A Statistical Analysis of Value of Imports in Nigeria
American Journal of Theoretical and Applied Statistics
Volume 3, Issue 5, September 2014, Pages: 117-124
Received: Feb. 18, 2014;
Accepted: Aug. 7, 2014;
Published: Aug. 20, 2014
Views 3540 Downloads 194
Nwaigwe, Chrysogonus Chinagorom, Department of Statistics, School of Science, Federal University of Technology Owerri, Imo State Nigeria
Iwu Hycinth Chukwudi, Department of Statistics, School of Science, Federal University of Technology Owerri, Imo State Nigeria
Follow on us
The value of products imported into a country each year goes a long way to tell us how much the product is appreciated in the country. Some products form the major imports of some countries yearly. Previous studies have focused on the major determinants of imports in some countries, including Nigeria. In the present study, we used a regression approach to identify the major significant imports in Nigeria. This will help in the effective distribution of human resources and services and improve balance of payments. In using the above approach, the method of stepwise regression and transformation of the data via first-order differencing were employed to remove multicollinearity from the data. A predictive model was then specified for the prediction of future imports in the country. Our results show that the major significant imports in Nigeria during the period under study are miscellaneous manufactured goods, machinery and transport equipment, food and live animal, beverages and tobacco.
Value of Imports, Statistical Analysis, Significant Factors, Regression, Predictive Model
To cite this article
Nwaigwe, Chrysogonus Chinagorom,
Iwu Hycinth Chukwudi,
A Statistical Analysis of Value of Imports in Nigeria, American Journal of Theoretical and Applied Statistics.
Vol. 3, No. 5,
2014, pp. 117-124.
Akinmutimi T. (2013). Nigeria’s Import Bill dropped by N4.26 trn in 2012; National Mirror, March 13.
Belsley (1976).Multicollinearity: Diagnosing its Presence and Assessing the potential damage it causes Least-Squares Estimation; NBER Working Paper Series.
Belsley D. A., Kuh E. and Welsch R. E. (1980).Regression Diagnostics- Identifying Influential Data and Sources of Collinearity, John Wiley and Sons, New York.
Egwaikhide F. O. (2000). Determinants of Imports in Nigeria: A Dynamic Specification; Publication and Dissemination, African Economic Research Consortium.
Hair J. F., Anderson R. E., Tatham R. L. and Black W. C. (1995). Data Analysis, 3rded, Macmillan Publishing Company, New York.
Johnston J. (1984).Econometric Methods, 3rdedn, McGraw-Haill Publishing Company, New York.
Lehmann D.R., Gupta S. and Steckel J. (1998).Marketing Research; Addison-Wesley Educational Publishers, Inc., Reading, Massachussetts.
Rogers A. (2000).An Analysis of the Determinants of Fiji’s Imports; Working Paper, Economics Department Reserve Bank of Fiji, Suva.
Tull D. S. and Hawkins D. I. (1990).Marketing Research, 5thedn, Macmillan Publishing Company, New York.
Sloman J. (2004). Economics; Penguin.