The Effect Of Non-oil Export On Economic Growth In Nigeria (1980-2013)

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ABSTRACT
The study examined empirically the impact of non–oil exports on economic growth in Nigeria. Annual data on Gross Domestic Product, Non-oil export, degree of openness,credit to non-oil sector, exchange rate, Real interest rate and inflation rate from 2014 Central Bank of Nigeria Statistical Bulletin covering the period 1980-2013 were utilized. The study checked for the time series properties of the variables that were used by adopting the Augmented Dickey-Fuller (ADF) test after which the Co integration test was conducted using the Johansen Co-integration test. The study adopted the multiple regression method to ascertain the long run effect of non-oil exports on economic growth in Nigeria between the study periods. The study went further to ascertain the short run dynamic effect of the variables of interest. The results shows that in the long run, non-oil export, inflation rate and exchange rate have significant positive effects on economic growth, while real interest rate, degree of openness and credit to non-oil sector exhibit an inverse relationship with economic growth in Nigeria. The study went further to conduct the short-run dynamic disequilibrium analysis to see if there is a short-run relationship among the variables.The result shows that there is no short-run relationship due to the fact that none of the
variables were significant. Consequently, the study recommends that export led innovations should be encouraged in favour of non-oil commodities not only to increase their contribution to GDP but to also help cushion the effect of price shocks in the international oil market. Furthermore, oil explorers, producers and exporters should be persuaded to diversify their interests into non-oil commodities as well.Finally, incentives attached to non-oil exports should be continually reviewed and improved as well as strictly implemented.

TABLE OF CONTENT
TABLE OF CONTENT
PAGE
Title Page i
Certification ii
Dedication iii
Acknowledgement iv-v
Table of Content vi-viii
List of Tables ix
List of Figures ix
Abstract x


CHAPTER ONE: INTRODUCTION
1.1 Background to the Study 1-5
1.2 Statement of the Problem 5-6
1.3 Objectives of the study 6
1.4 Research Hypothesis 6
1.5 Significance of the Study 7
1.6 Scope of the Study 7-8
1.7 Organization of the Study 8-9


CHAPTER TWO: LITERATURE REVIEW
2.0 Introduction 10
2.1 Conceptual Issues 10-13
2.1.1 Problems of the Non-oil Sector in Nigeria 13-15
2.1.2 Rationale for export diversification from oil to Non-Oil Export in Nigeria15-18
2.1.3 Government strategies to promote non-oil exports in Nigeria 18-22
2.1.4 Recommendation for Improving Non-oil Sector Performance 23-24
2.2 Theoretical Framework 24
2.2.1 Absolute Advantage Theory 25-26
2.2.2 Comparative Advantage 26-27
2.2.3 Hecksher-Ohlin Theory 28
2.2.4 Export-Led Growth Hypothesis 28-31
2.3 Empirical Review 31-36
2.3.1 Summary of Empirical Review 37


CHAPTER THREE: RESEARCH METHODOLOGY
3.0 Introduction 38
3.1 Model Specification 38-39
3.2 A priori Expectation 39
3.3 Estimation Techniques 39-40
3.4 Sources and Method of Data Collection 40


CHAPTER FOUR: DATA ANALYSIS AND INTERPRETATION
4.0 Introduction 41
4.1 Trend and Pattern of Non-Oil Export and Real Gross Domestic Product in Nigeria 41-42
4.2 Empirical Result and Interpretation 43
4.2.1 Descriptive Statistics of Data 43-44
4.2.2 Pre-Analysis Test 44
4.2.2.1Unit Roots Test Result 44-45
4.2.2.2Co-integration Test Result 46-47
4.2.3 Post Analysis Test 47
4.2.3.1Granger Causality Test Result 47-49
4.2.3.2Analysis of Long-run Effects of Non-oil export on Economic growth 49-51


CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND
RECOMMENDATION
5.0 Introduction 52
5.1 Summary of findings 52-53
5.2 Conclusion 53
5.3 Recommendation 53-54
REFERENCES 55-58
APPENDIX 59-67

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(2016, 08). The Effect Of Non-oil Export On Economic Growth In Nigeria (1980-2013).. ProjectStoc.com. Retrieved 08, 2016, from https://projectstoc.com/read/7898/the-effect-of-non-oil-export-on-economic-growth-in-nigeria-1980-2013-103
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"The Effect Of Non-oil Export On Economic Growth In Nigeria (1980-2013).." ProjectStoc.com. 08, 2016. Accessed 08, 2016. https://projectstoc.com/read/7898/the-effect-of-non-oil-export-on-economic-growth-in-nigeria-1980-2013-103.