FOREIGN TRADE AND ECONOMIC GROWTH IN NIGERIA (2004-2023)
Abstract
This study examines foreign trade and economic growth in Nigeria. The specific objectives of the study are to examine the impact of import trade, export trade and foreign direct investment on the growth of Nigerian economy. The study uses the ordinary least square (OLS) to show the relationship between the impact of the independent variable on the dependent variable. The findings reveal that only import trade has significantly impacted on the growth of Nigerian economy within the period of study while export trade and foreign direct investment has no significant impact on the growth of Nigerian economy during the study period. Amongst other recommendations, the study recommended that the Nigerian government should not be too open to import trade especially to advanced countries, and as such restriction should be placed by way of import tariffs, quotas, etc but encourage export trade.
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