THE INFLUENCE OF EXTERNAL TRADE ON ECONOMIC GROWTH IN NIGERIA: I960 – 1983

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THE INFLUENCE OF EXTERNAL TRADE ON ECONOMIC GROWTH IN NIGERIA: I960 – 1983

ABSTRACT

The Nigerian economy is an open one. This means that external trade constitutes a substantial proportion of the National output,, Although substantial, the influence of external trade on the growth of domestic output has not been established because of the ambivalent effect external trade can produce on an economy. Consequently, some authors contend that external trade is an engine of growth. On the other hand, another school of thought contends that external trade retards economic growth. However, the version of the argument that applies to Nigeria has not been ascertained. That is why this study undertakes to determine the influence of external trade on economic growth in Nigeria for the period 1960 – 1983. In doing this two approaches were adopted. These are the theoritical explanation which explains the basis of external trade in Nigeria and the empirical analysis which uses the two-gap model developed by Chenery to estimate the relationship between different conceptions of output and trade variables. Another aspect of the empirical work is the comparative analysis of two sub-periods of the analytical time frame. The inference from the results of the regression analyses indicate that the effects of external trade on economic growth is indeterminate for a long period of time since the effects changes according to the changes in the trade fortunes of the country

THE INFLUENCE OF EXTERNAL TRADE ON ECONOMIC GROWTH IN NIGERIA: I960 – 1983

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