Harnessing The Potentials of Non-Oil Sectors of The Nigerian Economy to Enhance Sustainable Growth
Abstract
In the face of global oil price instability, which seems to negatively impact the Nigerian economy, this study examined how the Nigerian government and its stakeholders have explored other sectors of her economy, such as agriculture, manufacturing, and tourism, enhancing sustainable growth. In achieving this, the study employed a time series data covering 24 years (1995-2018). The variables used in the study were real gross domestic product (RGDP), tourism share of GDP, agriculture share of GDP, and manufacturing share of GDP. The unit root test using the Augmented Dickey-Fuller test was conducted to test for stationarity among variables employed. The Autoregressive Distributive Lag Bound Test for Co-integration was also employed, while the ECM was also conducted to check for the speed of adjustment.The study findings revealed that, while the Nigerian government and industry stakeholders have made significant investments in the agriculture sector through the development of improved seedlings and farm infrastructure, there is a need for more investment in the manufacturing and tourism sectors of the nation's economy to boost her gross domestic product.
JEL Classification: O13, O14, Q01, Z32
How to Cite:
Ajudua, E. I., Majebi, E. C., & Odishika, V. A. (2021). Harnessing The Potentials of Non-Oil Sectors of The Nigerian Economy to Enhance Sustainable Growth. Signifikan: Jurnal Ilmu Ekonomi, 10(1), 51-62. https://doi.org/10.15408/sjie.v10i1.18493.
Keywords
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DOI: 10.15408/sjie.v10i1.18493
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