ABSTRACT
It is an undeniable fact that trade has been facilitating growth and development of
countries across the world. This underscores the recent upsurge in establishing
multilateral trade relationship between Nigeria and other countries especially, the
G8 member countries. While these realities are still contestable in terms of the
potential benefits of the trade linkage that Nigeria stands to gain, the trajectory of
the influx of export to Nigeria from the latter countries calls for a concern and a
need to investigate the possible socio-economic, political and geographical
variables that trigger this trend. It is in view of this, that this study empirically
investigates the magnitude of the factors driving increasing Nigeria-G8
multilateral trade relations. To achieve this, we employ the augmented variant of
gravity model (GM) that allows for the inclusion of country specific and countrypair
characteristics in addition to the traditional GM variables (income and
distance). We find that Economic Size, Population, the Geographical Landmass,
Degree of Trade Openness, and Exchange Rate of the trading partners, drive
multilateral trade flows between Nigeria and the G8 member countries. Therefore,
promoting a broad-based diversification of the Nigerian economy is crucial for more beneficial Nigeria-G8 trade relations.
AZIBABENETAABHAM, P (2021). Nigeria’s Multilateral Trade Relations With The G8 Economies: A Gravity Model Approach. Afribary. Retrieved from https://afribary.com/works/nigeria-s-multilateral-trade-relations-with-the-g8-economies-a-gravity-model-approach
AZIBABENETAABHAM, PAGARAGHA "Nigeria’s Multilateral Trade Relations With The G8 Economies: A Gravity Model Approach" Afribary. Afribary, 12 May. 2021, https://afribary.com/works/nigeria-s-multilateral-trade-relations-with-the-g8-economies-a-gravity-model-approach. Accessed 27 Nov. 2024.
AZIBABENETAABHAM, PAGARAGHA . "Nigeria’s Multilateral Trade Relations With The G8 Economies: A Gravity Model Approach". Afribary, Afribary, 12 May. 2021. Web. 27 Nov. 2024. < https://afribary.com/works/nigeria-s-multilateral-trade-relations-with-the-g8-economies-a-gravity-model-approach >.
AZIBABENETAABHAM, PAGARAGHA . "Nigeria’s Multilateral Trade Relations With The G8 Economies: A Gravity Model Approach" Afribary (2021). Accessed November 27, 2024. https://afribary.com/works/nigeria-s-multilateral-trade-relations-with-the-g8-economies-a-gravity-model-approach