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The Impact
Of International Trade On Economic Growth Of Nigeria
ABSTRACT
The project
set out to examine the impact of international trade on Economic Growth of
Nigeria from (1980 – 2009), the variables used for this study are GDP, Volume
of Import, Volume of Export, Net Export and Trade Openness. The methodology used is Ordinary Least
Squares (OLS) and E-new software package.The main objective of this study is to
examine the relationship between international trade and economic growth, and
to examine the impact of international trade on economic growth of Nigeria. The
T-test is used to determine the significance of the individual parameter
estimates. The F-test is used to determine the significance of the entire
regression plan. The regression result
shows that NEXP (Net Export) and VIMP (Volume of Import has a positive
relationship with GDP) while Trade openness and VIMP (Volume of Import has a
negative relationship with GDP).The researcher made the following
recommendations among others: The federal government of Nigeria should put in
more efforts in encouraging local manufacturers to produce more.
CHAPTER ONE
INTRODUCTION
1.1 Background Of The Study
International trade deals with the
economic and financial interdependence among nations, international trade is a
part of our daily life, international trade plays a vital role in shaping
economic and social performance and prospects of countries around the world,
especially those of developing countries. No country has grown without trade.
However, the contribution of international trade to economic growth depends a
great deal on the context in which it works and the objectives it serves.
International trade is the exchange
of capital goods and services across borders or territories. Through
international trade countries supply the world economy with the commodities
that they produce relatively cheaply and demand from the world economy the
goods that are made relatively cheaper elsewhere. The positive effects of
international trade on economic growth were first pointed out by Smith (1776).
This idea prevailed until World War II, although with relative hibernation
during the “Marginalist Revolution”. Economic theories have argued that
countries engage in international trade to reap the gains that arise from
specialized production with each country concentrating on producing those goods
and services that involve the least opportunity cost.
Economic growth is the increase in
the amount of the goods and services produced by an economy overtime, it can
also be said to refer to growth of potential output, that is, production. It is
measured as the percent rate of increase in real GDP. Various literatures on
international trade recognize trade as a catalyst for economic growth. To act
as an engine of economic growth, trade must lead to steady improvements in
human conditions by expanding the range of people’s choice, a notion that the
concept of human development tries to capture. For developing countries,
contribution of trade to economic growth is immense owing largely to the
obvious fact that most of the essential element for growth of such as capital
goods, raw materials and technical know-how, are almost actively imported
because of inadequate domestic supply. Foreign exchange has to be earned
through exports to be able to pay for imports. To enhance exports, improved
technology must be acquired, and this in turn further pushes up demand for
imports.
Prolonged pressures on the balance of
payments constitute constraints to economic growth and thus, appropriate
economic policy measures have to be put in place to streamline international
trade to conform to desired goal of economic growth.
1.2 Statement of Problem
The
importance of international trade in the development process has been of
interest to development economists and policy makers alike. Imports and exports
are a key part of international trade and the import of capital goods in
particular is vital to economic growth. This is so because imported capital
goods directly affect investment, which in turn constitutes the motor of
economic expansion. Economic reform is expected to affect imports as part of
the strategy to restore balance.
In Nigeria,
some people are in favor of protectionist and highly regulated economy and have
even criticized the previous Nigeria government for signing the treaty of World
Trade Organization, claiming that, Nigeria was not adequately represented in
the negotiations and that we should push for a fairer deal.
The research
questions which will guide this work are as follows. Does international trade
lead to economic growth? What are the factors that hinder international trade
in Nigeria?
1.3 Objectives of the Study
International
trade has been an “Engine of growth” for the global economy and Nigeria in
particular. Large dissenting voices in the 20th Century claim that
international trade only perpetuates the under-development of poor countries
due to the fact that there is a disproportionate share of gains from
international trade that accrues to industrialized countries. We shall focus on
the following objectives.
1. To examine the relationship between
international trade and economic growth.
2. To examine the impact of international
trade on economic growth of Nigeria.
3. To examine the factors that hinder
international trade in Nigeria.
1.4 Hypothesis
Ho: That
there is no relationship between international trade and economic growth in
Nigeria.
H1: That there
is relationship between international trade and economic growth in Nigeria.
1.5 Significance Of The Study
This study
will be an invaluable tool for students, researchers, research institutions and
the general public that partake in international trade who wants to know more
about the impact of international trade on economic growth of Nigeria.
1.6 Scope And Limitation Of Study
The scope of
the study will span 30years, that is, (1980 – 2009). The empirical analysis
shall focus on the impact of international trade on the country’s economic
growth. The gross domestic product (GDP) shall be used as the indicator for
economic growth. The limitations encountered during this research work were;
inadequate funds, accessibility of data and limited time frame.
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