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Exports and Nigerians Economic Growth: A Co-Integration Analysis

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Author Info

  • Udude Celina C

    (Department of Economics Ebonyi state University Abakaliki)

  • Okulegu Bethran Enyim

    (Department of Economics Ebonyi state University Abakaliki)

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    Abstract

    This research work employed the use of cointegration analysis in the study of export and economic growth in Nigeria. It was embarked on, in order to determine whether there is bi-directional relationship between exports and economic growth in Nigeria. More so, it tries to evaluate significant impact of exports on the economic growth in Nigeria. On the application of advanced econometric techniques like Augumented Dickey Fuller and Phillips Perron Unit Root Test, Johansen Cointegration Test and Error Correction Mechanism, the following information surfaced: - There existed a long-run relationship with economic growth and export in Nigeria. None of the variables were stationary at zero level. This means they all have unit roots. Having integrated the short run dynamics and long run equilibrium, Imports (IMP) and Exchange Rate were positively correlated with GDP while Exports (EXC) was negatively related with GDP. The short-run dynamics adjusts to the long-run equilibrium at the rate of 0.866% per annum. In the bid to achieve economic growth, it was recommended that there should be diversification of export commodities, infrastructure development, and maintenance of stable exchange rate and operationalization of Export Processing Zones.

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    Bibliographic Info

    Article provided by Asian Economic and Social Society in its journal Asian Economic and Financial Review.

    Volume (Year): 2 (2012)
    Issue (Month): 2 (June)
    Pages: 429-444

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    Handle: RePEc:asi:aeafrj:2012:p:429-444

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    Related research

    Keywords: Exports and Nigerian‟s Economic growtha co-integration analysis; Imports and exchange rate;

    References

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    1. Bruton, H.J., 1998. "A Reconsideration of Import Substitution," Center for Development Economics 156, Department of Economics, Williams College.
    2. Crafts, N F R, 1973. "Trade as a Handmaiden of Growth: An Alternative View," Economic Journal, Royal Economic Society, vol. 83(331), pages 875-84, September.
    3. Yousif Khalifa Al-Yousif, 1997. "Exports and economic growth:some empirical evidence from the Arab Gulf countries," Applied Economics, Taylor & Francis Journals, vol. 29(6), pages 693-697.
    4. Robert J. Barro, 1995. "Inflation and Economic Growth," NBER Working Papers 5326, National Bureau of Economic Research, Inc.
    5. Feder, Gershon, 1983. "On exports and economic growth," Journal of Development Economics, Elsevier, vol. 12(1-2), pages 59-73.
    6. Sebastian Edwards, 1991. "Trade Orientation, Distortions and Growth in Developing Countries," NBER Working Papers 3716, National Bureau of Economic Research, Inc.
    7. Sebastian Edwards, 1997. "Openness, Productivity and Growth: What Do We Really Know?," NBER Working Papers 5978, National Bureau of Economic Research, Inc.
    8. Michaely, Michael, 1977. "Exports and growth : An empirical investigation," Journal of Development Economics, Elsevier, vol. 4(1), pages 49-53, February.
    9. Henry J. Bruton, 1998. "A Reconsideration of Import Substitution," Journal of Economic Literature, American Economic Association, vol. 36(2), pages 903-936, June.
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