IIARD International Institute of Academic Research and Development

Journal of Business and African Economy (JBAE )

E-ISSN 2545-5281
P-ISSN 2695-2238
VOL. 9 NO. 3 2023
DOI: https://doi.org/10.56201/jbae.v9.no3.2023.pg1.23

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Causative Factors and Dynamic Effects of Oil and Non-Oil Exports on Economic Growth in Nigeria

Shina Joshua Adesanya, Edward Perekebina Agbai, Cynthia Momoh Adesanya

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Abstract

This essay examines the complex link between oil and non-oil exports and its effect on Nigeria's economic development. Nigeria offers a fascinating case study to evaluate the dynamic interaction due to its large oil reserves and growing non-oil economy. Data for analysis spans the years 1986 to 2022. The estimated findings demonstrated that oil export has a favourable and considerable influence on economic growth in Nigeria. The dynamic ordinary least squares and the completely modified ordinary least square technique were used from the dynamic ordinary least square model. The findings also indicated that non-oil export had a favourable but little effect on Nigeria's economic growth throughout the time frame studied. The results for non-oil export were correctly signed but were determined to have little impact on Nigeria's economic growth. The outcome also demonstrated that gross fixed capital production had a negative and considerable influence on economic growth, contrary to a priori

keywords:

Oil Exports, Non-Oil Exports, Economic Growth, Nigeria, Export Diversification

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References:

Abayomi, A., Adam, S.O & Alumbugu, A.I (2015), Oil Exportation and Economic Growth in
Nigeria. Journal of Developing Country Studies, 5(15): 83-92.

Abogan, O. P., Akinola, E. B., & Baruwa, O. I. (2014). Non-oil export and economic growth
in Nigeria, Journal of Research in Economics and International Finance (JREIF), 3
(1): 1-11.

Adenugba, A.A., & Dipo, S. O. (2013). Non-oil exports in the economic growth of Nigeria:
A study of agricultural and mineral resources, Journal of Educational and Social
Research, 3 (2): 403-418.
Ahmad M. T & Ibrahim M. (2019). Comparative Study of the Impact of Oil and Non-Oil
Export Compositions on the Economic Growth of Nigeria (1975-2015). European
Journal of Humanities and Social Sciences, 2(1): 66-86

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