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Effect of Imports and Exports on Balance of Foregin Trade in Nigeria (GDP)

Author

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  • Okeke Charles C.

    (Department of Statistics, Nnamdi Azikiwe University, Awka, Nigeria)

Abstract

This study investigates specifically the effect of Imports and Exports on Balance of Foreign Trade in Nigeria (GDP). Data were collected for period 2007 – 2016. Multiple Regressions Approach and Correlation Analysis was used, defining Imports, Exports and Openness as independent variables and Gross Domestic Product (GDP) as dependent variable. From the analysis, Imports, Exports and Openness contributes immensely to the Nigeria Gross Domestic Product (GDP). Contrary, Imports is positively and significant on Balance of Foreign Trade in Nigeria (GDP), Exports has positively and insignificant on Balance of Foreign Trade in Nigeria (GDP) and Openness has positively and insignificant on Balance of Foreign Trade in Nigeria (GDP). Also, there is a perfect positive association on gross domestic product between imports on the balance of foreign trade in Nigeria and it is significant, with a perfect positive association on gross domestic product and imports between exports on the balance of foreign trade in Nigeria and it is significant and there is a negative moderate association on gross domestic product, imports and exports between openness on the balance of foreign trade in Nigeria and it is insignificant. This study therefore recommends that Nigeria should enhance her Imports & Exports promotion strategies and expanding the Import sector for easy importation.

Suggested Citation

  • Okeke Charles C., 2018. "Effect of Imports and Exports on Balance of Foregin Trade in Nigeria (GDP)," International Journal of Economics and Financial Research, Academic Research Publishing Group, vol. 4(11), pages 349-353, 11-2018.
    • Handle: RePEc:arp:ijefrr:2018:p:349-353
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