IIARD International Institute of Academic Research and Development

IIARD INTERNATIONAL JOURNAL OF BANKING AND FINANCE RESEARCH (IJBFR )

E-ISSN 2695-1886
P-ISSN 2672-4979
VOL. 10 NO. 10 2024
DOI: 10.56201/ijbfr.v10.no10.2024.pg87.113

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Export Dimensions and Macroeconomic Stability: The Growth Estimation from Nigeria

Amadi Jeff Chizuru, Obodo Chinenye Longinus

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Abstract

This study examines Nigerian export dimension and the growth of Nigerian economy. The objective is to investigate whether there is relationship between Nigerian Export structure and the growth of the economy from 1990 – 2023. Time series data were collected from Central Bank of Nigeria (CBN) statistical Bulletin. Nigerian Real Gross Domestic Product (RDGP) was used as dependent variable while oil export (OEC) non-oil export (NOEX), Oil Terms of Trade (OTT), Non-Oil Terms of Trade (NOTT) and Exchange Rate was used as dependent variables. Descriptive statistics and multiple regressions with econometrics view statistical package. Co integration test augmented Dickey Fuller Test (ADF), Granger Causality test and Vector Error correction model were used as predictor variables. Multiple regressions with econometrics view statistical package. Co integration test, Augmented Dickey Fuller Test (ADF), granger Causality Test and vector error correction model were used as estimation techniques. R2, Durbin Watson statistics, T-statistics, F-Statistics and ? coefficient were used to determine and explain the extent to which the independent variables affect the dependent variable. The study found an R2 of 97.2% and F- statistics of 26153. Oil export (OEX), non-oil export (NOEX), Oil Terms of Trade (OTT) has positive effect on Nigerian Real Gross Domestic Product. The co integration result revealed long- run co integrating equations between the dependent and the independent variables. The variables were found to be stationary at level while the granger causality test revealed bi-variant relationship running through the variables. It concludes that there is significant relationship between Nigerian Export Structure and the growth of Real Gross Domestic Product. It therefore recommend for effective policies to diversify Nigerian economy and increase in oil export to enhance Nigerian economic growth.

keywords:

Export Dimensions, Macroeconomic Stability, Growth Estimation, Nigeria

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