Purpose: Globalization has been adjudged to be an exploitative instrument used by the Western world to advance their economy at the expense of the developing countries. In view of this, this study was developed to examine the impact of globalisation on the Nigerian manufacturing sector. Method: The study adopted the Autoregressive Distributed Lag (ARDL) and Error Correction Model (ECM) to estimate and analyse the long and short-run impacts of globalisation on manufacturing value added in Nigeria using data collected from KOF Swiss Economic Institute, and World Bank Development Indicators (WDI), covering the period from 1981 to 2020. Findings: The estimated model established that globalisation has a positive connection with manufacturing value added in Nigeria both in the short and long-run, though not statistically significant. Based on the t-statistics of the individual variables, the study came to the conclusion that although globalisation had impacted more positively on the Nigerian economy, there were still rooms for improvement, especially as regards infrastructural development, which shows a negative connection with manufacturing value added. Originality: The study adds to the existing literature on the globalization-growth nexus by looking at the manufacturing sector of the economy, an aspect which most researchers have been neglecting.
This study investigates the impact of non-oil export on the Nigeria balance of payment between 1981 and 2020. To achieve the broad objective, two specific objectives were set out, viz: investigate the impact of non-oil export on the Nigeria balance of payment; and examine the level of impact of exchange rate volatility on balance of payment in Nigeria. Using the Autoregressive Distributed Lagged (ARDL) and Error Correction Model (ECM), the findings of the study show that non-oil exports have had a strong positive impact on Nigeria’s balance of payment within the period under study both in the short and long-run. It shows that a percentage increase in non-oil export increases the balance of payment (surplus) by 31.47 % in the long-run. However, exchange rate was shown to have had a negative blow on Nigeria’s balance of payment, though not statistically significant. The study therefore recommend among others that, for Nigeria to enjoy a surplus balance of payment, which is one of her major macroeconomic goals, there is the need to shift attention to the non-oil sector which has always been the main source of her foreign exchange earnings prior to the discovery of crude oil.
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