INTERNATIONAL TRADE AND GROWTH OF THE NIGERIAN ECONOMY

📄 Project Abstract

Starting from Adam Smith's discussion on specialization and the extant of the market by international trade, to the debates about import substitution versus exported growth (growth based on exporting more goods and services), to recent work on increasing returns and endogenous growth models, there are increasing debates among economists about the international trade and economic growth ( Dushko and Darko2012). Economists have long been interested in factors which cause different countries to grow at different rates and achieve different levels of wealth. One of such factors is trade. Nigeria is basically an open economy with international transactions constituting a significant proportion of her aggregate output (Mike and Okojie 2012). The Nigerian government like many other developing countries considers trade as the main engine of its development strategies, because of the implicit belief thattrade can create jobs, expand markets, raise incomes, facilitate competition and disseminate...