Analysis on the Resemblance between Export and Import Commodities Price Index in Nigeria
[1]
Bilesanmi A. O., Department of General Studies, Petroleum Training Institute, Effurun-Delta State, Nigeria.
[2]
Aronu C. O., Department of Statistics, Nnamdi Azikiwe University, Awka-Nigeria.
This study examined the resemblance between export and import commodities price index in Nigeria. The source of data employed in this study is secondary data obtained from Central bank of Nigeria Statistical Bulletin 2010. The statistical tools employed were the Mantel test statistic and the Bar chart analysis. From the result of the analysis it was found that commodities price index for export and import in Nigeria has about 67% resemblance and a significant measure of 0.07 which falls on the acceptance region of the hypothesis; assuming a 95% confidence interval. Also, from the graphical expression, it was observed that across the years import commodities price index has been greater than export commodities price index. This result implies that export and import commodities price index in Nigeria has a positive resemblance which can be attributed to the recent adoption of the diversification psychology by the Nigerian government and at present has not yielded full benefits that can enable export commodities price index close on import commodities price index in Nigeria.
Export, Price index, Mantel test, Import, Resemblance, Commodities, Diversification
[1]
Harding, Don, and Adrian Pagan (2006). Synchronization of Cycles. Journal of Econometrics, 132(1): 59–79.
[2]
Adubi A. A. and Okunmadewa, F. (1999). Price, Exchange Rate Volatility and Nigeria’s Agricultural Trade Flows: A Dynamic Analysis. AERC Research Paper 87 African Economic Research Consortium, Nairobi March 1999
[3]
Batini, N. (2004). Achieving and Maintaining Price Stability in Nigeria. IMF Working Paper WP/04/97
[4]
International Monetary Fund (IMF). (2007). Regional Economic Outlook: Sub-Saharan Africa, April (Washington).
[5]
Page, S. and Hewitt, A. (2001). World commodity prices: Still a problem for developing countries? Overseas Development Institute, London.
[6]
Pindyck, R. and Rotemberg, J. J. (1990). The Excess Co-Movement of Commodity Prices, Economic Journal, 1990; 100(403): 1173-1189.
[7]
Cody, B.J. and Mills, L.O. (1991). The Role of Commodity Prices in Formulating Monetary Policy. Review of Economics and Statistics, 73(2): 358-65.
[8]
Boughton, James, and William H. Branson. (1991). Commodity Prices as a Leading Indicator of Inflation. In K. Lahiri and G.H. Moore, eds., LEADING ECONOMIC INDICATORS: NEW APPROACHES AND FORECASTING RECORDS, pp. 303-38. Cambridge: Cambridge University Press.
[9]
Cashin, Paul, and C. John McDermott, and Alasdair Scott, (2002). Booms and Slumps in World Commodity Prices. Journal of Development Economics, Vol. 69 (October 1), pp. 277–96.
[10]
Edwards, Sebastian and Jonathan Ostry. (1990). “Anticipated Protectionist Policies, Real Exchange Rates, and the Current Account: The Case of Rigid Wages,” Journal of International Money and Finance, Vol. 9 (June): 206–19.
[11]
Akinkunmi, M. A. (2007). An Empirical Investigation of Real Exchange Rate Impact on Economic Activities: The case of Nigeria. Economic Department, University of lagos, Akoka, lagos Nigeria.
[12]
Ijeoma, N. B. (2013). Determining the Most Efficient Model for Estimating Annual Export in Nigeria. International Journal of Open Scientific Research (IJOSR), 1(7): 1-11.
[13]
Brown, O., Crawford, A. and Gibson, J. (2008). Boom or Bust: How Commodity Price Volatility Impedes Poverty Reduction, and What to Do About it, International Institute for Sustainable Development (IISD), Manitoba, Canada.
[14]
Adekunle, A.K. (2010). Exchange Rates and the Consumer Price Index in Nigeria: A Causality Approach. Journal of Emerging Trends in Economics and Management Sciences (JETEMS), 2010; 1 (2): 114-120.
[15]
Böwer, u., geis, a. and winkler, a. (2007). Commodity Price Fluctuations and Their Impact on Monetary and Fiscal Policies in Western and Central Africa (April 2007). ECB Occasional Paper No. 60.
[16]
Ayogu, M. (1999). Empirical Studies of Nigeria's Foreign Exchange Parallel Market: Speculative Efficiency and Noisy Trading, Paper No 69 Africa Economic Research Consortium.
[17]
Adekunle, A. K. (2010). Exchange Rates and the Consumer Price Index in Nigeria: A Causality Approach. Journal of Emerging Trends in Economics and Management Sciences (JETEMS), 1 (2): 114-120.
[18]
Nwosa, P. I., Saibu, M. O., Fakunle, O. O. (2012). The Effect of Trade Liberalization On Trade Tax Revenue in Nigeria. African Economic and Business Review, 10(2), Fall 2012.
[19]
Brown, O. (2008). From Feast to Famine: After Seven Good Years What Now for Commodity Producers in the Developing World, International Institute for Sustainable Development (IISD), Manitoba, Canada.
[20]
Jerome, A. (1998). Exchange Rate and Trade Liberalization Policies and the promotion of Manufactured Exports in Nigeria. A Publication for the NISER/SSCN Research Network.
[21]
Olokesusi, F. (1998). The impact of liberalization policies on the building construction industry in Nigeria. A Publication of the NISER/SSCN Research Network.
[22]
Baier, S. L. and Bergstrand, J. H. (2007). Do Free Trade Agreements Actually Increase Members’ International Trade? Journal of International Economics, 71: 72–95.
[23]
Legendre, P. (2000). Comparison of Permutation Methods for the Partial Correlation and Partial Mantel Tests. J. Statist. Comput. Simulation, (67), 37 – 73.
[24]
Mantel, N. T. (1967). The Detection of Disease Clustering and a Generalized Regression Approach. Cancer Res., 27, 209 – 220.
[25]
Mantel, N. and Valand, R. S. (1970). A Technique of Nonparametric Multivariate Analysis. Biometrics, 26, 547 – 558.
[26]
Hubert, L. J. & Schultz, J. (1976). Quadratic Assignment as a General Data Analysis Strategy. British Journal of Mathematical and Statistical Psychology, 29, 190-241.
[27]
Aronu, C. O., Ebuh, G. U. (2013). Application of Mantel’s Permutation Technique on Asphalt Production in Nigeria. International Journal of Statistics and Applications, 3(3): 81–85.
[28]
Aronu, C. O., Ebuh, G. U., Ogbogbo, G. O., Bilesanmi, A. O. (2013). Partial Mantel Analysis on Estimating the Resemblance of Students Performance. International Journal of Scientific and Engineering Research, 4(7): 2269-2273.
[29]
Aronu, C. O., Ogbogbo, G. O., Bilesanmi, A. O. (2013). Measuring the Resemblance in Weight of two Group of Broiler Birds using the Mantel Test Analysis. International Journal of Agriculture and Forestry, 3(4), 145-151.
[30]
Ijeoma, N., Bilesanmi, A. O., Aronu, C. O. Determining The Contribution Of Human Resource Accounting (HRA) On Financial Statement Of Nigerian Banks Using The Mantel Test Analysis. International Journal of Scientific & Technology Research, 2(10): 51-55.
