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An Empirical Analysis on the Relationship between Non-Oil Exports and Economic Growth in Nigeria

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  • Olusola Ogunjimi
  • Esther Aderinto
  • Toluwalope Ogunro

Abstract

The study analyzed the relationship between non-oil sector and economic growth from 1980- 2012 and data was derived from Central Bank of Nigeria’s statistical bulletin (CBN) and World Development Indicators (2013). Variables of interest were GDP as proxy for economic growth, non-oil exports, openness as proxy for technological advancement, oil exports and exchange rate variables. The theoretical framework was the Neoclassical growth model and model specification followed Ondigo et al.,(2013) in conformity to theoretical framework. Unit root test of stationarity was carried out using Augmented Dickey Fuller test and Phillips Peron test and once data was proved stationary, we carried out co integration test; which shows four co-integrating relationships, an indication of long run relationship among variables. Thus, we proceeded to Error Correction Model (ECM) ECM was significant however; non oil export variable was significant but negative. This is an indication of the dismal performance of the sector. The paper concludes that there is need for the government to focus on reviving the sector to improve its performance and ensure that the sector is repositioned to meet international standards.

Suggested Citation

  • Olusola Ogunjimi & Esther Aderinto & Toluwalope Ogunro, 2015. "An Empirical Analysis on the Relationship between Non-Oil Exports and Economic Growth in Nigeria," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 5(12), pages 68-78, December.
    • Handle: RePEc:hur:ijarbs:v:5:y:2015:i:12:p:68-78
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    References listed on IDEAS

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    1. Turan Subasat, 2002. "Does Export Promotion Increase Economic Growth? Some Cross‐Section Evidence," Development Policy Review, Overseas Development Institute, vol. 20(3), pages 333-349, July.
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    Cited by:

    1. Matthew J. Kromtit & Charles Kanadi & Dorathy P. Ndangra & Suleiman Lado, 2017. "Contribution of Non Oil Exports to Economic Growth in Nigeria (1985-2015)," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(4), pages 253-261, April.

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