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Correlational Analysis of Trade Openness and Economic Growth: A Case Study of Nigeria

	International Journal of Scientific Research and Engineering Development (IJSRED)	Full Text:
	Published Issue : Volume-3 Issue-5
	Year of Publication : 2020
	Unique Identification Number : IJSRED-V3I5P33
	Authors : Babalola, Olatunji Oladapo

Abstract :

This study examined the relationship between the ratio of trade openness on economic growth of Nigeria economy as well as its impact. The study becomes necessary considering the current state of the country’s economy as she strives to retain her position and pedigree as the giant of Africa coupled with her involvement international trade. The study employed the descriptive research of the correlational design and made use of economic data that entails the nominal GDP, real GDP, nominal export and import of year range from 2008 to 2018 while research question and hypothesis were answered and tested using descriptive and inferential statistic. the outcome of the study made it clear that the ratio of the country’s trade openness was on the increase why that of economic growth is a bit low, meanwhile a positive and strong relationship was established between trade openness and economic growth why trade openness was found to influenced and contributed significantly to economic growth of Nigeria. it was therefore recommended that the country Nigeria should get more involved in international trade while she diversify her economy to gain more of foreign earnings, the country was also admonished to protect infant industries, promote SMEs and discourage importations where necessary through a good fiscal policy.