Browsing by Author "Esiaka, Jude Chuka"

Now showing 1 - 2 of 2
  • Thumbnail Image
    ItemOpen Access
    Impact of Foreign Trade on Economic Growth in Nigeria
    (Department of Banking and Finance, Nasarawa State University Keffi, 2021-03-06) Esiaka, Jude Chuka; Uche, Uwaleke; Nwala, Maureen Nneka
    his study investigated the impact of foreign trade on the economic T growth of Nigeria for the period 1981–2018. Economists hold two contrasting opinions on the effect of foreign trade on a nation's economy. While the positive-sum game school of thought holds the view that, when nations engage in foreign trade, there are bound to be mutual gains as each country's utility is expanded, the negative-sum game school of thought holds the view that trade relations amongst nations of the world benefit one economy at the expense of the other. This study was embarked upon to ascertain which of these two conflicting opinions applies to Nigeria. Accordingly, the objective of the study was to determine the impact of foreign trade proxy by oil revenue, non- oil revenue, and foreign exchange rate on Nigeria's economic growth proxy by gross domestic product growth rate. The study adopted the ex post facto research design and secondary data were obtained from the Central Bank of Nigeria Statistical Bulletin. The study employed the Autoregressive Distributed Lag Model to evaluate the effect of foreign trade on economic growth in Nigeria. Findings suggest that oil revenue, non-oil revenue, and foreign exchange rate have a significant impact on economic growth in Nigeria. The study recommended that Nigeria's oil revenue be heavily invested in non-oil revenue- earning productive sectors such as agriculture and mining to create the desired multiplier effect on the economy.
  • Thumbnail Image
    ItemOpen Access
    IMPACT OF INTEREST RATE FLUCTUATION ON ECONOMIC GROWTH IN NIGERIA
    (Department of Economics, Nasarawa State University, Keffi., 2019-06-30) Chukwumaeze, Donald Ugochukwu; Yelwa, Mohammed; Henry, Ahmed Eggon; Esiaka, Jude Chuka
    The study examined the impact of interest rate fluctuation on economic growth in Nigeria covering the period 1986—2016. Annual data were collectedfrom secondary sources. The study estimated a multiple regression model using the ordinary least squares method. However, before model estimation was carried out, the Augmented Dickey-Fuller unit root test of stationarity of the time series variables and the Johansen-Juselius cointegration test were reported. Findings from the unit root test revealed that time series variables were integrated of different orders while the results of the cointegration test showed that a long-run relationship exist between the time series variables considered. Findings from the estimated regression model showed that monetary policy rate and maximum lending rate impacted negatively and significantly on economic growth, while savings deposit rate had positive but insignificant impact on economic growth during the period investigated. Based on these findings, it was recommended that the Central Bank of Nigeria (CBN) should pursue interest rate policies that encourage investment and economic activities in Nigeria. This could be ach ieved by a sustained reduction in the prime lending rate to investors so as to encourage them to borrow more money and increase their levels of investment. Lastly, the CBN should increase the channels offinancial access to the private sector to stimulate investment opportunities in the real sector of the Nigerian economy.