Effects of External Trade Financing on Economic Growth

Registration ID: IJNRD_189953

Published ID: IJNRD2304019

DOI: Click Here to Get

Dickson Okwudiri Alimezie , Davis Ojima , Ngozi Ojima

Gross Domestic Product Growth Rate, Deposit Money Banks loans to Export, Deposit Money Banks to Import.

The paper examined the effect of external trade financing on economic growth in Nigeria. Time series data from 1982 to 2022 sourced from the Central Bank of Nigeria (CBN) Statistical Bulletin and Annual reports formed one of the major information for the study. The Nigeria Export Import Bank, NEXIM publications were also consulted. The study employed autoregressive distributed lag (ARDL) model in its estimation. Deposit money bank loans to export trade (DMBLE), deposit money banks loans to import trade (DMBLI), Nigeria export and import (NEXIM) credit, letter of credit (LOC)and exchange rate (EXR) were the independent variables in the study, whereas, Gross domestic product growth rate (GDPGR) is the dependent variable. It was revealed in the study that bank’s loan to export trade stimulates economic growth in the short run but negative in the long run. Banks loan to import trade expand economic growth in the short run and a decrease in the long run. Increase in exchange rate was found to shrink economic growth. On the contrary, insurance letter of credit (LOC) decreases economic growth in the long run. The study conclude therefore, that external trade financing has an overall negative effect on economic growth in the long-run. Thus, recommend that deposit money banks should increase the volume of loans to export trade, specifically, for the manufacturing industry. Import trade should be channeled to the importation of those commodities which bears comparative disadvantage to us in term of production, such as machinery. Financial institutions should also promote policies and programs that will enforce the judicious use of loans for import trade in order to protect and promote infant industries.

Published Paper   E-Certificate

Dickson Okwudiri Alimezie, Davis Ojima, & Ngozi Ojima (April-2023). Effects of External Trade Financing on Economic Growth . INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(4), a133-a143. https://ijnrd.org/papers/IJNRD2304019.pdf

Volume 8 Issue 4, April-2023

Pages : a133-a143

Paper Reg. ID: IJNRD_189953

Published Paper Id: IJNRD2304019

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Research Area: Engineering

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Published Paper PDF: https://ijnrd.org/papers/IJNRD2304019.pdf

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Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016

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