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ROLE OF INTERNATIONAL TRADE AND FOREIGN DIRECT INVESTMENT IN INCLUSIVE GROWTH: Empirical Evidence from Nigeria

ROLE OF INTERNATIONAL TRADE AND FOREIGN DIRECT INVESTMENT IN INCLUSIVE GROWTH: Empirical Evidence from Nigeria

 

Abstract: The study investigates the role of exports, imports and foreign direct investment (FDI) in inclusive growth in Nigeria over the period 19862013. This study follows the recent theoretical and empirical literature on inclusive growth to articulate the models estimated with the autoregressive distributed lag (ARDL) technique. The long-run ARDL estimates suggest that exports worsen the growth of income per capita and income redistribution in Nigeria. Also, imports and FDI are found to promote inclusive growth as well as its components (growth in income per capita and equity), though the effect of FDI on growth in income per capita is negligible. The short-run results also reveal that exports are detrimental to inclusive growth. Moreover, while import and FDI significantly reduce inequality, they have no short-run effects on growth in income per capita. Also, FDI is found to worsen inclusiveness of growth in the short run. Policy should therefore focus on promoting linkages between the oil sector and the rest of the economy. A gradual shift in attention away from oil export to diversification into non-oil export will reduce income volatility and stimulate direct positive growth effect in terms of increased employment and income generating opportunities.

JEL classification: D63, O47, F14, F24

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