Non-Oil Export and Exchange Rate Nexus in Nigeria: Another Empirical Verification

Orji, Anthony; Abubakar, Mohammed; Ogbuabor, Jonathan E; Anthony-Orji, Onyinye I; Ojonta, Obed I

doi:10.20448/journal.511.2021.81.39.47

Cited by 1 publication

(2 citation statements)

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“…From the reviewed theoretical and empirical studies, many variables were identified as the major determinants of non-oil exports. To test the underlying hypothesis, the empirical model below was adapted from the work of Orji, Abubakar, Ogbuabor, Anthony-Orji, and Ojonta [13]:…”

Section: Methods Of Estimationmentioning

confidence: 99%

See 1 more Smart Citation

Nigeria’s Non-Oil Sector and its Impact on Exchange Rate Volatility (1981-2021)

Nwolisa,

Ugoji,

Aiyeku

et al. 2023

JEMT

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The study investigates the impact of non-oil exports on exchange rate volatility in Nigeria using 40 years of time series data. The study makes use of an autoregressive distributed lagged model as the model for the data estimation. The variables used were found to be stationary at a mixture of level and first difference. The study found that non-oil exports have a negative impact on the exchange rate volatility in Nigeria. A 1% increase in non-oil exports will lead to a 0.64% reduction in exchange rate volatility. This implies that the less volatile the exchange rate becomes, the more interest there is in non-oil exports. This study recommends that it is high time Nigeria as a country diversified its economy and focused on massive investments into other sectors of the economy such as Agriculture, Manufacturing, Mining, Art, and entertainment to increase non-oil exports and prevent overreliance on crude oil exports as the only source of foreign exchange earnings. When we diversify the economy, we produce more, become less reliant on imports, and the exchange rate becomes more stable as a result.

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Section: Methods Of Estimationmentioning

confidence: 99%

“…Orji, Abubakar, Ogbuabor, Anthony-Orji, and Ojonta [13] in their study of the relationship between the exchange rate and non-oil exports in Nigeria using the ARDL model. The study revealed that the exchange rate had a positive and significant effect on non-oil exports in Nigeria.…”

Section: Empirical Reviewmentioning

confidence: 99%