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The Effect of Exchange Rate Functions on the Nigeria Manufacturing Sector

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– The Effect of Exchange Rate Functions on the Nigeria Manufacturing Sector –

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Abstract

The title of this research study is the effect of exchange rate functions on the Nigeria manufacturing sector in which Butterfields bakery was used as case study.

From current research, the issue of deciding on effective way to stabilize exchange rate of goods and services in manufacturing sector in Nigeria is one of the key elements of a firm’s financial strategy.

Therefore, proper care and attention need to be given while such decision is taken. Exchange rate of a country plays a key role in international economic transactions because no nation can remain in autarky due to varying factor endowment.

The purpose of this study was to examine the effect of exchange rate fluctuations on the manufacturing sector in Nigeria. The study employed four (4) variables such as manufacturing gross domestic product (MGDP), manufacturing foreign private investment (MFPI), manufacturing employment rate (MER) and Exchange rate (ER).

The ex-post facto research design was used for this study. Manufacturing gross domestic product MGDP) stands as dependent variable while manufacturing foreign private investment (MFPI), manufacturing employment rate (MER) and Exchange rate (ER) as independent variables.

The secondary data were obtained from CBN Statistical Bulletin and Nigeria Bureau of Statistics. Descriptive statistics and multiple regressions were employed to find out the effects of exchange rate fluctuations on manufacturing sector in Nigeria.

The results of the analysis showed that all the independent variables have significant and positive relationship with dependent variable with R2 at 80%.

It also indicates that manufacturing foreign private investment (MFPI) and Exchange rate (ER) have positive effect on manufacturing gross domestic product (MGDP).

Based on the above findings, the researcher recommends that government should stimulate export diversification in the area of agriculture; agro-investment, and agro-allied industries, oil allied industries such will improve Exchange rate fluctuations on manufacturing sector in Nigeria Economy.

Introduction

1.1 Background of the Study

Effects of exchange rate functions in developing countries like Nigeria has received considerable attention and generated much debate. The debate focuses on the degree of functions in the exchange rate had generated internal and external shock in Nigerian Economy.

Exchange rate of a country plays a key role in international economic transactions because no nation can remain self-sufficient due to varying factor endowments.

Oladipupo & Onotaniyohuwo (2011) states that movements in the exchange rate have ripple effects on other economic variables such as interest rate, inflation rate, unemployment, money supply, etc.

These facts underscore the importance of exchange rate to the economic well-being of every country that opens its doors to international trade in goods and services.

The importance of exchange rate derives from the fact that it connects the price systems of two different countries making it possible for international trade to make direct comparison of traded goods. In other words, it links domestic prices with international prices.

Opaluwa, et al (2010) opines that following the functions of the naira in 1986, a policy induced by the structural adjustment programme (SAP), the subject of exchange rate fluctuation has become a topical issue in Nigeria.

This is because it is the goal of every economy to have a stable rate of exchange with its trading partners. In Nigeria, this goal was not reached in spite of the fact that the country embarked on devaluation to promote export and stabilize the rate of exchange.

The failure to realize this goal subjected the Nigerian manufacturing sector to the challenge of a constantly functioning exchange rate.

Exchange rate policies in developing countries are often sensitive and controversial, mainly because of the kind of structural transformation required, such as reducing imports or expanding non-oil exports, invariably imply a depreciation of the nominal exchange 2 rate.

Such domestic adjustments, due to their short-run impact on prices and demand, are perceived as damaging to the economy. Ironically, the distortions inherent in an overvalued exchange rate regime are hardly a subject of debate in developing economics that are dependent on imports for production and consumption (Dada & Oyeranti, 2012).

It is an avenue for increasing productivity in relation to import substitution and export expansion, creating foreign exchange earning capacity, raising employment, promoting the growth of investment at a faster rate than any other sector of the economy, as well as wider and more efficient linkage among different sectors (Fakiyesi, 2005).

Despite various efforts by the government of Nigeria to maintain a stable exchange rate, the naira has continue to depreciate from N4.54 in 1988 to N17.30 in 1993, N21.89 in 1997, all against the one US dollar

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