Agricultural Export, Oil Export and Economic Growth in Nigeria: Multivariate Co-integration Approach

AbstractSustaining of nation’s economic growth for better footing and outlook is very crucial for the globe of recent, most especially for developing countries like Nigeria. The country as a vivid example of a developing nation is oil based economy, which adopts export promotion policy as the essentialtactic for growth. Yet the nation has not maximized her abundance of resources to aids growth, despite notable economic growth being experienced. In this view, there is an attempt to examine the relationship among agricultural export, oil export and output growth in Nigeria. The causal relationship among the variables was investigated by using times series data for the period between 1981 and 2014. All the macroeconomic variables were found to be stationary. The study revealed that there is significant relationship between economic growth and the agricultural export and oil export. Based on the findings, government of the country is being advised to initiate new and re-defined old policies that will diversify the export base. Likewise, policies that will improveand aid the nation’s domestic production is being encouraged, since long run relationship has been established among the macroeconomic variables.

KeywordsAgriculture Export, Oil Export, Economic Growth, Co-integration.

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