Exports Trade and Economic Development in Nigeria

Abstract: This study examined the impact of export trade on economic development in Nigeria from 1981 to 2021. The increasing clamour for the diversification of the Nigerian economy from oil and the rising level of unemployment, poverty and price level informed the choice of carrying out this study. To achieve the objectives of the study, data on gross domestic product per capita, non-oil export and oil export was sourced from the Central Bank of Nigeria Statistical Bulletin and analysed using the Parsimonious Error Correction Model (PECM) after conducting basic analyses like descriptive statistic and unit roots test. The short run results showed that: oil export has positive and significant impact on gross domestic product per capita. Also, non-oil export has positive and significant relationship on gross domestic product per capita. The study also showed that a long run relationship exist amongst gross domestic product per capita, non-oil export and oil export in Nigeria over the period of study. Based on these findings, the study concludes that; the development of Nigerian in terms of gross domestic product per capita was significantly influenced by changes in oil export. Based on the findings it was recommended that; government should ensure oil export revenue is properly utilised. Government should invest more in the real sector to improve non-oil export and improve the well-being of Nigerians. Keywords: Economic development, Export trade, Oil export, Non-oil exports and Parsimonious. Title: Exports Trade and Economic Development in Nigeria Author: Sangoleye Johnson, Ohale Lawrence, Obayori Joseph Bidemi International Journal of Novel Research in Marketing Management and Economics ISSN 2394-7322 Vol. 10, Issue 3, September 2023 - December 2023 Page No: 1-10 Novelty Journals Website: www.noveltyjournals.com Published Date: 21-September-2023 DOI: https://doi.org/10.5281/zenodo.8366442 Paper Download Link (Source) https://www.noveltyjournals.com/upload/paper/Exports%20Trade%20and%20Economic%20Development%20in%20Nigeria-21092023-5.pdfInternational Journal of Novel Research in Marketing Management and Economics, ISSN 2394-7322, Novelty Journals, Website: www.noveltyjournals.co

Does International Trade Reduce Unemployment? Empirical Evidence from Nigeria

This paper investigates the effect of international trade on unemployment in Nigeria. To achieve the purpose of examining how trade has created employment in Nigeria, international trade was disaggregated into: oil import, oil export, non-oil import, non-oil export, trade openness, foreign direct investment share of real gross domestic product and real effective exchange rate while job creation was proxied by unemployment rate in Nigeria. Data on international trade defined in terms of: oil import, oil export, non-oil export, non-oil import, Foreign direct investment share of economic growth and real effective exchange rate and unemployment rate were sourced from the World Bank Development indicators. The trade variables mentioned above were regressed against unemployment rate using the Autoregressive and Distributed Lag (ARDL) approach. The findings indicate that in the short run international trade impacted on unemployment more whereas in the long run, international trade impacted on unemployment marginally. Based on these findings, the study suggests: policies geared toward increase in non-oil export, reduction in oil import, review of FDI inflow policies and trade liberalization as possible ways of creating jobs and improving the performance of the Nigerian economy

Foreign Inflows and Economic Development in Nigeria: An ARDL and Novel Dynamic ARDL Simulation Approach

Several studies have been done on foreign inflows and economic development in Nigeria using various estimation techniques, but this study examined the effect of foreign inflows on economic development in Nigeria employing ARDL approach and the Novel dynamic ARDL simulation approach. Foreign Direct Investment was captured as physical investments made by foreigners in Nigeria, while foreign portfolio investment has to do with investment in securities by foreigners. In achieving this, we x-rayed the effect of foreign direct investment, foreign portfolio investment and remittances on economic development proxy by per capita income. The study used annual data from 1986 to 2020 and obtained from World Development Indicator (WDI) and United Nations Conference on Trade and Development (UNCTAD). The method employed was the autoregressive distributed lag (ARDL) method and the novel dynamic autoregressive distributed lag (DARDL) Simulation. The latter was employed to analyze the future response of economic development to 10% shocks in the predictor variables. The cointegration result which was based on the bound test affirmed long run relationship among the variables. The ARDL results shows that foreign portfolio investment and remittances have inelastic positive and significant impact on economic development. We found evidence that shows that foreign direct investment has negative and insignificant impact on economic development in the long run. In the short run, foreign direct investment and remittances significantly improve economic development. The dynamic ARDL simulations revealed that economic development responded positively to 10% negative shocks to foreign direct investment. Economic development responded in the same direction to 10% positive and negative shocks to foreign portfolio investment and remittances. We therefore recommend a cut in the cost of sending remittances through fostering greater competition between money transfer operators (MTOs) and providing business supporting infrastructures