A Disaggregated Analysis On The Impact Of Non-Oil Export On Economic Growth In Nigeria: 1981-2016

Author(s)

Oyefabi Ilemobola Solomon , Murtala Usman Tukur , Saheed Zakaree ,

Download Full PDF Pages: 67-73 | Views: 1095 | Downloads: 332 | DOI: 10.5281/zenodo.3490345

Volume 7 - December 2018 (12)

Abstract

The main focus of the study is to examine the extent at which non-oil has significantly impacted the growth of the Nigerian economy. In order to achieve this, annual time-series data over a period of 36 years (1981-2016) for all variables were obtained from the Central Bank of Nigeria Statistical Bulletin. The non- oil export products were disaggregated into agricultural, manufacturing and solid minerals exports in order to examine their exact impact on the Nigerian economy. The regression analysis was estimated using a simultaneous equation technique, specifically, the 2-stage least square, having found that the equation was over-identified. The results obtained affirmed that non-oil exports: agricultural products, manufacturing goods, and solid minerals have a positive and significant impact on the Nigerian economy. The study, therefore, advocates for Government relentless effort in stimulating the growth of the non-oil export products, especially the agricultural and manufacturing export components through a robust capital investment in these sectors, as the non-oil sector has the potentials to unlock and stimulate the country’s economic performance and facilitate sustainable development

Keywords

Non-oil Export, Nigerian Economy, Dutch Diseases, Economic Growth, Simultaneous Equation

References

                i.            Abogan, O.P., Akinola, E.B., & Baruwa, O.I. (2014). Nonoil export and economic growth in

a.      Nigeria (1980-2011). Journal of Research in Economics and International Finance,3(1),1-11.

      ii.            Abou-Stait, F. (2005). Are exports the engine of economic growth? An application of cointegration

a.      and causality analysis for Egypt, 1977-2003. African Development Bank, Economic Research Working Paper, 76.

    iii.            Adebile, O.M. (2011). The contribution of Non-Oil export to the Nigeria economy. Canadian Social Science, 8(4), 301-306.

     iv.            Akeem., O. (2011). “Non-Oil Export Determinant and Economic Growth in Nigeria” European Journal of Business and Management, 3(3)1-23

       v.            Anthony, I.I., Peter., & Richard, S. (2012). The Impact of Macroeconomic Variables on Non-Oil

a.      Exports Performance in Nigeria, 1986-2010. Journal of Economics and Sustainable Development,3(5)

     vi.            Anthony I., Chukwudi, E., & Edeh, W.I. (2015). Impact of the non-oil sector on economic growth: A

a.      managerial economic perspective. Problems and Perspectives in Management,13(2)

   vii.            Central Bank of Nigeria. (2016). Annual Reports and Statements of Account. Abuja Nigeria.

a.      Government Printing Press.

 viii.            Central Bank of Nigeria. (2016). Statistical Bulletin

     ix.            Christopher, I., Omoniyi, B.O., Olufunke, B.O., (2014). Effects of Non-Oil Export on The

a.      Economic Development of Nigeria. International Journal of Business and Management Invention, 3(3)27-32

       x.            Economic Complexity Index(2015)

     xi.            Gujarati, N. D. (2004). Basic Econometrics, Fourth Edition: McGraw Hills

   xii.            Ibrahim, R., & Aminat,B. (2013). The linkage between economic growth and non-oil export for

a.      Nigeria over a period of 1970-2010. J. Asian Dev. Stud, 2 (2).

 xiii.            Javad, N.A.,Gholamreza, A.,& Bijan,A.(2014). The relationship between exports and economic

a.      growth in the industrial sector in Iran. Kuwait Chapter of Arabian Journal of Business and Management Review,3(8).

 xiv.            Joshua, S.R., Happy,D., Gubak,D.,& Ali, M. (2016). Growth of Non-Oil Sectors: A Key to

a.      Diversification and Economic Performance in Nigeria. Public Policy and Administration Research,6(3).

   xv.            Koutsoyiannis, A. (2008). Theory of Econometrics. New York

 xvi.            Matthew, J. K., Charles, K., Dorathy, P., & Suleiman, L. (2017). Contribution of Non-Oil

a.      Exports to Economic Growth in Nigeria (1985-2015). International Journal of Economics and Finance, 9(4).

xvii.            Mohammed, A.A. (2014). Critical parameters of non-oil export impact on non-oil economic

a.      growth in Saudi Arabia for the period 1988-2014. International Journal of Economics and Financial Issues, 7(3), 389-397

xviii.            Matthew,J.K., Charles, K., Dorathy, P., & Suleiman.(2017). Contribution of non-oil exports to

a.      economic growth in Nigeria (1985-2017). International Journal of Economics and Finance,9(4). https://doi.org/10.5539/ijef.v9n4p253

 xix.            Mehrara, M. (2014). The relationship between non-oil trade and GDP in petroleum exporting

a.      countries. International Letters of Social and Humanistic Sciences.12,63-70.

   xx.            Onyinye, O., Mgbemena, K., & Chris U. (2015). An Econometric Analysis of Non-Oil Exports

a.      and Economic Growth in Nigeria 1970 -2014. International Journal of Economics and Society

 xxi.            Olusola, O., Esther A.,& Toluwalope, O. (2014). An Empirical Analysis on the Relationship

a.      between Non-Oil Exports and Economic Growth in Nigeria. International Journal of Academic Research in Business and Social Sciences, 5(12), 10.6007/IJARBSS/v5-i12/1931.

xxii.            Onodugo,V.A, Ikpe, M., &Anowor, O.F.(2013).  Non-oil export and economic growth in

a.      Nigeria: A time series econometrics. International Journal of Business Management Research,3(2),115-124.

xxiii.            Ricardo, D. (1817). Principles of Political Economy and Taxation. London: John Murray

xxiv.            Sally, O.U.(2015). Analysis of Non-Oil Private Sector Investment Determinants (1980 – 2015):

a.      A Tool for Economic Diversification. American Journal of Economics, 7(1), 1-14.

xxv.            Salvatore, D. (1983). A Simultaneous equations model of trade and development with dynamic policy simulation. Kyklos 36, 66-90.

xxvi.            Solow, R. (1956). A Contribution to the Theory of Economic Growth” Quarterly Journal of Economics, 70, 65-94.

xxvii.            Sotubo,O.D.(2010). Non-Oil Exports in the Economic Growth of Nigeria: A Study of

a.      Agricultural and Mineral Resources. Journal of Educational and Social Research, 3(2).

xxviii.            Seyed,M., Parvin, H., & Chor, F.T. (2014). The effects of oil and non-oil exports on economic

a.      growth: a case study of the Iranian economy. Economic Research-Ekonomska Istraživanja,27,(1), 427–441. http://dx.doi.org/10.1080/1331677X.2014.967534

Cite this Article: