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Rivers State University, Port Harcourt.
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| Title: | Exports, Foreign Direct Investment and Unemployment Rate in Nigeria: An Empirical Analysis |
| Author(s): | Austin Ayodele Momodu, Sunny Nwonodi Amadi, Christian Gbarawe Nwikina & Ifeoma Bridget Akosa |
| Abstract: | This study appraised the effect of exports and foreign direct investment on unemployment rate in Nigeria from 1985 to 2023. Exports and foreign direct investment were represented by total oil exports, total non-oil exports, foreign direct investment, and trade openness, while unemployment rate was the dependent variable. The research employed an ex-post facto design and yearly temporal data obtained from the Central Bank of Nigeria (CBN) statistics bulletin, the National Bureau of Statistics (NBS) report, and the World Bank's World Development Indicators. The data analysis methods comprised descriptive statistics, multicollinearity test, the ADF unit root test, bound co-integration test, and the ARDL methodology. The results indicated that total oil exports, total non-oil exports, FDI, and trade openness exhibit a combination of considerable and negligible adverse impacts on the unemployment rate in Nigeria, both in the short and long-term term. The study recommended that the government should augment value addition in the oil export industry by developing local refining capabilities and petrochemical businesses. Furthermore, priority should be given to assertive diversification into non-oil exports, especially in agriculture and industry. This may be accomplished via incentives i.e. tax reductions, export subsidies, and infrastructure development in export-oriented zones. |
| Keywords: | Oil Exports, Non-Oil Exports, Foreign Direct Investment, Unemployment Rate, Trade Openness |
| Journal: | Journal of World Economics and Financial Report Vol 2 No 1 |
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