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TRADE POLICY AND EXPORT DIVERSIFICATION IN NIGERIA: AN ARDL APPROACH
Abstract: This study examined the impact of trade policy on export diversification in Nigeria over the period 1962 to 2015. In the study trade policy was measured by trade liberalization policy and trade openness. The study employed Autoregressive Distributed Lag (ARDL) technique and the result from the estimate showed that both measures of trade policy had insignificant impact on export diversification while foreign direct investment had negative and significant effect on export diversification in Nigeria. Thus, the study concluded that trade policy has not enhance export diversification in Nigeria over the period 1962 to 2015. The study recommended among other the need for the government to de-emphasize the dependency on oil and on the discoveries of new oil wells (such as those discovered in the Southwest and Northern regions in Nigeria. The continuous emphasis on oil would incessantly decline the drive of the government in diversifying the export base of the Nigerian economy. Keywords: trade liberalization; trade openness; non-oil export; bound co-integration; Nigeria