Time Series Analysis of Non-Oil Export Demand and Economic Performance in Nigeria

Adesoye A. Bolaji (), Adelowokan Oluwaseyi Adedayo () and Olorunfemi Alimi
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Adesoye A. Bolaji: Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun State, Nigeria.
Adelowokan Oluwaseyi Adedayo: Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun State, Nigeria.

Iranian Economic Review (IER), 2018, vol. 22, issue 1, 295-314

Abstract: This study examines the impact of non-oil export demand on economic performance in Nigeria using annual time series data between 1975 and 2013. The study tests for the unit root and co-integration to determine the time series properties of our variables before using Vector Error Correction (VEC) model for both short- and long- run estimates and possible policy inferences. The results show that non-oil export has a positive impact on economic growth suggesting that policies formulated towards improving the export of non-oil commodities in Nigeria will directly boost output growth of other sectors such as agriculture, manufacturing, services etc. The findings also reveal a uni-causal link from export to growth in Nigeria, thereby, supporting the export-led growth hypothesis. The policy implication of this finding is that failure on the part of policy makers to increase non-oil exports will directly hurt the economy of Nigeria. This is also consistent with the findings in the short-run. It was also found that capital and labor have direct and significant impact on output growth.

Keywords: Non-Oil Export Commodities; capital; Labor; government spending; Output Growth. (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eut:journl:v:22:y:2018:i:1:p:295

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