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THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.73, # 2, 2016, pp. 27-41

However, this result does not imply that the banking sector reforms have failed
the country. It only explains to the authorities that the proceeds of export (mostly
from the country‟s major source of foreign exchange: crude oil) does not enter the
coffers of the country, but rather diverted to their private pockets. The federal
government of Nigeria should as a matter of urgency block all leakages from the
NNPC. This will go a long way in eliminating or reducing the diversion of export
proceeds. Meanwhile, the country‟s apex bank should not discontinue with its
reforms aimed at encouraging local producers, as encouraging local producers is
synonymous with promoting export trade.

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