ABSTRACT
This study aimed at analyzing through econometric methodology the Determinant of Balance of payment in Nigeria. In the work, we capture balance of payment as the dependent variable while trade openness, external debt service and exchange rate as the explanatory variable. In the second page of the regression estimated we observed GDP as the dependent variable while balance of payment, trade openness exchange rate and external debt service being the independent variable. An ordinary least square was used to capture the relationship between the variables been the regression plane. From the result estimated, we observed that all parameters are statistically significant from the t-test statistics. We also realize from the F-test estimation that the model is statistically insignificant because the T-cal < T-tab in all the variable. The result went further in the test of autocorrelation through the Durbin-Watson that there is absence of autocorrelation among the variable
CHAPTER ONE
1.0 INTRODUCTION
1.1 Background of the Study
Trade in the primitive era was purely by barter, means exchange of goods. This form of trade involved discrepancies in exchange value, settlement in credit or money and this discrepancies constituted the origin of concept of balance of payment (Growell 1986:1).
The term balance of payment itself entered the English economic literature during the mercantilist period. After, 1570 the balance of payments developed slowly in response to the sets of circumstances; the first was the rise of mercantilisms and the desire on the part of English businessmen and government officials to be informed of the quantitative aspect of foreign…
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