Exchange rate regime and economic growth in Nigeria: evidence from sectoral level
by James Temitope Dada
International Journal of Business and Emerging Markets (IJBEM), Vol. 14, No. 3, 2022

Abstract: The purpose of this study is to examine the effect of the exchange rate regime on sectoral output in Nigeria from 1970 to 2017. The study centres on six sectors namely: mining and quarrying, telecommunication, agricultural, manufacturing, building and construction, and retail and business trade. A dummy variable is used to capture the effect of the exchange rate regime, while generalised method of moments (GMM) is used as the estimation technique. The findings from the study reveal that both fixed and flexible exchange rates have positive and significant effects on sectoral output in Nigeria. However, the impact of fixed exchange rate on output is greater felt than the flexible exchange rate in Nigeria. The study concludes that the exchange rate regime matters for growth in developing countries.

Online publication date: Mon, 04-Jul-2022

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