Export-led growth hypothesis: New evidence from Nigeria
This study investigated the export-led growth hypothesis in Nigeria. The study examined the long-run and short-run equilibrium relationships between exports; imports and economic growth over the study period. The study used Johansen co-integration technique, granger causality, and vector error correction mechanism in the analysis of data. The variables used were found to have the same order of integration and the empirical evidence strongly suggested the existence of long-run co-integration relationship among import, export and economic growth in Nigeria. The study also found causality running from export to import and from economic growth to import. However, there was no empirical evidence in support of the export-led growth hypothesis. The study recommended that Nigerian export base should be expanded by given more attention to non-oil sector of the economy to augment the oil sector.