TRADE OPENNESS AND OUTPUT GROWTH IN NIGERIA: AN ECONOMETRIC ANALYSIS (1970-2007)

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  • Department: Economics
  • Project ID: ECO1071
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ABSTRACT

This research work studies the international competitiveness of the Nigerian economy in the global market by analyzing the relationship between trade openness and output growth in Nigeria. Using time-series data over the period 1970-2007, we show that output growth of the Nigeria economy is a function of two sets of shocks; (i) external shocks (openness and real exchange rate) and (ii) internal shocks (real interest rate and unemployment rate). A non-monotonic and an ANCOVA econometric models are postulated in  order to capture the structural pattern of the relationship between openness and output growth as well as the policy effect of structural Adjustment program (SAP). The result shows that there is an inverted U-shape (no-monotonic) relationship between openness and output growth in Nigeria and the optimum degree of openness for the economy is estimated to be about 67%. Also, the liberalization policy of the SAP has positive economic effect on the output growth. The ECM reveals that 79% of the equilibrium error is being corrected in the next period. We concluded that unbridled openness may have deleterious effect on the real growth of output of the Nigerian economy.


TABLE OF CONTENTS
Title page
Approval page
Dedication
Acknowledgement
Abstract
Table of contents
List of tables and figures

CHAPTER ONE: 
INTRODUCTION 
1.1     Background of study
1.1.2  Trade openness and output growth
         Historical Experience of the Nigeria economy
1.2     Statement of the research problem
1.3     Objectives of the study
1.4     Statement of the research hypothesis
1.5     Justification of the study
1.6     Significance of the study
1.7     Scope and limitation of the study

CHAPTER TWO: 
LITERATURE REVIEW 
2.1    Theoretical literature
2.1.2 Theory of customs union and free trade areas
2.1.3 Models of export-led growth
2.2   Empirical literature
2.3   Limitation of previous studies

CHAPTER THREE: 
METHODOLOGY  
3.1    Analytical framework
3.2    Model specification
3.2.1 Test of stationarity
3.2.2 Test of co integration
3.2.3 Error correction model
3.3    Justification of the model
3.4    Estimation techniques
3.5    Evaluation Procedure  
3.5.1 Economic test (a priori expectation)
3.5.2 Statistical (first order) test
3.5.3 Econometric (second order) test
3.6    Sources of data and software for estimation

CHAPTER FOUR: 
PRESENTATION AND ANALYSIS OF RESULTS
4.1    Introduction
4.2    Presentations of regression results
4.2.1 Test of stationarity
4.2.2 Test of co integration
4.2.3 The Error correction model (ECM)
4.3    Interpretation and Evaluation of result
4.3.1 Evaluation based on economic criteria
4.3.2 Evaluation based on statistical criteria
4.3.3 Evaluation based on econometric criteria
4.4    Evaluation of the working Hypotheses

CHAPTER FIVE: 
SUMMARY, POLICY PRESCRIPTION AND CONCLUSION  
5.1   Summary
5.2   Policy Recommendations
       APENDIX I

LIST OF TABLES AND FIGURES 
Figure 1:Growth Rate of Real GDP
Figure 2: Trend of Real GDP
Figure 3: Growth of Export and Import
Figure 4: The Degree of Openness
Table 1: Openness Indicators
Table 2: A Priori Expectation
Table 3: Results of Model 1
Table 4: Results of Model 2
Table 5: Results of Stationarity test
Table 6: Results of Co integration test
Table 7: Results of the Error Correction Model
Figure 5: Non- Monotonic Relationship between TPN and  RGDP
Table 8: Summary of the T-Test
Table 9: Pair-Wise Correlation Matrix
TRADE OPENNESS AND OUTPUT GROWTH IN NIGERIA: AN ECONOMETRIC ANALYSIS (1970-2007)
For more Info, call us on
+234 8130 686 500
or
+234 8093 423 853

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  • Type: Project
  • Department: Economics
  • Project ID: ECO1071
  • Access Fee: ₦5,000 ($14)
  • Pages: 156 Pages
  • Format: Microsoft Word
  • Views: 168
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    Details

    Type Project
    Department Economics
    Project ID ECO1071
    Fee ₦5,000 ($14)
    No of Pages 156 Pages
    Format Microsoft Word

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