This work focuses on the impact of export promotion on the Nigerian economy (1985-2012). There is need to diversify the productive base of the economy away from oil and foster market-oriented and private sector driven economy. To this effect, this study seeks to find out what impact export promotion has on the Nigerian economy and means by which it could be enhanced. In the study, a multiple regression was adopted meaning economic growth was measured using GDP and regressed oil sector, non-oil sector (manufacture export, agriculture export and services export) and exchange rate using the ordinary least square (OLS) estimation method owing to its desirable BLUE properties. Secondary data used, collected from Central bank of Nigeria (CBN) annual statistical bulletin, national bureau of statistics (NBS), and the Nigerian export promotion council (NEPC) data bank to estimate the relationship. The findings showed that manufacturers export, and oil export significantly impacted on the economy (GDP) whole agriculture export services export, and exchange rate had insignificant impact on GDP. It was concluded that diversification will reduce the nations or dependency on crude oil exploration (mono custom foreign trade products) which will aid development and welfare improvement of the populists. This study therefore recommended that Nigeria’s export development strategy should address the supply capacity constraints urgently to promote non-oil export growth.
Export Promotion and the Nigerian Economy: An Empirical Analysis
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