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Trade Liberalization and Economic Performance in Nigeria: Evidence from Agricultural and Manufacturing sectors

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  • Ojeyinka, Titus A.
  • Adegboye, Abiodun A.

Abstract

This study examines the impact of trade liberalization on performance in the Nigerian economy, with special reference to agricultural and manufacturing sectors. Simultaneous models were developed to capture the joint effects of trade liberalization on the two sectors. The Generalized Method of Moment technique was used to estimate the role of trade liberalization on the performance of the selected sectors. The study shows a significant positive impact of trade liberalization on the output of agricultural sector while a negative but significant relationship exists between measures of trade liberalization and manufacturing output in Nigeria. The study also reveals that exchange rate exerts a positive but insignificant impact on agricultural output while the effect of inflation on agricultural output is positive and significant within the study period. Unlike the agricultural output, both exchange rate and inflation have negative impact on manufacturing sector’s output. Moreover, finding from the study also confirmed the possibility of substantial economic linkage between the two sectors, as their magnitudes were positive and significant which suggests some significant level of interdependence between them in the Nigerian economy. The study concludes that government should embark on programmes that promote local production to fully harness the opportunity presents by trade liberalization.

Suggested Citation

  • Ojeyinka, Titus A. & Adegboye, Abiodun A., 2017. "Trade Liberalization and Economic Performance in Nigeria: Evidence from Agricultural and Manufacturing sectors," African Journal of Economic Review, African Journal of Economic Review, vol. 5(3), November.
    • Handle: RePEc:ags:afjecr:302981
    DOI: 10.22004/ag.econ.302981
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    Cited by:

    1. Oludayo Elijah Adekunle & Samson Olusegun Akinwale, 2020. "Trade Liberalization and Manufacturing Sector in Nigeria," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 6(3), pages 90-96, September.
    2. Adeyemi Olayiwola Babasanya & Olukayode Emmanuel Maku & Joseph Nwabueze Amaefule, 2020. "Labour Force, National Savings and the Manufacturing Sector Productivity in Nigeria," Business & Management Compass, University of Economics Varna, issue 4, pages 459-473.
    3. Sotamenou Joël & Nehgwelah Glory, 2018. "Impact Of Free Trade On Agriculture: Evidence From Cameroon," Journal of Smart Economic Growth, , vol. 3(2), pages 55-70, December.

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