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