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Exchange Rate Volatility and Sectoral Analysis of Non-Oil Export in Nigeria

Author

Listed:
  • Oyelami Lukman Oyeyinka

    (Lukman Oyeyinka Oyelami is at University of Lagos, Lagos, Nigeria.)

  • Ajeigbe Omowumi M.

    (Omowumi M. Ajeigbe is at Department of Economics, Redeemer’s University Ede, Osun, NG 7914, Nigeria)

Abstract

The paper seeks to assess the industry-based effect of exchange rate volatility on the export of non-oil sector in Nigeria. Theoretically and empirically, volatility-trade link is ambiguous. The paper employed bound test for co-integration between exchange rate volatility and exports of non-oil products. Empirically, the results show that we can accept the hypothesis of no co-integration between volatility and export of non-oil industries in most cases. Therefore, the study concludes that the exchange rate volatility can actually produce negative effect on non-oil export industries in the short-run especially the big industries (Agriculture, food and manufacturing) but this effect does not linger into the long-run and this suggests that most of these industries have been able to develop a mechanism to cope with exchange rate volatility problem in the long-run.

Suggested Citation

  • Oyelami Lukman Oyeyinka & Ajeigbe Omowumi M., 2021. "Exchange Rate Volatility and Sectoral Analysis of Non-Oil Export in Nigeria," Zagreb International Review of Economics and Business, Sciendo, vol. 24(1), pages 21-36.
    • Handle: RePEc:vrs:zirebs:v:24:y:2021:i:1:p:21-36:n:1002
    DOI: 10.2478/zireb-2021-0002
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    More about this item

    Keywords

    Volatility; Non-oil; Export; Nigeria;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • Q1 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture
    • F10 - International Economics - - Trade - - - General
    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies

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