The macroeconomic impact of trade on economic growth of Nigeria
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International Journal of Research in Commerce, Economics & Management
It is generally believed in literature that trade plays a vital role in promoting and restructuring economic growth. The theoretical and empirical nexus between economic growth and trade have been discussed in economics for a long time following the theory; that sustainable trade is the main driver of economic growth. This paper examines the impact of trade on economic growth in Nigeria. It uses annual data for the period 1980--2010, employing OLS analysis with e-views 7.0 software. The result of the analysis is intuitive showing that that real gross domestic product, Export, Import, Exchange Rate and the degree of Economic Openness are significant in economic growth determination of the Nigerian economy. The empirical results of this study clearly emphasize the significance of trade on economic growth in Nigeria. The results also provide a theoretical justification of the model and observed data. The policy implication of this is that the government should have a change in the orientation of her policies as far as trade is concerned and should rigorously embrace more export promotion strategies.
Odeleye, A.T. (2013). The macroeconomic impact of trade on economic growth of Nigeria. International Journal of Research in Commerce, Economics & Management, 3(1), 36-41.