Al-Hikmah University Central Journal
ASSESSMENT OF THE IMPACT OF NON-OIL EXPORT ON ECONOMIC GROWTH IN NIGERIA: 1990 – 2018
Abstract
This study examined the impact of non-oil export on economic growth in Nigeria for the period of 1990 to 2018. The over reliance on oil sector as compared to the non-oil sector, which has resulted in growth instability, is the motivation for this study. The broad objective of the study is to examine the impact on non-oil sector on the Nigerian economic growth. The variables used were Agric export, solid mineral export, manufacturing export and economic growth. Time series data were collected on the variables in the model. The findings from the empirical analysis revealed that agricultural export has a positive and significant impact on economic growth in Nigeria. Manufacturing export has a positive and significant impact on economic growth in Nigeria. Solid Mineral export has a negative and significant impact on economic growth in Nigeria, which is attributed to exportation of large junk of extracted and unrefined minerals that are imported back to the country as finished goods at a high price far beyond what the country gets from her exportation. In line with the findings, the recommendations made, among other things, include encouraging government to, through its spending, invest more on agriculture, industry, exploration of solid minerals and manufacturing sector with to a view to enhancing production in these sectors which will in turn lead to increase in exportable goods and service.