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DETERMINANTS OF NON-OIL EXPORT AND ECONOMIC GROWTH IN NIGERIA: AN APPLICATION OF THE BOUND TEST APPROACH
ABSTRACT
The effects of the recent global economic crises on Nigeria’s economy have reaffirmed the urgent need for economic diversification in the country. Although no country is immune to such global crises, the over reliance on oil export revenue by Nigeria expose her economy excessively to external shocks. Therefore, this research examines the impact of aggregate non-oil sector and its determinant on economic growth. The bound test approach was explored to examine the long and short run effects of the non-oil export and its ensuing determinants. The result reveals a significant effect of non-oil export on economic growth in both the long and short run. Policies aimed at boosting the level and significance of the nonoil export were proposed.
Keywords: Consumer Price Index, Economic growth, Real Exchange Rate, Non-oil Export, Real Interest Rate.