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Rivers State University, Port Harcourt.
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| Title: | Impact of Exports and Foreign Direct Investment on Economic Growth in Nigeria |
| Author(s): | Austin Ayodele MOMODU, Sunny Nwonodi AMADI, Christian Gbarawe Nwikina & Ifeoma Bridget AKOSA |
| Abstract: | This study determined impact of exports and foreign direct investment on economic growth in Nigeria from 1985 to 2023. Exports and foreign direct investment were proxied by total oil exports, total non-oil exports, foreign direct investment, and trade openness, while economic growth was measured by real GDP growth. The research employed an ex-post facto design and utilized 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, ADF unit root test, bounds co-integration test, and the ARDL methodology. The findings indicated that total oil exports, total non-oil exports, foreign direct investment, and trade openness have direct and considerable influences on real GDP growth in Nigeria, both in the short and extended term. It is therefore, 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 through incentives i.e. tax reductions, export subsidies, and infrastructure development in export-oriented zones. |
| Keywords: | Oil Exports, Non-Oil Exports, Foreign Direct Investment, Real GDP Growth, Trade Openness |
| Journal: | Journal of Economic Research and Development Studies Vol 2 No 1 |
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