IMPACTS OF INTERNATIONAL TRADE ON THE NIGERIA ECONOMY BETWEEN 1981 – 2016 USING THE NIGERIAN TIME SERIES DATA

IMPACTS OF INTERNATIONAL TRADE ON THE NIGERIA ECONOMY BETWEEN 1981 – 2016 USING THE NIGERIAN TIME SERIES DATA

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n our economy today we are privileged to make use of the advanced world countries’ products having risen from improved or advanced technologies of the world. We even eat their type of food, wear their type of cloth, and drive in their kind of cars etc. without having to do all these in their country. Also we enjoy the best of products from neighboring countries without having to travel there to get or use it. All these are made possible by international trade. International trade has a direct effect on the economy of any country as the country sees the need for the exchange of ideas, products and technologies. This effect could either be positive or negative at each given point in time.

International trade can be interchangeably referred to as ‘foreign trade’ or ‘global trade’. It encompasses the inflow (import) and outflow (export) of goods and services in a country. A country’s imports and exports represent a significant share of her gross domestic product (GDP); thus, international trade is correlated to economic growth. In an open economy, development of foreign trade greatly impacts GDP growth (Li, Chen & San, 2010). Countries would be limited to goods and services produced within their territories without international trade. International trade is directly related to globalization because increase in trade activities across border is paramount to the globalization process. The globalized nature of an economy enhances its direct participation in the world market consequently leading to market expansion. According to Adam Smith, expansion of a country’s market encourages productivity which inevitably leads to economic growth


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