TITLE:
Export Promotion, Import Substitution and Economic Integration in Nigeria
AUTHORS:
Tunde G. Monogbe, O. John Okah
KEYWORDS:
Economic Integration, Trade Protectionist, Trade Liberalist
JOURNAL NAME:
iBusiness,
Vol.9 No.4,
December
22,
2017
ABSTRACT:
This paper empirically integrates the interplay
between import substitution and export promote on the Nigerian economy in
conjunction with the theoretical position of the protectionist and the free
trade activist and how this has helped in promoting the Nigerian economy over
the years. A disaggregate analysis of importation
and exportation is conducted using a time series data between the
periods 1981 to 2016. Series of econometric estimation tools were adopted in
this study. Findings reveal that Non-oil export and Non-oil import seems to
significantly promote economic integration in Nigeria. This report further gave
in a support to trade protectionist and the trade liberalize advocates. The result of the causality test shows that
before any nation could attract foreign inflows, the economy must be in good form as foreign investor only invests in an economy whose receiving
capacity can sustain their investment. The study therefore concludes
that before any nation could embrace liberalization, there must have been a level
of threshold of industrial development in such nation.