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Oil and Non-Oil Exports on Economic Growth in Nigeria

Bosco Itoro Ekpenyong, PhD and Horgan Augustine Armstrong

Abstract

The study examined the effect of oil and non-oil exports on economic growth in Nigeria between 1990 and 2021. The study was anchored on Two-Gap Model. The study made use of time series data which were sourced from Central Bank of Nigeria statistical bulletin. The data analysis techniques employed were: Augmented Dickey-Fuller statistic, Autoregressive Distributive Lag technique and Error Correction Model technique. The major findings of the study showed that: oil export has a positive and significant effect on Gross Domestic Product in both short run and long run, non-oil export has a positive and significant effect on Gross Domestic Product in both short run and long run while exchange rate has a negative but significant effect on Gross Domestic Product in both short run and long run. The study concluded that oil and non-oil exports positively and significantly contribute to the growth of the Nigerian economy. The study recommended that Nigerian government should diversify exports, simplify the export procedures, improve Nigerian industries, and increase the percentage share of non-oil exports in the total Nigerian exports in order to improve the contribution of non-oil exports to the Nigerian economy.

Keywords

Oil ExportNon-Oil ExportExchange RateEconomic GrowthGross Domestic Product

References

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