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
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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
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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.
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