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Dec 31, 2024Keywords:
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Effect of Trade Liberalization on the Output of Agricultural and Manufacturing Sectors of Nigeria
Abstract
This study investigated the effect of trade liberalization on the output of the agricultural and manufacturing sectors of Nigeria from 1970 to 2020. Data were collected from Central Bank of Nigeria (CBN) statistical report bulletins, CBN online database, National Bureau of Statistics, International Financial Statistics, as well as World Development Indicators of the World Bank for the period 1970-2020. These were analyzed with Ordinary Least Squares with the help of Eviews software. Unit root test was carried out using ADF to ensure the stationarity of data, Error Correction Model was used to stabilize the non-stationary data, and finally cointegration test was carried out and a long-term relationship was ascertained to exist among the variables. The trend analysis showed a steady increase in GDP growth in the agricultural sector and an increase at a decreasing rate in the manufacturing sector in the period under study. On the effect of trade liberalization policy on the output of both sectors, the study found that the degree of openness in trade has a positive and significant effect on agricultural GDP at the 1% level, and the absence of a significant relationship with manufacturing GDP. The study recommends, amongst others, that the government put in place policies that will encourage small-scale and large-scale manufacturers to have a significant contribution to the sector's GDP.
