Specialization Versus Diversification as Alternative Strategies for Sustainable Growth in Resource-Rich Developing Countries. Case of Nigeria

Young, Ademola Obafemi

Specialization Versus Diversification as Alternative Strategies for Sustainable Growth in Resource-Rich Developing Countries. Case of Nigeria

Studia Universitatis „Vasile Goldis” Arad – Economics Series

Volume 32 (2022): Issue 3 (September 2022)

By:

Ademola Obafemi Young

Open Access

|Jul 2022

References

1. Abogan, O. P., Akinola, E., & Baruwa, O. (2014), Non-oil export and economic growth in Nigeria. Journal of Research in Economics and International Finance, 3(1), 1-11. http:/dx.doi.org/10.14303/jrief.2013.045.
Search in Google Scholar Back to article
2. Adaramola, A. O., & Dada, O. (2020), Impact of inflation on economic growth: evidence from Nigeria. Investment Management and Financial Innovations, 17(2), 1-13. https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/13355/IMFI_2020_02_Adaramola.pdf.10.21511/imfi.17(2).2020.01
Search in Google Scholar Back to article
3. Aditya, A., & Acharyya, R. (2013), Export diversification, composition, and economic growth: Evidence from cross-country analysis. The Journal of International Trade & Economic Development, 22(7), 959-992. https://doi.org/10.1080/09638199.2011.619009.
Search in Google Scholar Back to article
4. Agosin, M. R. (2007), Export diversification and growth in emerging economies. 233, 559-562. Working paper. http://new.econ.uchile.cl/uploads/publicacion/7fec2632-b4c3-45a3-ab78-0970614f5bab.pdf.
Search in Google Scholar Back to article
5. Ahmed, S., & Mortaza, M. G. (2005), Inflation and Economic Growth in Bangladesh: 1981 2005, WP 0604. Policy Analysis Unit, Bangladesh Bank. https://ideas.repec.org/p/ess/wpaper/id3033.html
Search in Google Scholar Back to article
6. Aigbedion, I., & Iyayi, S. E. (2007), Diversifying Nigeria’s petroleum industry. International Journal of Physical Sciences, 2(10), 263-270. https://academicjournals.org/journal/IJPS/article-full-text-pdf/000452513283.
Search in Google Scholar Back to article
7. Ajayi, E. O., & Araoye, F. E. (2019), Trade openness and economic growth in Nigeria. International Journal of Economics and Financial Management, 4(2), 50-63. http://iiardpub.org/get/IJEFM/VOL.%204%20NO.%202%202019/TRADE%20OPENESS%20AND.pdf.
Search in Google Scholar Back to article
8. Akanegbu, B. N., & Chizea, J. J. (2017), Export expansion and growth in Nigeria: An empirical analysis. European Journal of Research in Social Sciences Vol, 5(1), 1-10. https://www.idpublications.org/wp-content/uploads/2016/12/Full-Paper-EXPORT-EXPANSION-AND-GROWTH-IN-NIGERIA-AN-EMPIRICAL-ANALYSIS.pdf.
Search in Google Scholar Back to article
9. Akinlo, A.E. (2012), How important is oil in Nigeria's economic growth? Journal of Sustainable Development 5(4), 165-179. http://dx.doi.org/10.5539/jsd.v5n4p165.10.5539/jsd.v5n4p165
Search in Google Scholar Back to article
10. Alabi, R. O. (2018), Impact of Export Diversification on Economic Growth in Nigeria (Doctoral dissertation, Kwara State University Nigeria). https://search.proquest.com/openview/8509f166ef46e643ad446dc2db0e42d7/1?pqorigsite=gscholar&cbl=2026366&diss=y.
Search in Google Scholar Back to article
11. Al-Marhubi, F. (2000), Export diversification and growth: an empirical investigation. Applied economics letters, 7(9), 559-562. https://doi.org/10.1080/13504850050059005.
Search in Google Scholar Back to article
12. Aminu, A., & Raifu, I. A. (2019), Dynamic nexus between oil revenues and economic growth in Nigeria. Economics Bulletin, 39(2), 1556-1570. http://www.accessecon.com/Pubs/EB/2019/Volume39/EB-19-V39-I2-P147.pdf.
Search in Google Scholar Back to article
13. Anyaehie, M. C., & Areji, A. C. (2015), Economic diversification for sustainable development in Nigeria. Open journal of political science, 5(02), 87. https://doi.org/10.4236/ojps.2015.52010.
Search in Google Scholar Back to article
14. Arip, M.A., L.S. Yee and B. Abdul Karim. (2010), “Export Diversification and Economic Growth in Malaysia”; Munich Personal Repec Archive (MPRA) Paper No. 20588. https://mpra.ub.uni-muenchen.de/id/eprint/20588.
Search in Google Scholar Back to article
15. Ayodele, O. S., Akongwale, S., & Nnadozie, U. P. (2013), Economic Diversification in Nigeria: Any Role for Solid Mineral Development? Mediterranean Journal of Social Sciences, 4(6), 691-691. http://www.richtmann.org/journal/index.php/mjss/article/view/351.10.5901/mjss.2013.v4n6p691
Search in Google Scholar Back to article
16. Balaguer, J., & Cantavella-Jorda, M. (2004a), Structural change in exports and economic growth: cointegration and causality analysis for Spain (1961–2000). Applied Economics, 36(5), 473-477. https://doi.org/10.1080/00036840410001682179.
Search in Google Scholar Back to article
17. Balaguer, J., & Cantavella-Jordá, M. (2004b), Export composition and Spanish economic growth: evidence from the 20th century. Journal of Policy Modeling, 26(2), 165-179. https://doi.org/10.1016/j.jpolmod.2004.01.005.
Search in Google Scholar Back to article
18. Batista, C., & Potin, J. (2014), Stages of diversification in a neoclassical world. Economics Letters, 122(2), 276-284. https://doi.org/10.1016/j.econlet.2013.12.010.
Search in Google Scholar Back to article
19. Batista, J. C. (2004), Latin American Export Specialization in Resource-based Products: Implications for Growth. The Developing Economies, 42(3), 337-370. https://doi.org/10.1111/j.1746-1049.2004.tb00942.x.
Search in Google Scholar Back to article
20. Bbaale, E., & Mutenyo, J. (2011), Export Composition and Economic Growth in Sub-Saharan Africa: A Panel Analysis. Consilience, (6), 1-19. Retrieved February 12, 2021, from http://www.jstor.org/stable/26167814.
Search in Google Scholar Back to article
21. Ben Hammouda, H., S.N. Karingi, A.E. Njuguna and M. Sadni-Jallab (2006). ‘Diversification: towards a new paradigm for Africa‘s development’. Africa Trade Policy Centre Work in Progress N. 35, Addis Ababa: UNECA. https://mpra.ub.unimuenchen.de/13359/.
Search in Google Scholar Back to article
22. Cadot, O., Carrère, C., & Strauss-Kahn, V. (2011). Export diversification: what's behind the hump?. Review of Economics and Statistics, 93(2), 590-605. https://halshs.archives-ouvertes.fr/halshs-00553597/document.10.1162/REST_a_00078
Search in Google Scholar Back to article
23. Calderón, C., & Schmidt-Hebbel, K. (2008). Openness and growth volatility. Documentos de Trabajo (Banco Central de Chile), (483), 1. https://core.ac.uk/download/pdf/6642413.pdf.
Search in Google Scholar Back to article
24. CBN. (2020), Central Bank of Nigeria Statistical Bulletin. Retrieved from https://www.cbn.gov.ng.
Search in Google Scholar Back to article
25. Chang, R., Kaltani, L., & Loayza, N. V. (2009), Openness can be good for growth: The role of policy complementarities. Journal of development economics, 90(1), 33-49. https://doi.org/10.1016/j.jdeveco.2008.06.011.
Search in Google Scholar Back to article
26. Chukwuma, O. M. (2018), Diversification of Nigeria’s economy through agriculture and solid minerals in the face of dwindling economy. International Journal, 6(3), 147-151. https://ijari.org/assets/papers/6/3/IJARI-ME-18-09-134.pdf.10.51976/ijari.631802
Search in Google Scholar Back to article
27. Cuaresma, J. C., & Wörz, J. (2005), On export composition and growth. Review of World Economics, 141(1), 33-49. https://link.springer.com/article/10.1007%2Fs10290-005-0014-z.10.1007/s10290-005-0014-z
Search in Google Scholar Back to article
28. Dalum, B., Laursen, K., & Verspagen, B. (1999), Does specialization matter for growth? Industrial and corporate change, 8(2), 267-288. https://doi.org/10.1093/icc/8.2.267.
Search in Google Scholar Back to article
29. De Benedictis, L., Gallegati, M., & Tamberi, M. (2009), Overall trade specialization and economic development: countries diversify. Review of World Economics, 145(1), 37-55. https://link.springer.com/article/10.1007%2Fs10290-009-0007-4.10.1007/s10290-009-0007-4
Search in Google Scholar Back to article
30. De Piñeres, S. A. G., & Ferrantino, M. (1997), Export diversification and structural dynamics in the growth process: The case of Chile. Journal of development Economics, 52(2), 375-391. https://doi.org/10.1016/S0304-3878(96)00446-4.
Search in Google Scholar Back to article
31. Doki, O. N., & Tyokohol, Y. M. (2019), Export Diversification and Economic Growth in Nigeria. International Journal of Economics and Financial Management, 4(2), 16-28. https://iiardpub.org/get/IJEFM/VOL.%204%20NO.%202%202019/EXPORT%20DIVERSIFICATION.pdf.
Search in Google Scholar Back to article
32. Dritsakis, N., & Stamatiou, P. (2016), Trade openness and economic growth: A panel cointegration and causality analysis for the Newest EU countries. Romanian Economic Journal, 18(59), 45-60. http://www.rejournal.eu/sites/rejournal.versatech.ro/files/articole/2016-03-30/3342/3dritsakis.pdf.
Search in Google Scholar Back to article
33. Duru, I. U., & Ehidiamhen, P. O. (2018), Empirical investigation of the impact of export diversification on economic growth: Evidence from Nigeria, 1980-2016. Journal of Economics, Management and Trade, 1-24. https://journaljemt.com/index.php/JEMT/article/view/130588.10.9734/JEMT/2018/42806
Search in Google Scholar Back to article
34. Eko, S. A., Utting, C. A., & Onun, E. U. (2013), Beyond oil: Dual-imperatives for diversifying the Nigerian economy. Journal of Management and strategy, 4(3), 81. http://dx.doi.org/10.5430/jms.v4n3p81.10.5430/jms.v4n3p81
Search in Google Scholar Back to article
35. Eriṣ, M. N., & Ulaṣan, B. (2013), Trade openness and economic growth: Bayesian model averaging estimate of cross-country growth regressions. Economic Modelling, 33, 867-883. https://doi.org/10.1016/j.econmod.2013.05.014.
Search in Google Scholar Back to article
36. Evans, O., & Saibu, O. (2017), Quantifying the impact of monetary and exchange rate policies on economic diversification in Nigeria. Nigerian Journal of Economic and Social Studies, 59(1), 131-152. https://www.nigerianeconomicsociety.org/?p=media.publication.detail&pubID=158.
Search in Google Scholar Back to article
37. Feenstra, R. C., Inklaar, R., & Timmer, M. P. (2015), The next generation of the Penn World Table. American economic review, 105(10), 3150-3182. https://www.rug.nl/ggdc/productivity/pwt/?lang=en.10.1257/aer.20130954
Search in Google Scholar Back to article
38. Feenstra, R., & Kee, H. L. (2008), Export variety and country productivity: Estimating the monopolistic competition model with endogenous productivity. Journal of international Economics, 74(2), 500-518. https://doi.org/10.1016/j.jinteco.2006.11.006.
Search in Google Scholar Back to article
39. Fosu, A. K. (1990), Export composition and the impact of exports on economic growth of developing economies. Economics Letters, 34(1), 67-71. https://doi.org/10.1016/0165-1765(90)90183-2.
Search in Google Scholar Back to article
40. Gallardo, J. L. (2005), Comparative advantage, economic growth and free trade. Revista de Economia Contemporânea, 9(2), 313-335. http://dx.doi.org/10.1590/S1415-98482005000200004.10.1590/S1415-98482005000200004
Search in Google Scholar Back to article
41. Gozgor, G., & Can, M. (2016), Effects of the product diversification of exports on income at different stages of economic development. Eurasian Business Review, 6(2), 215-235. https://link.springer.com/article/10.1007/s40821-016-0045-5.10.1007/s40821-016-0045-5
Search in Google Scholar Back to article
42. Greenaway, D., Morgan, W., & Wright, P. (1999), Exports, export composition and growth. Journal of International Trade & Economic Development, 8(1), 41-51. https://doi.org/10.1080/09638199900000004.
Search in Google Scholar Back to article
43. Hamed, K., Hadi, D., & Hossein, K. (2014), Export diversification and economic growth in some selected developing countries. African Journal of Business Management, 8(17), 700-704. https://doi.org/10.5897/AJBM2012.397.
Search in Google Scholar Back to article
44. Hausmann, R., Hwang, J., & Rodrik, D. (2007), What you export matters. Journal of economic growth, 12(1), 1-25. https://link.springer.com/article/10.1007%2Fs10887-006-9009-4.10.1007/s10887-006-9009-4
Search in Google Scholar Back to article
45. Herzer, D. and Nowak-Lehman F.D. (2006), Export Diversification, Externalities and Growth: Evidence for Chile. Proceedings of the German Development Economics Conference, Berlin 2006 No. 12. http://hdl.handle.net/10419/19840.
Search in Google Scholar Back to article
46. Herzer, D., Nowak-Lehmann D, F., & Siliverstovs, B. (2006), Export-led growth in Chile: Assessing the role of export composition in productivity growth. The Developing Economies, 44(3), 306-328. https://doi.org/10.1111/j.1746-1049.2006.00019.x.
Search in Google Scholar Back to article
47. Hesse, H. (2008), Export diversification and economic growth. International Bank for Reconstruction and Development/the World Bank Commission on Growth and Development Working Paper, No. 21, Washington, D.C.: World Bank. http://hdl.handle.net/10986/28040.
Search in Google Scholar Back to article
48. Hodey, L. S., Oduro, A. D., & Senadza, B. (2015), Export diversification and economic growth in sub-Saharan Africa. Journal of African Development, 17(2), 67-81. https://doi.org/10.5325/jafrideve.17.2.0067.
Search in Google Scholar Back to article
49. Huseyin, O., & Shuaibu, U. A. (2020), Investigating the Role of Diversification on Economic Growth in Nigeria; New Evidence from SVARs. American Scientific Research Journal for Engineering, Technology, and Sciences (ASRJETS), 72(1), 230-250. https://www.asrjetsjournal.org/index.php/American_Scientific_Journal/article/view/6300.
Search in Google Scholar Back to article
50. Imbs, J. (2004), Trade, finance, specialization, and synchronization. Review of economics and statistics, 86(3), 723-734. https://doi.org/10.1162/0034653041811707.
Search in Google Scholar Back to article
51. Imbs, J., & Wacziarg, R. (2003), Stages of diversification. American economic review, 93(1), 63-86. https://doi.org/10.1257/000282803321455160.
Search in Google Scholar Back to article
52. International Monetary Fund IMF (2020), International Monetary Fund. Retrieved from https://www.imf.org/external/datamapper/total_theil@SPRLU/OEMDC/ADVEC/WEOWORLD?year=2010.
Search in Google Scholar Back to article
53. Isukul, A., Chizea, J. J., & Agbugba, I. (2019), Economic diversification in Nigeria: Lessons from other Countries of Africa. DBN Journal of Economics & Sustainable Growth, 2(1), 1-26. https://devbankng.com/cms/uploads/Economic%20Diversification%20In%20Nigeria%20Lessons%20From%20Other%20Countries%20Of%20Africa.pdf.
Search in Google Scholar Back to article
54. Iyke, B. N., & Ho, S. Y. (2017), Income inequality and growth: new insights from Italy. Economia Internazionale/International Economics, 70(4), 419-442. https://mpra.ub.unimuenchen.de/78268/1/MPRA_paper_78268.pdf.
Search in Google Scholar Back to article
55. Jalil, A., Mahmood, T., & Idrees, M. (2013), Tourism–growth nexus in Pakistan: Evidence from ARDL bounds tests. Economic Modelling, 35, 185-191. https://doi.org/10.1016/j.econmod.2013.06.034.
Search in Google Scholar Back to article
56. Jarreau, J., & Poncet, S. (2012), Export sophistication and economic growth: Evidence from China. Journal of development Economics, 97(2), 281-292. https://doi.org/10.1016/j.jdeveco.2011.04.001.
Search in Google Scholar Back to article
57. Jongwanich, J. (2020), Export diversification, margins and economic growth at industrial level: Evidence from Thailand. The World Economy, 43(10), 2674-2722. https://doi.org/10.1111/twec.12921.
Search in Google Scholar Back to article
58. Kadyrova, A. (2011), The effect of export diversification on country growth. Department of Economics, Central European University, Budapest, Hungary. www.etd.ceu.hu/2011/kadyrova_arailym.pdf.
Search in Google Scholar Back to article
59. Karambakuwa, R. T., Ncwadi, R., & Phiri, A. (2020), The human capital–economic growth nexus in SSA countries: what can strengthen the relationship? International Journal of Social Economics, 47(9), 1143-1159. https://doi.org/10.1108/IJSE-08-2019-0515.
Search in Google Scholar Back to article
60. Kasidi, F., & Mwakanemela, K. (2013), Impact of inflation on economic growth: A case study of Tanzania. Asian Journal of empirical research, 3(4), 363-380. http://aessweb.com/pdf-files/1-3(4)2013-AJER-363-380.pdf.
Search in Google Scholar Back to article
61. Kaulich, F. (2012), Diversification versus specialization as alternative strategies for economic development: Can we settle a debate by looking at the empirical evidence. United Nations Industrial Development Organization (UNIDO), Vienna. https://www.unido.org/api/opentext/documents/download/9928764/unido-file-9928764.
Search in Google Scholar Back to article
62. Keho, Y. (2017), The impact of trade openness on economic growth: The case of Cote d’Ivoire. Cogent Economics & Finance, 5(1), 1332820. https://doi.org/10.1080/23322039.2017.1332820.
Search in Google Scholar Back to article
63. Kemeny, T., & Storper, M. (2015), Is specialization good for regional economic development? Regional Studies, 49(6), 1003-1018. https://doi.org/10.1080/00343404.2014.899691.
Search in Google Scholar Back to article
64. Khan, M. A., & Khan, S. (2018), Inflation and the economic growth: evidence from Five Asian Countries. Pakistan Journal of Applied Economics, 28(2), 235-252. http://www.aerc.edu.pk/wp-content/uploads/2018/12/2.Paper-796-AZAM-IV-1.pdf.
Search in Google Scholar Back to article
65. Klinger, B., & Lederman, D. (2004), Discovery and development: An empirical exploration of “new” products. The World Bank. https://elibrary.worldbank.org/doi/abs/10.1596/1813-9450-3450.10.1596/1813-9450-3450
Search in Google Scholar Back to article
66. Krugman, PR, & Obstfeld, M. (2006), International economy. Pearson Education. http://up-rid2.up.ac.pa:8080/xmlui/handle/123456789/1517.
Search in Google Scholar Back to article
67. Kumar, R. R., & Stauvermann, P. J. (2016), The linear and non-linear relationship between of tourism demand and output per worker: A study of Sri Lanka. Tourism Management Perspectives, 19, 109-120. https://doi.org/10.1016/j.tmp.2016.05.005.
Search in Google Scholar Back to article
68. Lederman, D., & Maloney, W. (2007), Trade Structure and Growth in Natural resources, neither curse nor destiny. A co-publication of Stanford Economics and Finance, an imprint of Stanford University Press, and the World Bank. http://hdl.handle.net/10986/18264.
Search in Google Scholar Back to article
69. Lee, J. (2011), Export specialization and economic growth around the world. Economic systems, 35(1), 45-63. https://doi.org/10.1016/j.ecosys.2010.11.002.
Search in Google Scholar Back to article
70. Love, J. (1986), Commodity concentration and export earnings instability: A shift from cross-section to time series analysis. Journal of Development Economics, 24(2), 239-248. https://doi.org/10.1016/0304-3878(86)90090-8.
Search in Google Scholar Back to article
71. Lucas Jr, R. E. (1988), On the mechanics of economic development. Journal of monetary economics, 22(1), 3-42. https://doi.org/10.1016/0304-3932(88)90168-7.
Search in Google Scholar Back to article
72. Lugeiyamu, E.J., (2016), Is Export Diversification a Key Force to Africa’s Economic Growth? Cross-Country Evidence. An Unpublished M.Sc. Economics Thesis of the International Business School of Jonkoping University. https://www.diva-portal.org/smash/get/diva2:937117/FULLTEXT01.pdf.
Search in Google Scholar Back to article
73. Mania, E., & Rieber, A. (2019), Product export diversification and sustainable economic growth in developing countries. Structural Change and Economic Dynamics, 51, 138-151. https://doi.org/10.1016/j.strueco.2019.08.006.
Search in Google Scholar Back to article
74. Mankiw, N. G., Romer, D., & Weil, D. N. (1992), A contribution to the empirics of economic growth. The quarterly journal of economics, 107(2), 407-437. https://doi.org/10.2307/2118477.
Search in Google Scholar Back to article
75. Marshall, H., Schwartz, M., & Ziliak, J. (1991), Agricultural specialization and economic growth. Sociological Focus, 21(2), 113-126. https://doi.org/10.1080/00380237.1988.10570972.
Search in Google Scholar Back to article
76. Matthee, M., & Naudé, W. (2008), Export diversity and regional growth in a developing country context: Empirical evidence. In Regional Studies Association International Conference, Prague. https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.225.1058&rep=rep1&type=pdf.
Search in Google Scholar Back to article
77. Mbaegbu, D. (2016), An industrialization strategy for economic diversification and sustainable development of Nigeria. International Journal of Advanced Studies in Business Strategies and Management, 4(2), 25-38. http://www.internationalpolicybrief.org/images/2016/ASBSM/ARTICLE3.pdf.
Search in Google Scholar Back to article
78. McIntyre, A., Li, M.X., Wang, K., Yun, H. (2018), Economic Benefits of Export Diversification in Small States. International Monetary Fund Working Paper WP/18/86. https://www.elibrary.imf.org/doc/IMF001/25097-9781484351017/25097-9781484351017/Other_formats/Source_PDF/25097-9781484351659.pdf?redirect=true.10.5089/9781484351017.001
Search in Google Scholar Back to article
79. Merza, E. (2007), Oil exports, non-oil exports and economic growth: Time series analysis for Kuwait (1970-2004) (Doctoral dissertation, Kansas State University). https://krex.k-state.edu/dspace/handle/2097/293.
Search in Google Scholar Back to article
80. Mohseni, M., & Jouzaryan, F. (2016), Examining the effects of inflation and unemployment on economic growth in Iran (1996-2012). Procedia Economics and Finance, 36, 381-389. https://doi.org/10.1016/S2212-5671(16)30050-8.
Search in Google Scholar Back to article
81. Munir, K., & Javed, Z. (2018), Export composition and economic growth: evidence from South Asian countries. South Asian Journal of Business Studies, 7 (2), 225-240. https://doi.org/10.1108/SAJBS-10-2017-0117.
Search in Google Scholar Back to article
82. Murshed, S. M., & Serino, L. A. (2011), The pattern of specialization and economic growth: The resource curse hypothesis revisited. Structural Change and Economic Dynamics, 22(2), 151-161. https://doi.org/10.1016/j.strueco.2010.12.004.
Search in Google Scholar Back to article
83. Musila, J. W., & Yiheyis, Z. (2015), The impact of trade openness on growth: The case of Kenya. Journal of Policy Modeling, 37(2), 342-354. https://doi.org/10.1016/j.jpolmod.2014.12.001.
Search in Google Scholar Back to article
84. Nabi, T., & Kaur, T. P. (2019), Export specialization of India with top five agricultural economies: An application of RCA and RSCA. International Journal of Innovative Technology and Exploring Engineering, 8 (12), 4705, 4708. https://www.ijitee.org/wp-content/uploads/papers/v8i12/L35861081219.pdf.10.35940/ijitee.L3586.1081219
Search in Google Scholar Back to article
85. Naudé, W., & Rossouw, R. (2008), Export diversification and specialization in South Africa: Extent and impact. WIDER Research Paper No 2008/93. http://hdl.handle.net/10419/45077.
Search in Google Scholar Back to article
86. Naudé, W., & Rossouw, R. (2011), Export diversification and economic performance: evidence from Brazil, China, India and South Africa. Economic Change and Restructuring, 44(1), 99-134. https://link.springer.com/article/10.1007/s10644-010-9089-1.10.1007/s10644-010-9089-1
Search in Google Scholar Back to article
87. Naudé, W., Bosker, M., & Matthee, M. (2010), Export specialisation and local economic growth. World Economy, 33(4), 552-572. https://doi.org/10.1111/j.1467-9701.2009.01239.x.
Search in Google Scholar Back to article
88. Neagu, O., Haiduc, C. & Anghelina, A. (2021). Does Renewable Energy Matter for Economic Growth in Central and Eastern European Countries? Empirical Evidence from Heterogeneous Panel Cointegration Analysis. Studia Universitatis „Vasile Goldis” Arad – Economics Series, 31(1) 34-59. https://doi.org/10.2478/sues-2021-0003.
Search in Google Scholar Back to article
89. Nwadike, G. C., Johnmary, A. K., & Alamba, C. S. (2020), Impact of trade openness on Nigerian economic growth: An empirical investigation, 1970–2011. Foreign Trade Review, 55(2), 239-247. https://doi.org/10.1177/0015732519894153.
Search in Google Scholar Back to article
90. Nworu, O. (2017), Export: Improving Nigerian government revenue base and economic diversification. Human Resource Management Research, 7(1), 65-73. https://doi.org/10.5923/j.hrmr.20170701.08.
Search in Google Scholar Back to article
91. Nwosa, P. I., Tosin, F. O., & Ikechukwu, O. M. (2019), Export Diversification and Economic Growth in Nigeria. Signifikan: Jurnal Ilmu Ekonomi, 8(2), 227-234. http://dx.doi.org/10.15408/sjie.v8i2.9861.10.15408/sjie.v8i2.9861
Search in Google Scholar Back to article
92. Olalekan, O., Afees, O., & Ayodele, S. (2016), An Empirical Analysis of the Contribution of Mining Sector to Economic Development in Nigeria. Khazar Journal of Humanities & Social Sciences, 19(1). https://jhss-khazar.org/wp-content/uploads/2016/02/YEN-1-_7.Volume_19.number_1.3.Economic_Development_in_Nigeria1-1-1.pdf.
Search in Google Scholar Back to article
93. Olayungbo, D. O. (2019), Effects of oil export revenue on economic growth in Nigeria: A time varying analysis of resource curse. Resources Policy, 64, 101469. https://doi.org/10.1016/j.resourpol.2019.101469.
Search in Google Scholar Back to article
94. Olayungbo, D. O., & Olayemi, O. F. (2018), Dynamic relationships among non-oil revenue, government spending and economic growth in an oil producing country: Evidence from Nigeria. Future Business Journal, 4(2), 246-260. https://doi.org/10.1016/j.fbj.2018.07.002.
Search in Google Scholar Back to article
95. Olufemi, S. M. (2004), Trade openness and economic growth in Nigeria: Further evidence on the causality issue. South African Journal of Economic and Management Sciences, 7(2), 299-315. https://journals.co.za/doi/abs/10.10520/EJC31437.10.4102/sajems.v7i2.1375
Search in Google Scholar Back to article
96. Onodugo, V. A., Ikpe M., & Anowor, O. F. (2013), Non-oil export and economic growth in Nigeria: A time series econometric model. International Journal of Business Management & Research (IJBMR), 3(2), 115-124. http://eprints.gouni.edu.ng/id/eprint/1268.
Search in Google Scholar Back to article
97. Onuorah, A. C. (2018), Role of non-oil exports in the economic growth of Nigeria. Journal of Emerging Trends in Economics and Management Sciences, 9(3), 132-140. https://journals.co.za/doi/abs/10.10520/EJC-11e392bca2.
Search in Google Scholar Back to article
98. Orji, A., Ogwu, S., Mba, P. & Anthony-Orji, O. (2021), Energy Demand and Cooking Energy Cost in an Oil-Rich Economy: A New Evidence from Nigeria. Studia Universitatis „Vasile Goldis” Arad – Economics Series, 31(1) 1-21. https://doi.org/10.2478/sues-2021-0001.
Search in Google Scholar Back to article
99. Owan, V. J., Ndibe, V., & Anyanwu, C. C. (2020), Diversification and Economic Growth in Nigeria (1981–2016): An Econometric Approach Based on Ordinary Least Squares (OLS). European Journal of Sustainable Development Research, 4(4), 1-10. https://doi.org/10.29333/ejosdr/8285.
Search in Google Scholar Back to article
100. Parteka, A. (2007), Employment and export specialization patterns versus gdp per capita performance-unifying approach. Quaderno di ricerca, (302). http://docs.dises.univpm.it/web/quaderni/pdf/302.pdf.10.2139/ssrn.1344602
Search in Google Scholar Back to article
101. Pede, V. O. (2013), Diversity and regional economic growth: Evidence from US counties. Journal of Economic Development, 38(3), 111. http://www.jed.or.kr/full-text/38-3/5.pdf.10.35866/caujed.2013.38.3.005
Search in Google Scholar Back to article
102. Pesaran, H. H., & Shin, Y. (1998), Generalized impulse response analysis in linear multivariate models. Economics letters, 58(1), 17-29. https://doi.org/10.1016/S0165-1765(97)00214-0.
Search in Google Scholar Back to article
103. Pesaran, M. H., Shin, Y., & Smith, R. J. (2001), Bounds testing approaches to the analysis of level relationships. Journal of applied econometrics, 16(3), 289-326. https://doi.org/10.1002/jae.616.
Search in Google Scholar Back to article
104. Plümper, T., & Graff, M. (2001), Export specialization and economic growth. Review of International Political Economy, 8(4), 661-688. https://doi.org/10.1080/09692290110077638.
Search in Google Scholar Back to article
105. Polat, A., Shahbaz, M., Rehman, I. U., & Satti, S. L. (2015), Revisiting linkages between financial development, trade openness and economic growth in South Africa: fresh evidence from combined cointegration test. Quality & Quantity, 49(2), 785-803. https://link.springer.com/article/10.1007/s11135-014-0023-x.10.1007/s11135-014-0023-x
Search in Google Scholar Back to article
106. Prebisch, R. (1950), The economic development of Latin America and its principal problems. Lake Success, New York: United Nations Department of Economic Affairs. Also published in Economic Bulletin for Latin America, vol. 7, 1962, 1-22.
Search in Google Scholar Back to article
107. Raheem, I. (2016), Analysis of the Effects of Oil and Non-Oil Export on Economic Growth in Nigeria. HAL archives, HAL Id: Hal-01401103 https://hal.archives-ouvertes.fr/hal-01401103v2.
Search in Google Scholar Back to article
108. Ram, R. (1985), Exports and economic growth: Some additional evidence. Economic Development and Cultural Change, 33(2), 415-425. https://www.journals.uchicago.edu/doi/abs/10.1086/451468.10.1086/451468
Search in Google Scholar Back to article
109. Riti, J. S., Gubak, H. D & Madina, D. A. (2016), Growth of non-oil sector: a key to diversification and economic performance in Nigeria. Public Policy and Administration Research, 6(3), 64-75. https://irepos.unijos.edu.ng/jspui/handle/123456789/1819.
Search in Google Scholar Back to article
110. Romer, P. M. (1986), Increasing returns and long-run growth. Journal of political economy, 94(5), 1002-1037. https://doi.org/10.1086/261420.
Search in Google Scholar Back to article
111. Romer, P. M. (1987), Growth based on increasing returns due to specialization. The American Economic Review, 77(2), 56-62. http://rcer.econ.rochester.edu/RCERPAPERS/rcer_70.pdf.
Search in Google Scholar Back to article
112. Romer, P. M. (1990), Endogenous technological change. Journal of political Economy, 98(5, Part 2), S71-S102. https://doi.org/10.1086/261725.
Search in Google Scholar Back to article
113. Samantaraya, A., & Patra, S. K. (2014), Determinants of household savings in India: An empirical analysis using ARDL approach. Economics Research International, 2014. https://downloads.hindawi.com/archive/2014/454675.pdf.10.1155/2014/454675
Search in Google Scholar Back to article
114. Sannassee, R. V., Seetanah, B., & Lamport, M. J. (2014), Export diversification and economic growth: the case of Mauritius. World Trade Organization (WTO). https://www.wto.int/english/res_e/booksp_e/cmark_chap1_e.pdf.
Search in Google Scholar Back to article
115. Shahzad, S. J. H., Kumar, R. R., Zakaria, M., & Hurr, M. (2017), Carbon emission, energy consumption, trade openness and financial development in Pakistan: a revisit. Renewable and Sustainable Energy Reviews, 70, 185-192. https://doi.org/10.1016/j.rser.2016.11.042.
Search in Google Scholar Back to article
116. Siddiqui, D. A., & Ahmed, Q. M. (2019), The causal relationship between institutions and economic growth: An empirical investigation for Pakistan economy. International Economics and Business, 5(1), 1-19. https://doi.org/10.5296/ieb.v5i1.13918.
Search in Google Scholar Back to article
117. Sieng, L. W., & Yussof, I. (2014), Human capital accumulation and economic growth in Malaysia-Investigating the long run nexus. Jurnal Ekonomi Malaysia, 48(1), 155-165. http://journalarticle.ukm.my/8413/.10.17576/JEM-2014-4801-13
Search in Google Scholar Back to article
118. Simionescu, M. (2018), What Drives Economic Growth in Some CEE Countries? Studia Universitatis „Vasile Goldis” Arad – Economics Series, 28(1) 46-56. https://doi.org/10.2478/sues-2018-0004.
Search in Google Scholar Back to article
119. Simonen, J., Svento, R., & Juutinen, A. (2015), Specialization and diversity as drivers of economic growth: Evidence from High-Tech industries. Papers in Regional Science, 94(2), 229-247. https://doi.org/10.1111/pirs.12062.
Search in Google Scholar Back to article
120. Singer, H. (1950), The Distribution of Gains between Investing and Borrowing Countries. The American Economic Review, 40(2), 473-485. Retrieved February 11, 2021, from http://www.jstor.org/stable/1818065.
Search in Google Scholar Back to article
121. Stefaniak-Kopoboru, J., & Kuczewska, J. (2016), Export specialization in services of the Visegrad countries. Equilibrium. Quarterly Journal of Economics and Economic Policy, 11(2), 265-284. http://cejsh.icm.edu.pl/cejsh/element/bwmeta1.element.desklight-84d91d98-49e7-46d4-9067-5e196d78653a.
Search in Google Scholar Back to article
122. Stokes, R., & Jaffee, D. (1982), Another Look at the Export of Raw Materials and Economic Growth. American Sociological Review, 47(3), 402-407. Retrieved February 11, 2021, from http://www.jstor.org/stable/2094996.10.2307/2094996
Search in Google Scholar Back to article
123. Suberu, O. J., Ajala, O. A., Akande, M. O., & Olure-Bank, A. (2015), Diversification of the Nigerian economy towards a sustainable growth and economic development. International journal of Economics, finance and Management sciences, 3(2), 107-114. https://doi.org/10.11648/j.ijefm.20150302.15.
Search in Google Scholar Back to article
124. Tonuchi, J. E., & Onyebuchi, N. A. (2019), Economic diversification in Nigeria: The role of agriculture and manufacturing sector. International Journal of Research in Electronics and Computer Engineering, 7(3), 916-919. https://www.researchgate.net/profile/Tonuchi_Joseph/publication/337021801.
Search in Google Scholar Back to article
125. Ugochukwu, U. S., & Chinyere, U. P. (2013), The impact of export trading on economic growth in Nigeria. International journal of economics, Business and finance, 1(10), 327-341. https://pdfs.semanticscholar.org/441a/ea06559ef54508149eba4ff186f7a557dd3e.pdf.
Search in Google Scholar Back to article
126. United Nations (2016). The Concept of Economic Diversification in the Context of Response Measures. https://unfccc.int/sites/default/files/resource/Technical%20paper_Economic%20diversification.pdf.
Search in Google Scholar Back to article
127. Uzonwanne, M. C. (2015), Economic diversification in Nigeria in the face of dwindling oil revenue. Journal of Economics and Sustainable Development, 6(4), 61-67. https://core.ac.uk/download/pdf/234646874.pdf.
Search in Google Scholar Back to article
128. Vamvakidis, A. (2002), How robust is the growth-openness connection? Historical evidence. Journal of Economic Growth, 7(1), 57-80. https://link.springer.com/article/10.1023/A:1013418610712.10.1023/A:1013418610712
Search in Google Scholar Back to article
129. Van Oort, F., de Geus, S., & Dogaru, T. (2015), Related variety and regional economic growth in a cross-section of European urban regions. European Planning Studies, 23(6), 1110-1127. https://doi.org/10.1080/09654313.2014.905003.
Search in Google Scholar Back to article
130. Verma, R. (2007), Savings, investment and growth in India: an application of the ARDL bounds testing approach. South Asia Economic Journal, 8(1), 87-98. https://doi.org/10.1177/139156140600800105.
Search in Google Scholar Back to article
131. Vincent, K. (2017), An analysis of the impact of non-oil exports and economic growth in Nigeria from 1980–2016. International Journal of Innovative Research in Social Sciences & Strategic Management Techniques, 4(2), 83-94. http://internationalpolicybrief.org/images/2017/SEPT-JOURNALS/IRSSSMT/ARTICLE7.pdf.
Search in Google Scholar Back to article
132. World Bank (2020), World Development Indicators, Washington, D.C. World Bank. Retrieved from https://databank.worldbank.org/source/world-development-indicators.
Search in Google Scholar Back to article
133. Wörz, J. (2003), Patterns of Trade Specialization and Economic Growth (No. 295). Wiener Institut für Internationale Wirtschaftsvergleiche (wiiw) Research Report. http://hdl.handle.net/10419/204067.
Search in Google Scholar Back to article
134. Yokoyama, K., & Alemu, M. A. (2009), The impacts of vertical and horizontal export diversification on growth: an empirical study on factors explaining the gap between Sub-Sahara Africa and East Asia's Performances. Ritsumeikan International Affair, 17(41), 2009. http://lib.ui.ac.id/detail?id=126531&lokasi=lokal.
Search in Google Scholar Back to article
135. Zaman, K., Shahbaz, M., Loganathan, N., & Raza, S. A. (2016), Tourism development, energy consumption and Environmental Kuznets Curve: Trivariate analysis in the panel of developed and developing countries. Tourism Management, 54, 275-283. https://doi.org/10.1016/j.tourman.2015.12.001.
Search in Google Scholar Back to article
136. Zoramawa, L. B., Ezekiel, M. P., & Umar, S. (2020), An analysis of the impact of nonoil exports on economic growth: Evidence from Nigeria. Journal of Research in Emerging Markets, 2(1), 15-23. https://doi.org/10.30585/jrems.v2i1.387.
Search in Google Scholar Back to article

DOI: https://doi.org/10.2478/sues-2022-0011 | Journal eISSN: 2285-3065 | Journal ISSN: 1584-2339

Journal RSS Feed

Language: English

Page range: 1 - 47

Submitted on: Oct 1, 2021

Accepted on: Jan 1, 2022

Published on: Jul 12, 2022

Published by: Vasile Goldis Western University of Arad

In partnership with: Paradigm Publishing Services

Publication frequency: 4 issues per year

Keywords:

Diversification,

Specialization,

Imbs-Wacziarg hypothesis,

Resource-Rich Developing Countries

Related subjects:

Business and economics,

Political economics,

Economic policy,

Business management,

Financial reporting, group accounting, accounting and balancing,

Marketing, sales, customer relations,

Industries,

Banks, financial service provider, insurers

© 2022 Ademola Obafemi Young, published by Vasile Goldis Western University of Arad
This work is licensed under the Creative Commons Attribution 4.0 License.

Volume 32 (2022): Issue 3 (September 2022)Next article