EFFECT OF TRADE LIBERALIZATION ON ECONOMIC DEVELOPMENT IN NIGERIA (1986-2024)
Abstract
ABSTRACT
The study investigated the effect of trade liberalization on economic development in Nigeria, from 1986 to 2024. The data collection was secondary and existing data extracted from the statistical bulletin of the Central Bank of Nigeria. The study aimed at achieving the following specific objectives: (i) To examine the impact of trade liberalization on Nigeria’s economic development (ii) To investigate the relationship between net export and per capita GDP in Nigeria (iii) To determine the impact of exchange rate on economic development in Nigeria. To achieve these objectives, the study adopted the Ordinary Least Squares (OLS) method of estimation as its methodology. The results showed that trade liberalization and balance of payments (BOP) did not contribute significantly to economic development in Nigeria within the period under review. However, the results indicated that net export and exchange rate impacted economic development significantly in Nigeria. The study recommended the diversification of the export base of Nigeria’s economy. Also, Nigeria should create a supportive or enabling domestic environment that encourages trade liberalization such as strong market supporting institutions. There should be effective exchange rate management that does not unnecessarily devalue the Naira.
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