“Economic Sciences: theory and practice” is scientific, refereed, biannual journal. The Journal of “Economic Sciences: theory and practice” has been founded by Azerbaijan State University of Economics in 1994.
The Journal has been received to registration in the centre of international ISSN (International Standard Series Number, ISSN-2220-8739). Also, it has been included by the Supreme attestation Commission under the President of Azerbaijan Republic to the list of scientific publications on economic sciences.
Chibuike R. Oguanobi, Ph.D., Department of Economics, Chukwuemeka Odumegwu Ojukwu University, Igbariam Campus Geraldine E. Nzeribe, Ph.D., Department of Budget, Planning, Research & Statistics, Njikoka Local Government Council, Anambra State Chukwunonso S. Ekesiobi Department of Economics, Chukwuemeka Odumegwu Ojukwu University, Igbariam Campus
Over the years, monetary authorities in Nigeria have faced the challenges of identifying a policy suitable enough to enhance diversification of the economy. The most desired end of this diversification is economic self-sufficiency and subsequent promotion of export trade. The government of Nigeria first established the Nigerian Export Promotion Council (NEPC) to enhance export promotion. In 2004, the Central Bank of Nigeria introduced reforms in the banking sector of the country to enhance the contribution of financial institutions towards the promotion of export industries. However, despite all these efforts, exports have contributed only little to the country’s GDP. Hence, this study ascertained if the banking sector reform introduced over the years have improved the contribution of export to Nigeria’s economic growth. Applying the dummy variable approach to this structural sensitivity problem, it was found that Nigeria’s GDP responded insignificantly to export both prior to and during the banking sector reforms. This could imply that so far, the reforms had no serious effect on the economy, with respect to its objective of supporting local industries in their efforts to contribute to the diversification of the country’s export trade.
Key Words: Export Promotion, Banking Sector Reforms, Economic Growth, Nigeria.
JEL classification: F40, F41, F43