IMPACT OF NON-OIL EXPORT ON ECONOMIC GROWTH IN NIGERIA (1986-2018)

By

¹Anyanwu, Uchenna, Nnanna and ²Ojima, Davis

¹Department of Economics, Nnamdi Azikwe University, Awka, Anambra State, Nigeria

²Ignatius Ajuru University of Education, Rumuolumeni, Port Harcourt, Nigeria

Abstract

Nigerian government in a bid to boost export of non-oil and diversify the economy embarked on some reformations in her export policies. Some of these reforms include the Economic Stabilization Act, Export Incentive and Miscellaneous Provisions Decree of 1986, which later become an Act of Parliament. The Nigerian Export-Import Bank and the Nigerian Export Credit Guarantee and Insurance Corporation were also part of the strategies to promote export trade. Still with the same objectives, Export Promotion zones were established in the country. Assessment of the economic consequence of these intervention policies is necessary in view of the continual downward trend in the nations GDP occasioned by huge foreign and domestic debt, widespread poverty level, unemployment, decay in the level of infrastructure and unabating inflation among other macroeconomic variables. The story did not change for the improvement on the technological and scientific growth of the country. This study, therefore, assessed the impact of non-oil export in the economic growth of Nigeria. Time series data were collected from the World Development Index, the Central Bank of Nigeria Statistical Bulletin and Nigeria Bureau of Statistics, etc. which were mainly secondary source. Augmented Dickey Fuller Unit root test, Johansen co-integration test and the ordinary least square regression technique were employed to analyze the study variables. Findings reveal that all the variables have positive statistical significance except scientific and technological progress which has no impact. We, therefore, recommended that government should take steps to improve on the technological and scientific growth of the country. It should also improve on tax concession and grants/loan to export business operators. Concerted efforts should be made by government to improve on infrastructure capacity and strengthen the security architecture to shore up exporter’s confidence.

Keywords:  Non-oil export, economic growth, gross domestic product