Please use this identifier to cite or link to this item:
|Title:||An Aggregate Import Demand Function for Nigeria: an Auto-Regressive Distributed Lag (ARDL) approach|
Oputa, N. C.
Sanni, G. K.
Yakub, M. U.
Trade on investment,
|Publisher:||Research Department, Central Bank of Nigeria.|
|Citation:||Englama, A., et al. (2013). An Aggregate Import Demand Function for Nigeria: an Auto-Regressive Distributed Lag (ARDL) approach. Economic and Financial Review, 51(3), 1–18.|
|Series/Report no.:||Economic and Financial Review;Vol. 51 No. 3|
|Abstract:||The paper sought to examine the dynamics underlying the high import bills in Nigeria and proffered appropriate policy recommendations. In achieving this, the Autoregressive Distributed Lag (ARDL) technique was utilised to estimate the aggregate import demand function for Nigeria using the quarterly data covering the period 1970 to 2011. The paper found that the coefficients of external reserves, domestic consumer prices, level of income and exchange rate were all statistically significant, suggesting that these variables were important factors determining the level of imports in Nigeria. The short-run elasticity result revealed that Nigeria's aggregate demand for imports was both price and income elastic; implying that import demand would increase as the level of economic activity and domestic prices increased. Furthermore, the coefficient of the speed of adjustment revealed that it would take about 0.05 years for imports to respond to changes in any of the explanatory variables. The paper, therefore recommended appropriate fiscal policy measures to address the high level of consumer goods imports since it accounted for about 45.0 per cent of total imports between 2006 and 2011.|
|Appears in Collections:||Economic and Financial Review|
Files in This Item:
|Pages from CBN EFR Vol 51 No 3 September 2013-2 A. Englama, N. C. Oputa, G. K .Sanni, M. U. Yakub, O. Adesanya, and, Z. Sani.pdf||569.32 kB||Adobe PDF|
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.