Impact Of Exchange Rate Changes On Non-Oil Exports In Nigeria
The study investigates the impact of exchange rate changes on non-oil export in Nigeria between 1970 and 2014, using Nigeria time series data; The study examines the significant role of exchange rate and inflation on non-oil export of the economy which other studies might have ignore; In achieving the objectives of this study, Ordinary Least Square methods involving Augmented Dickey-Fuller (ADF), unit roots test of stationarity, were applied;
The result shows that exchange rate and inflation have no significant impact on non-oil export whereas trade openness have a positive relationship with non-oil export, which shows that trade openness increases non-oil export in Nigeria; This study amongst others encourages the government to strengthen the legislative and supervisory framework of non-oil sectors in Nigeria and diversify the economy to ensure maximum contributions from all faces of the sectors to economic growth of Nigeria, as well as enhancing the productivity and output of non-oil commodities coupled with providing markets for the commodities.
Exportation is required by any economy to enhance revenue and usher in economic growth and development. It is therefore crucial for economic progress and this has informed the idea of export-led growth. Export is a catalyst necessary for the overall development of an economy (Abou-Strait, 2005). It was also noted that foreign trade creates an avenue for foreign capital to flow into a country (Ricardo, 1817), this increases the earnings of the country thereby creating an avenue for growth by raising the national income of the country. It also increases the level of employment in the economy as a higher demand for exports will require more production which will in turn lead to the employment of more people.
Exportation by a country also helps attain a favorable balance of trade and balance of payment position for the exporting country provided its exports reasonably exceed its imports. In a country like Nigeria where the level of investment is low, foreign capital is very much needed in order to accelerate the creeping rate of economic growth. The Nigerian economy is one that depends largely on foreign trade for growth and is also one which depends majorly on one export commodity at a time. For instance, at independence.
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