Current Volume 9
Analysis of Governance Transitions on Export Diversification and Economic Growth in Nigeria
Abstract
Nigeria's economic development has historically been characterized by over-dependence on oil exports, rendering the economy highly vulnerable to external shocks such as global oil price fluctuations. Despite various policy interventions, the expected structural shift toward a more diversified export base has remained unsatisfactory. In view of the above, this paper investigates the governance transition of export diversification on economic growth in Nigeria. The study utilized annual time-series data covering the period from 1980 to 2023, incorporating key macroeconomic variables such as non-oil exports, foreign direct investment (FDI), trade openness, exchange rate, and GDP growth along with their dummies. Both dummy variable regression and paired sample t-test techniques were employed to assess changes across governance regimes. Findings revealed that export diversification exerted a more pronounced positive impact on economic growth during the post-democratic period, attributed to improved governance structures, economic liberalization policies, and increased investors’ confidence. However, the influence of non-oil exports remained statistically insignificant, indicating structural weaknesses in Nigeria’s export base. Diagnostic tests including the Breusch-Godfrey and Breusch-Pagan-Godfrey confirmed the reliability of the regression results. The study recommends policy actions focused on deepening non-oil sector reforms, enhancing value addition, and ensuring political stability to support long-term economic growth through diversification.
Citations
IRE Journals:
Prof. Ibrahim A.O. BAKARE, Lawal, O. A., Edekin A. Julius, Alabi, O. O, Agiri, I. O "Analysis of Governance Transitions on Export Diversification and Economic Growth in Nigeria" Iconic Research And Engineering Journals Volume 9 Issue 10 2026 Page 3880-3899 https://doi.org/10.64388/IREV9I10-1717108
IEEE:
Prof. Ibrahim A.O. BAKARE, Lawal, O. A., Edekin A. Julius, Alabi, O. O, Agiri, I. O
"Analysis of Governance Transitions on Export Diversification and Economic Growth in Nigeria" Iconic Research And Engineering Journals, 9(10) https://doi.org/10.64388/IREV9I10-1717108
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