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EXPORTS AND ECONOMIC GROWTH IN NIGERIA,1970-2006
Abstract:
The belief that exports is the engine of the growth process of any economy seemed to have gained a high degree of acceptance in the Nigerian state. This is evident in the number of trade policy reforms and exports promotion programmes/measures since 1986 to date that the government had adopted. However, previous Studies on Export Led Growth have generated conflicting empirical evidence. This study attempts to contribute to resolve this controversy, by using a non-structural Vector Autoregressive modeling approach (VAR) to estimate the empirical relationship between exports and economic growth in Nigeria. The findings of the study revealed that exports (oil and non-oil) have had a significant but opposite dynamic impacts on Nigeria’s economic growth. While the short and long run impact of oil exports was negative, that of non-oil exports was positive. The result suggests that Nigeria can enhance her growth through the growth of nono exports and the test of Export-led Growth Hypothesis should be conducted using disaggregated data.
EXPORTS AND ECONOMIC GROWTH IN NIGERIA,1970-2006
