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Research background: The relationship between inflation rate, unemployment rate, interest rate and real gross domestic product per capita in Nigeria. However, there seems to be a short-run or long-run relationship among the macroeconomic variables. Purpose: This study investigated the long and short run impacts of the inflation rate, unemployment rate and interest rate on real gross domestic product per capita (RGDPPC) (proxy for economic growth). Research methodology: This study applied a linear dynamic model Autoregressive Distributed Lag (ARDL) modeling technique to analyze the short-run dynamics and long-run relationship of economic growth in Nigeria over the sample period between 1984 and 2017 using annual secondary data extracted from the World Bank Development Indicators Report. Results: The empirical results showed that there was a long-run relationship between the inflation rate, unemployment rate and interest rate on real gross domestic product per capita (proxy for economic growth) in Nigeria. The results further revealed that only the unemployment rate had a significant positive impact on real gross domestic product per capita in the long-run and the inflation rate had a significant negative impact on real gross domestic product per capita in the short-run. Novelty: Therefore, the study concluded that the unemployment rate and inflation rate proved to have significant impacts on economic growth in the long-run and short-run respectively. The formulation of policies to reduce unemployment through the adoption of a labour concentrated technique of production, entrepreneurship development and policy to keep the inflation rate a single digit. [ABSTRACT FROM AUTHOR]

The study was carried out to analyse the effect of trade liberalization policies on agricultural output growth in Nigeria, using time series data from 1960-2014.The objectives were to; estimate the differences in agricultural output before and after trade liberalization period and estimate the long and short-run effect of agricultural trade policies on agricultural output in Nigeria. Data for the empirical study were sourced from various issues of the Central Bank of Nigeria (CBN) statistical bulletin and publications of the National Bureau of Statistics (NBS). Both descriptive and inferential statistics were used to analyze the data. The estimation procedure was the co-integration and error correction model. The analysis reveals that the mean agricultural output after trade liberalization (AGR GD2) was different from that of the pre-trade period (AGR GD1) and also the t-test result confirms that there exist a significant difference between agricultural output during the pre-trade and post-trade liberalization period given that the tcal (4.5146) was greater than the tcrit (2.0484) at 5% level of significance. The long-run and short-run regression results shows that trade openness and exchange rate had a negative effect on agricultural output in the three models meaning that trade openness will lead to reduction in agricultural output both in the long and short-run. The study therefore recommended that monetary authorities should adopt policies that will reduce the volatility of the exchange rate. Also the institution of import quota could curb the negative effect of trade openness on agricultural output growth in Nigeria. [ABSTRACT FROM AUTHOR]

This paper examines the cointegration relationship between forest products trade balance and its determinants in Nigeria using the autoregressive distributed lag (ARDL) bounds testing approach. The results revealed that the variables were cointegrated. In the long run, domestic and foreign incomes have significant negative and positive impacts on the trade balance, respectively, whereas exchange rate has an insignificant impact on trade balance. In the short run, both domestic and foreign income have significant negative impacts on the trade balance. In addition, the coefficient of exchange rate also shows significant negative impact, which supports one of the assumptions of J-curve hypothesis and Marshall-Lerner condition. J-curve existence was tested, and it was revealed that it does not exist in the case of Nigeria's trading in forest products. The results of variable decompositions and generalized impulse response tests further confirmed the earlier findings. Hence, Nigeria may have to adopt policies that are income related or growth driven to improve its forest products' trade balance. This is because of the significant role of income variables in influencing changes in the trade balance revealed through the study. [ABSTRACT FROM AUTHOR]