Do es Tra d e Ope n n e ss E n g in e e r E con om ic G r ow th in N ig e r ia?

ArticleinGlobal Journal of Management and Business Research Volume 1 6 Ver s ion 1.0 Year 201 6(issue 4):1-8 · June 2016with 227 Reads
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Abstract
This study examined whether trade openness engineers economic growth in Nigeria. The motivation stems from evaluating whether there is a significant contribution from trade openness proxied by net export (NEXP) to economic growth in Nigeria (GDP). The study employed the Classical Linear Regression Model (CLRM) using secondary data from 1991 to 2013. The ordinary Least Square Regression method represents the principal method of estimation combined with an array of other general/standard and diagnostic tests. The R2 explains that 97.7% of variation in GDP in the model is explained by the principal regressors. Export was found to be a positive and significant function of GDP but Import was positive and non-significant. This is consistent with theory as economies grow from exporting more than they import all things being equal. This is truer in Nigerian context where the monocultural nature of the economy has mostly made it over-reliant on imported goods.

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