THE EFFECT OF TRADE AND FINANCE ON ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA (A CASE OF CENTRAL BANK OF NIGERIA)
Several statistical approaches were implemented to carry out this research, in which Central Bank of Nigeria (CBN), Nigeria Institute of Economic Research (NISER), National Bureau of Statistics (NBS) were involved, information were adequately collected and analysed respectively. The purpose of the study is to evaluate the effect of trade and finance evaluates the effort of Nigerian economy on the on economic growth and development in Nigeria and its impacts on development.
The findings however, showed that trade and finance has a direct impact on the economic growth and development in Nigeria.
The philosophical and logical framework of this study is based on the" hypothesis that trade and finance plays veritable role in sustainable development- whether in the developed or growing economy. Both the controllable and non controllable variables were subjected to strict and critical analysis in line with the research question.
The findings of this work clearly showed that no nation can do without trade and commerce. Another interesting finding of the work is that finance enables and facilitates efficient and effective home and international trade thereby promoting sustainable economic development.
It is very instructive to point out that trade and finance impacts significantly to the wheel- of commerce. In summary therefore it is believed that the effect of trade and finance cannot be over-emphasized here due to the findings of this work which corresponds to previous findings of both the various authors and the statistical records of the Central Bank of Nigeria and World Bank respectively, which indicated that Nigeria with fast growing population will benefit greatly from the availability of sufficient capital and international trade.