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THE IMPACT OF NONOIL EXPORT ON ECONOMIC GROWTH IN NIGERIA
1986-2010
ABSTRACT
The essence of this work has been to determine the effect of
non-oil export on economic growth in Nigeria, during the period of 1986-2010.
In carrying out this study, secondary data were collected and empirical
analysis was made. To achieve these objectives, multiple regressions were used in
analyzing the data. The empirical results reveal that non-oil export is
statistically significant to Nigeria economic growth. On the other hand, oil
export also has been significant to Nigeria Economic growth of the non-oil
export while government expenditure (GEX) has not been significant to Nigeria’s
economic growth of the non-oil exports. Following this, some recommendations
which include encouraging financial institutions, improving in data collection
and banking, efficient allocation and use of resources, government base
investing in non-oil sector in other to diversify the economy (from monoculture
economy to a multicultural economy) and creating economic environment which
will help boost the activity of non-oil export sector.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
There is a number of reasons for a country to be concerned
about its rate of economic growth. Economic growth is desired by both affluent
and non-affluent economies. Economic growth is the desire for higher levels or
real per capital income, real output which must grow faster than the production
of the economy in question. Economists, policy-makers, public and private
sectors work ceaselessly towards attaining economic growth by the use of
development and growth models and policies. Among the policies used are trade
policy (Import and export policies, monetary policy, exchange rate policy,
fiscal policy, market etc). In this study, the non-oil exports and economic
development in Nigeria will be examined.
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