IS GLOBALISATION A POTENT DRIVER OF ECONOMIC GROWTH? INVESTIGATING THE NIGERIAN NON-OIL EXPORTS
Journal Title: Asian Economic and Financial Review - Year 2014, Vol 4, Issue 6
Abstract
Many countries have gained from integrating into the global economy while some have not been as much fortunate. Some have come to see globalisation as a weapon for improved economic growth. With the progressive increase in the poverty level in Nigeria, there is the doubt as to whether globalisation has improved the fortune of Nigeria. More so as there have been contradictory studies on the impact of globalisation in Nigeria. This study interrogated globalisation as a potent driver of economic growth in Nigeria using the non-oil (Agricultural and Manufacturing) export as reference point. Unit root test (Augmented Dickey-Fuller test) was exploited to check the integration order of the variables. Using data from 1970 -2011 and employing Ordinary Least Square regression, the study found that globalisation had no significant impact on non-oil export within the period under study. The study concludes that globalisation has not been a potent driver of growth of non-oil export in Nigeria. The however, recommends that government should provide adequate and functional infrastructure; improve security and as well provide consistent policy and demonstrate political will to encourage domestic and foreign investment into the Nigerian non-oil sector.
Authors and Affiliations
Godwin Ukaiji Okpokpo| Economic Management Department, Centre for Management Development, Shangisha, Lagos Nigeria, Innocent Abanum Ifelunini| Department of Economics, University of Nigeria, Nsukka, Nigeria, Fidelis Osuyali| Department of Economics, Delta State University, Abraka, Nigeria
Keywords
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