A Publication of the Department of Economics
Rivers State University, Port Harcourt.
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| Title: | External Sector Aggregates and Economic Growth: The Nigeria Experience |
| Author(s): | OMBU Amalate & AYODELE A. Momodu |
| Abstract: | The broad objective of this study is to investigate the impact of external sector aggregates on economic growth in Nigeria Data for the study were called from secondary sources of Central Bank Statistical Bulletin of 2018 and World Bank Development Index (WDI). The outcome of the unit root test on the same series data displayed a combination of I(0) and I(1) variables, the Autoregressive Distributed Lag (ARDL) Model was employed for data estimation. Several diagnostic tests such as auto-correlation test, serial correlation test and test for heteroscedasticity were also carried and they all confirmed the goodness of fit and validity of the model employed. Findings reveal that balance of payment was seen to exert a positive and significant impact on economic growth in Nigeria. Exchange rate was seen to have a negative and insignificant impact on economic growth. Import also showed a negative impact on economic growth. Export on the other hand was found to be positively and significantly impacting on economic growth in Nigeria. The study recommends that policy makers should review and enforce our import substitution policies through stringent prohibition of importation of certain products and services, so as to improve our balance of payment position and reduce the level of capital flight which invariably puts pressure on our domestic currency. |
| Keywords: | Economic Growth, Exchange Rate, Eternal Debt, Export, Import. |
| Journal: | Economic and Social Science Review (ESR) |
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