European Journal of Sustainable Development Research

Diversification and Economic Growth in Nigeria (1981–2016): An Econometric Approach Based on Ordinary Least Squares (OLS)
Valentine Joseph Owan 1 * , Victor Chijioke Ndibe 2, Chidera Catherine Anyanwu 3
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1 Department of Educational Management, University of Calabar, Calabar, NIGERIA
2 Department of Economics, University of Calabar, Calabar, NIGERIA
3 Department of Economics, Imo State University, Owerri, NIGERIA
* Corresponding Author
Research Article

European Journal of Sustainable Development Research, 2020 - Volume 4 Issue 4, Article No: em0131
https://doi.org/10.29333/ejosdr/8285

Published Online: 19 May 2020

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How to cite this article
APA 6th edition
In-text citation: (Owan et al., 2020)
Reference: Owan, V. J., Ndibe, V. C., & Anyanwu, C. C. (2020). Diversification and Economic Growth in Nigeria (1981–2016): An Econometric Approach Based on Ordinary Least Squares (OLS). European Journal of Sustainable Development Research, 4(4), em0131. https://doi.org/10.29333/ejosdr/8285
Vancouver
In-text citation: (1), (2), (3), etc.
Reference: Owan VJ, Ndibe VC, Anyanwu CC. Diversification and Economic Growth in Nigeria (1981–2016): An Econometric Approach Based on Ordinary Least Squares (OLS). EUR J SUSTAIN DEV RE. 2020;4(4):em0131. https://doi.org/10.29333/ejosdr/8285
AMA 10th edition
In-text citation: (1), (2), (3), etc.
Reference: Owan VJ, Ndibe VC, Anyanwu CC. Diversification and Economic Growth in Nigeria (1981–2016): An Econometric Approach Based on Ordinary Least Squares (OLS). EUR J SUSTAIN DEV RE. 2020;4(4), em0131. https://doi.org/10.29333/ejosdr/8285
Chicago
In-text citation: (Owan et al., 2020)
Reference: Owan, Valentine Joseph, Victor Chijioke Ndibe, and Chidera Catherine Anyanwu. "Diversification and Economic Growth in Nigeria (1981–2016): An Econometric Approach Based on Ordinary Least Squares (OLS)". European Journal of Sustainable Development Research 2020 4 no. 4 (2020): em0131. https://doi.org/10.29333/ejosdr/8285
Harvard
In-text citation: (Owan et al., 2020)
Reference: Owan, V. J., Ndibe, V. C., and Anyanwu, C. C. (2020). Diversification and Economic Growth in Nigeria (1981–2016): An Econometric Approach Based on Ordinary Least Squares (OLS). European Journal of Sustainable Development Research, 4(4), em0131. https://doi.org/10.29333/ejosdr/8285
MLA
In-text citation: (Owan et al., 2020)
Reference: Owan, Valentine Joseph et al. "Diversification and Economic Growth in Nigeria (1981–2016): An Econometric Approach Based on Ordinary Least Squares (OLS)". European Journal of Sustainable Development Research, vol. 4, no. 4, 2020, em0131. https://doi.org/10.29333/ejosdr/8285
ABSTRACT
Economic diversification has been the glamour of successive administrations in Nigeria, especially amidst the dwindling oil-revenue in recent years, which has resulted from the fluctuations in world crude oil prices. This study aims at investigating the impact of diversifying the economy on the economic growth in Nigeria. Secondary data on GDP growth rate as a proxy for economic growth, non-oil GDP as a proxy for GDP diversification, non-oil export as a proxy for export diversification, investment and exchange rate, between 1981 and 2016, were adopted in the study. An econometric approach of Ordinary Least Squares (OLS) was adopted to empirically analyze the collected data and the result revealed that non-oil gross domestic product impacted positively and significantly on economic growth while exchange rate had an inverse but significant nexus on economic growth in Nigeria, within the period covered in the study. However, non-oil export and investment impacted positively but insignificantly on economic growth in Nigeria. The study recommends the encouragement of increased productivity in the real sector as well as the adoption of stable and favourable exchange rate policies by the government in order to accelerate economic growth in Nigeria.
KEYWORDS
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