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DETERMINANTS OF NIGERIA’S INTERNATIONAL TRADE IN SERVICES
Abstract
The paper investigates the determinants of Nigeria’s international trade in services from 1981 to 2017. The study examined the short- and long-run relationships among integrated variables using an ARDL methodology. The empirical results show that services value added, merchandise trade, growth in GDP, official exchange rate and secondary school enrolment are the significant determinants of trade in services in Nigeria. While services value added, merchandise trade, growth in GDP, official exchange rate exhibited a positive relationship with international trade in services, secondary school enrolment showed a negative relationship. The study therefore recommends that policies should be geared towards improving technology and skill-oriented services which are recognised as the drivers of services globally. This is expected to develop domestic capacity and attract FDI to the services sector. With the negative relationship between services and human capital, there is the need for capacity building and skills acquisition, particularly in technical skills needed in the tradeable service sector to enhance productivity and competitive labour costs. This would serve as an avenue to generate employment as new job opportunities would be created.
Keywords: Foreign Capital Flows, Services, Trade Performance and Economic Growth