Exports and Nigerians Economic Growth: A Co-Integration Analysis
AbstractThis 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 InfoArticle provided by Asian Economic and Social Society in its journal Asian Economic and Financial Review.
Volume (Year): 2 (2012)
Issue (Month): 2 (June)
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Exports and Nigerian‟s Economic growtha co-integration analysis; Imports and exchange rate;
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