IIARD International Institute of Academic Research and Development

IIARD International Journal of Economics and Business Management (IJEBM )

E-ISSN 2489-0065
P-ISSN 2695-186X
VOL. 8 NO. 5 2022
DOI: https://doi.org/10.56201/ijebm.v8.no5.2022.pg35.48

---

Globalization and Sectoral Growth in Nigeria: A Vector Autoregressive Analysis

James Kelechi O. (PhD), Longtei Henry M. (PhD)

---

Abstract

The main focus of this study is to analyze the relationship between globalization and sectoral outputs in the Nigerian economy. The study used time series data from 1981-2019 which were sourced from central bank of Nigeria statistical bulletins and the KOF global index. Data was analyzed using the vector autoregressive model. The results of the study indicate that a long run relationship exists between agric sector GDP and globalization. Also a unidirectional causality exists from globalization to industry. The study thus recommends that in making agric sector policies considerations must be given to relative effects such policies will have in the industrial and services sector. Furthermore, Nigeria should constantly monitor trends of globalization and adopt its positives since it has a long run effect on the industry and services sector of the Nigerian economy.

keywords:

Globalization, sectoral growth, vector autoregressive analysis

---

References:

Adesoye, A. A.,Ajike, E.O. and Maku, O. E. (2015).Economic globalization and economi
growth in the developing economies: A case of Nigerian economy. International Journal
of Economics, Commerce and Management. 3 (7); 340-355.

Alimi, O. and Atanda, A. (2011).Globalization, business cycle and economic growth in Nigeria.
African Journal of Scientific Research. 7(1), 344-357.

Aninat, E. (2001). “China globalization, and the IMF” speech by the deputy managing director of
the IMF, the foundation for globalization cooperation’s second globalization forum,
January 14, 2001. http://www.imf.org/external/np/speeches/2001/011401.htm.

Feridun, M. Oluisi, J. O. and Folorunso, B.A. (2006). Analyzing the impact of globalization on
economic development in developing economies: an application of error correction
modeling (ECM) to Nigeria. AppliedEconometrics and International Development, 1(6-
3), 174-182.

George-Anokwuru, C. (2018). Economic globalization and growth of the Nigerian economy.
IIARD International Journal of Economics and Business Management. Vol. 4 No. 2 (51-
60). www.iiardpb.org.
Gujarati, D. N. (2003).Basic Econometrics (4e). New York: McGraw-Hill Inc.
Imandojemu, K., Ainlosotu, N and Aina J. (2021).Globalization and economic growth in
Nigeria.International Journal of Economics, Commerce and Management. Vol. 9 (1),
185-203.

IMF (1997).World economic outlook, a survey by the Staff of the International Monetary Fund.
Meeting the Challenges of Globalization in the Advanced Economies, in the World
Economic
and
Financial
Surveys,
p.45.http://www.imf.org/external/pubs/WEOMAY/weocon.htm (chapter 3)

Killic, C. (2015). Effects of globalization on economic growth: panel data analysis for
developing countries. EconomicInsights- Trends and Challenges, 4(12); 1-11.
McDonald, J.H. (2014). Handbook of biological statistics (3 rd Ed.).Sparky House Publishing
Baltimore, Maryland. Pp.133-136. Retrieved from:
http://www.biostathandbook.com/normality.html
OECD, (1993). Intra –Firm Trade, p. 7, as cited in R. Brinkman, “Corporate Power and the
Globalization Process”, International Journal of Social Economics, Vol. 29, No. 9, 2002,
pp. 730-752, pp. 730-731.

Ogunyomi, O.O., Jenrola, O.A. and Daisi, O.R. (2013). Globalization and economic security in
Nigeria: A reflection of the Nigerian manufacturing sector’s performance (1981-2010)”
Journal of Economics and International Finance, 5 (7).

Ogwumike, O. F. and Olukayode, E, (2012). Globalization and economic growth in Nigeria: A
multidimensional analysis. Pakistan Journal of Social Sciences, 9(2): 89-95.
Oman, C. (1996). The policy challenges of globalization and regionalization”, OECD
Development Centre, Policy Brief No. 11, p.5.
Onye, K. and Iriabije, A. (2016).Globalization and Nigeria’s economic performance.MPRA
Paper No. 88292. https://mpra.ub.uni-muenchen.de/88292/.

Prasad, E.,Rogoff, K., Wei, S. and Kose, A. (2003). Effects of financial globalization on
developing countries: Some empirical evidence. International Monetary Fund
Occasional Paper 220.

Prebisch, R. (1950). The economic development of Latin America and Its principal problems.
New York: United Nations.

Shuaib, M., Ekeria, O. and Ogedemgbe, A. (2015). The Impact of globalization on the growth of
Nigerian economy from 1960-2010: Error Correction Model Analysis. British Journal of
Economics, Management and Trade, 7, 63-73.
https://doi.org/10.9734/BJEMT/2015/14698

Uwatt, B. (2004). Globalization and economic growth: The African experience. In Globalization
and Africa’s Economic Development. Nigerian Economic Society (NES), Ibadan, 129-
158.
Wallerstein, I. (2005). World-systems analysis: An introduction. Durham, NC: Duke University
Press.

Wooldridge, J. (2012). Introductory Econometrics: A Modern Approach. Cengage Learning,
Nelson Education.

DOWNLOAD PDF

---

Back