structures of these effect on the standard of living of Nigeria citizens
1.2 RATIONAL OF THE STUDY
This study if successful conducted and the recommendation can change the country we reduce rending this can systematically attract the much needed condition to reduce poverty as regards impact of Nigeria import restriction the economy.
1.3 SIGNIFICANT OF THE STUDY
This topic the impact of Nigeria import restriction on the economy is so unque such that it is affecting both the economy and the masses in general.
To run with issue of import restriction through has both the good and bad effect or impact on this country of our. Community to the bad impact it has led to increase in the cost of buying what was formal cheap to obtain hence has led to high cost of living.
Wherefore coming form the good impact it has cause our locally made good to be appreciated in our economy rather than run towards the foreign made one.
Hence this study will be of great importance to Nigeria the economy general public student and every body that comes across the material. And will be of great usefulness to student that may want to go into the study.
1.4 BACKGROUND OF THE STUDY
The Nigeria economy has undergone structural changes in the past three decades form a predominantly agricultural economy in the 1960s to an economy mainly reliant on oil form the mild 1970 the result was that the consumption to rationalize imports when the oil boom gave way to an oil glut led to the emergence of trade arrears. A growing debt burden also surface in the early 1990 as a result of jumbo loans acquired form the international capital market.
Most less developed countries including Nigeria have turned to import substitution policy in order to become self-sufficient and to help develop indigenous industries that will need raw materials in order to production these products most of these imputs are not locally available.
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