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EFFECT OF INTERNATIONAL TRADE ON NIGERIAN ECONOMIC GROWTH: THE 21STCENTURY EXPERIENCE
Abstract
The study examines the effect of international trade on the economic growth of Nigeria in the 21st century. The model specified economic growth measured by gross domestic product as dependent on international trade proxy by imports, exports, and trade openness. Annual timeseries data from 2000-2012 was sourced and analysed using Ordinary Least Square (OLS) estimation technique. It was evidenced that international trade has a significant positive impact on economic growth. Imports, Exports, and Trade Openness have significant effect on the economy. The study recommends that government should reduce over-dependence on oil exports and increase and diversify its export base to earn more revenue.
Keywords: International Trade, Economic Growth, Imports, Exports, Trade Openness, Nigeria