Effect of Non-Oil Exports on Economic Growth in Nigeria (Published)
This study examines the effect of international trade output from selected non-oil sectors on economic growth in Nigeria. Given how dependent the country is on crude oil exports, and the constant exposure to global oil price swings, this study shifts attention to other sectors. Specifically, agriculture, manufacturing, solid minerals, and services are treated as key areas for export diversification. The study then uses secondary data from 1992 to 2024 to examine how export outputs from these sectors relate to GDP. So, instead of looking at oil, the focus is more on whether these non-oil sectors actually contribute meaningfully to economic growth over time. The study is anchored on the Export-Led Growth theory. Empirical evidence suggests that even though non-oil sectors clearly have the potential to drive economic growth, that potential has not really been fully realised. A lot of it comes down to structural issues. Things like poor infrastructure, weak policy implementation, and limited investment keep holding these sectors back. The study aims to provide sector-specific insights that will guide policymakers in formulating targeted trade and diversification strategies to enhance sustainable economic growth in Nigeria.
Keywords: Agriculture, Gross Domestic Product, International Trade, Manufacturing, Non-Oil Exports, Solid Minerals, economic growth, services sector
Insurance Business: A Panacea for Agricultural Sector Sustainability in Nigeria (Published)
Insurance sector plays important role in the growth of Nigeria economy as well as agricultural sector. The study investigated the impact of insurance business on the growth of agricultural sector in Nigeria, using time series data for 18 years from 2000 to 2017, the data used were total insurance investment; total non-life insurance premium (Independent) and the agricultural sector output to Gross Domestic Product (Dependent) which was obtained from central bank of Nigeria (CBN) statistical bulletin and also National insurance commission (NAICOM) statistical bulletin. OLS regression was conducted as well as Augmented Dickey Fuller unit root test which reveals that all the variables are stationary at the order of one, the test for cointegration shows that all the variables cointegrate when AGDP is the endogenous variable. The granger causality test reveals that there is a bidirectional relationship existing between AGDP and total non-life insurance premiums, while unidirectional relationship exists between AGDP and total life insurance premiums with no causal relationship existing between AGDP and total insurance investments. The regression result shows that all the variables have significant impact on agricultural output to gross domestic product and also there is a positive relationship between all the predictors and agricultural output to GDP. It was therefore concluded that insurance serve as a remedy to the sustainability of agricultural sector in Nigeria. The study therefore recommends that insurance sector should provide adequate information particularly on the risk concerning agricultural sectors and also providing a maximum coverage for farmers and their products to reduce the risk which the farmers retained or being expose to in the sector.
Keywords: Agriculture, Gross Domestic Product, Insurance, Investment, Life Insurance, general insurance