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
International Trade Dynamism and Nigeria Economic Development (Published)
This study examines international trade dynamism and Nigeria economic development; Secondary data collected from Central Bank of Nigeria 2020 were analysed using Auto-regressive distributed lag (ARDL) and the unit roots test found to be stationary at levels and first difference. The results revealed long run relationship between the dependent and independent variables as inflation, bank lending rate, and foreign exchange rate and trade openness have negative co-efficient, the f-statistics of bound test, 11.9 is greater than the upper and lower bound. In the short run export, Balance of Trade (BOT) and import have negative coefficient and significance except import which is insignificant. Other variables have positive coefficient and are insignificant. Nigerians should refrain from the excessive consumption of imported goods and produce more exportable goods. The manufacturing industries should produce goods that can compete favourably in world market. These actions would improve the country’s Balance of Trade position.
Citation: Adejuwon, Joshua Adewale, Ojomolade, Dele Jacob,, Ugwulali, Ifeanyi Joseph (2021) International Trade Dynamism and Nigeria Economic Development, European Journal of Accounting, Auditing and Finance Research, Vol.9, No. 8, pp.44-56
Keywords: Economic Development, Exports, International Trade, balance of payments