Analyzing the Role of Foreign Trade (Oil Exports) in the Growth of Nigerian Economy from 2011 - 2020

Abstract: Foreign trade is the exchange of products and services between two or more countries. It is a network that facilitates economic transactions between several nations. This study investigates the impact of foreign trade on national development, with a focus on oil exports. The method would essentially aid in measuring the amount to which foreign trade has supported economic growth in Nigeria, with a concentration on oil exports. As a result, the input data required within the scope include real GDP and oil revenue for the period under review. The input data serve as an independent and dependent variable that encourages economic progress. The coefficient of determinant of the level of GDP function is estimated from the analysis as ; Where 75.01 denote  and (-0.20) denote  which coincides with the a priori. Furthermore, any change in the value of will result in a commensurate (increase/decrease) in the value of total GDP (Y). The regression analysis demonstrates positive relationship exists between Real GDP and oil exports. The determinant coefficient ( ) was used to determine the goodness of fit of the regression line using the Ordinary Least Square method. Thus, the regression equation explains at least 50% of the total variation in GDP, while the error term explains the other 50%.With the evidence far from conclusion, it is persuasive. Trade effects on employment and income, which were most likely negligible in the past, now look to be important. According to our data study, the regression equation only explains 50% of the fluctuation in our dear country Nigeria's Real GDP, with the remaining 50% covered by the error term. The benefits of trade are such that (under very general conditions), it can benefit everyone while harming no one. The researchers recommended that the Nigerian government should do the following: Ensure that trade agreements are drafted with full democratic accountability and citizen engagement, both within the country and among its trading partners.