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Non-oil export and Economic growth in Nigeria (1980-2011)| Abstract

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Journal of Research in Economics and International Finance

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Non-oil export and Economic growth in Nigeria (1980-2011)

Abstract

Abogan O P1, Akinola E B2, Baruwa O I

The study investigates the impact of non-oil export on economic growth in Nigeria between 1980 and 2010. The study examines the significant role of non-oil export on economic growth which the previous studies might have ignored and the aggregate non-oil exports data used by them might bias their conclusions. In achieving the objectives of the study, Ordinary Least Square Methods involving Error correction mechanism, over-parametization and parsimonious were adopted. In testing for the time series properties, the evidence from estimated economic models suggests that all the variables examined are stationary at first difference I(Is) using the Augmented Dickey- Fuller (ADF) and Phillips- Perron. Besides, Johansen Co integration test reveals that the variables are co integrated which confirms the existence of long-run equilibrium relationship between the variables. Thus, this suggests that all the variables tend to move together in the long run. The study reveals that the impact of non-oil export on the economic growth was moderate and not all that heartening as a unit increase in non-oil export impacted positively by 26% on the productive capacity of goods and services in Nigeria during the period. This was evident in the study that the policies on non-oil sectors during the period in Nigerian do not sufficiently encourage non-oil export, thus reduce their contributions to growth. This study therefore predicts an imminent collapse of the Nigerian non-oil sector in the nearest future if immediate remedial measures are not taken to strengthen the sector. The study among other things encourages the government to strengthen the legislative and supervisory framework of the non-oil sectors in Nigeria and diversify the economy to ensure maximum contributions from all faces of the sectors to economic growth of Nigeria.

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