CHAPTER ONE

INTRODUCTION

1.1   Background of the Study

        The prolonged economic recession caused by the drop in the world oil market in the early 1980s and the abrupt fall in foreign exchange earnings have tremendously affected economic growth and development in Nigeria. Other problems of the economy include excessive dependence on imports for consumption and capital goods, dilapidated social and economic infrastructure, unexpected fall in capacity utilization rate in industry and neglect of the agricultural sector, among others (Ku et al, 2010; Adesina, 1992). These have resulted in fall in incomes and reduction in standards of living of Nigerians.

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