An econometric analysis of non-oil exports and economic growthin Nigeria
DOI:
https://doi.org/10.65026/pgz6wf45Keywords:
Non-oil export, economic growth, simultaneous equationAbstract
This study examines the linkage between economic growth and non-oil export dynamics in Nigeria using time series data over the period 1970-2014 and employing a simultaneous equation approach. The data sourced from the Central Bank of Nigeria (CBN) Statistical Bulletin of various issues were analyzed using the co-integration and error-correction model techniques. The estimation of the model takes into consideration the issue of spurious correlation (arising from unit root in macro variables) as well as the problem of simultaneity bias. It was found out that an increase in the level of per capita income resulting from efficient labour force rate implies increase in productivity, leading to increase and improvement of industrial output. Among the policy recommendations is the need for the Nigerian government to formulate and implement policies that will further develop and boost investment in the industrial sector
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