Non-Oil Exports and its Impact on Economic Growth in Nigeria (Published)
This study examined the impact of Non-oil Export on Economic Growth in Nigeria using annual time series data from 1981- 2021. The Real Gross Domestic product (LRGDP) was specified as a function of Non-Oil Export (LNOE), Trade Openness (LTOP),Gross Fixed Capital Formation(LGFCF), Labour force (LLAB), Exchange Rate (EXCHR) and Exchange Rate Deregulation Policy (DUM). Estimation techniques are the Vector Error Correction Model (VECM) and Granger Causality Test. From the VECM result, LNOE had positive, but insignificant impact on Economic Growth in the longrun. EXCHR had negative and significant impact on RGDP in the long run. LTOP had negative and insignificant impact on RGDP in the longrun. LGFCF had positive and significant impact on RGDP. LLAB had positive and significant impact on RGDP. Exchange rate Deregulation policy had negative and insignificant impact on RGDP in the longrun. The result of the Granger causality test indicates that there was a uni-directional causality from LGFCF to LNOE . Since LNOE had insignificant impact on RGDP in the long run, this study recommends diversification of the Export base via allocation of more funds for the production of more non-oil goods.
Keywords: Gross Fixed Capital Formation., Non-Oil Export, exchange rate and exchange rate deregulation policy, labour force, trade openness