An Impact Assessment of Non-Oil Export on the Economic Growth of Nigeria (1986-2016)
[1]
Augustine Okon Jacob, Department of Management, Heritage Polytechnic, Eket, Nigeria.
The current study is a review of contributions of non-oil export on the economic growth of Nigeria from 1986 – 2016. Since the advent of oil exploration in the 70s, Nigeria economy has been a mono-cultural one, relying heavily on oil as its major income earner. Due to these, this study was carried out against the background of the crucial role non-oil export can play as an alternative source of revenue or income apart from crude oil exports. This review became necessary due to it over dependence on the oil sector, thus the need to diversify and further grow the economy by boosting the non-oil export. To achieve these goals, the current study collated relevant secondary data from CBN (Centre Bank of Nigeria) data online articles spanning through the time under review. The method of analysis of the empirical result adopted economic a prior, statistics and econometric criteria, as well as multiple regression in order to achieve the objectives. The outcome of the review of the current study showed that non-oil export is statistically significant to Nigeria economy growth of Nigeria. On the other hand exchange rate was not recommendations were made which include: improving in data collection, efficient allocation, use of resources and creating economic environment that will serve as a veritable tool in diversifying and further boosting the non-oil sector. It is therefore suggestive that boosting the non-oil sector of the economy will be a veritable tool in diversifying and growing the current Nigeria.
Exchange Rate, Government Expenditure, Gross Domestic Product, Nigeria, Non-oil Export
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