Net foreign exchange cost of manufacturing industries in Nigeria

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Periodical article

Title:	Net foreign exchange cost of manufacturing industries in Nigeria
Authors:	Osagie, Eghosa Ade Oyelabi, J.
Year:	1974
Periodical:	The Economic Bulletin of Ghana
Volume:	4
Issue:	2
Pages:	36-45
Language:	English
Geographic term:	Nigeria
Subjects:	industrial development terms of trade
Abstract:	Explores the validity of the argument that import-substitution would result in net saving of foreign exchange. A model is developed which helps measure the gross saving of foreign exchange resulting from domestic production, as well as increased expenditure of foreign exchange on the ivaportation of machinery, industrial raw naterials and other inputs necessitated by increased domestic manufacturing. The difference between gross saving and increased expenditure of foreign exchange would indicate whether or not import-substitution saves foreign exchange. Also attention is paid to the possibility that import-substitution within the context of regional integration - the proposed W.A.E.C. might be a better option than importùsubstitu-tion organised along national lines. This paper calculates the net foreign exchange saving or otherwise of import-substitution for the Nigerian economy in 1970. In the process, it identifies the industries that are net users of foreign exchange, and ventures to suggest factors responsive for net foreign exchange use in these industries. Ref., notes, tables.