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For Nigeria to experience gradual transformation towards increasing reliance on traditional non-oil and manufactured export, we recommended that there should be a change in the objectives and focus of export promotion strategies from financial and other institutional assistance, to the development of regional markets, as well as ensuring that manufactured export business remains profitable. The country can thus, move gradually away from exporting mainly raw materials towards exporting new high value added products. this quagmire. This research work provides empirical evidence on the topical issue of diversifying the Nigerian economy using relevant data to prove the extent to which SMEs have helped in growing the economy.
The study recommends the encouragement of increased productivity in the real sector as well as the adoption of stable and favourable exchange rate policies by the government in order to accelerate economic growth in Nigeria.This paper aims at modeling and analyzing the short and long run effects of export diversification on economic growth using the countries Gulf Cooperation Council (GCC) panel data for the period 1992–2017. In order to replicate similar developmental strides achieved by these other nations in Nigeria, they recommended, among others, that the finance made to support and promote private sector enterprises or SMEs should be properly monitored and evaluated to discourage fund mismanagement. The basis for the model (6) above is an extraction from Gujarati (5 ADF Statistic managed, and underutilized, it is clear why temployment in Nigeria is in the oil sector and this capital and the consequent output are not completely insignificant.
Time series data were employed from different secondary sources. The study, apart from empirically providing information that has failed to give backing to recent claims of non-oil exports led growth in Nigeria, has also set a data benchmark for appraisal of possible improvements in future performances of non-oil export trade, with respect to its contributions to the growth of the Nigerian economy.International Journal of Scientific and Research Publications (IJSRP) The global economy is stagnating, and uncertainty about its future is rising. Many have argued that the need is "true federalism" which includes the re-engineering of the fiscal decentralization structure of the nation, as well as regional control of resources. Articles can be submitted online or as attachment to the email of the journal editor Expansion into these fields not only broadens the base of production, it also diversifies the structure of employment and, especially for women, increases opportunities to find productive work. The result of this study shows that export diversification has a positive but insignificant influence on economic growth in Nigeria. Auto-regressive Distributed Lag (ARDL) technique. The results of the study revealed that contributions of agriculture and manufacturing sectors to export is negative; signifying that export diversification has negative effects on Nigeria’s economic growth.
The designed models were estimated using Autoregressive Distributed Lag (ARDL) technique, and the elasticities of the estimated equations showed that fiscal decentralization could actually foster economic growth, but this growth may have been inhibited by corruption, ineffective leadership, unconducive macroeconomic environment as well as other upheavals. This enhances the growth of SMEs and results in increased production of raw materials and other non-oil products which are in abundance in Nigeria. Economic Diversification and Economic Growth: Evidence from Nigeria Godwin Essang Esu* Ubong Udonwa Department of Economics, Faculty of Social Sciences, University of Uyo, P.M.B.1017 Uyo, Nigeria *E-mail: [email protected] Abstract In this work, the researchers examine and attempt an answer to the big question; to what extent can Nigeria gain from diversifying the economy?
This study investigates the specific impact of the non-oil exports to the growth of Nigerian economy using data between 1981 and 2012..
Expectedly, attention of scholars had shifted towards non-oil export as a remedial for © 2008-2020 ResearchGate GmbH. The application of endogenoubecause of its property of being best linear unbiased estimator (BLUE). In spite of four decades of rapid economic growth, the Botswana economy continues to be less The study utilizes the The Nigerian economy has for decades precariously leaned on the fragile leg of crude oil. Thus, in conclusion, an inverse relationship is established between foreign debt and economic growth in Nigeria.
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