The Effects of Forests on Economic Growth in Nigeria (1990 – 2015)
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This study empirically examines the impact of forests on economic growth in Nigeria for the period of 1990 to 2015. Unit root tests were carried out using the Augmented Dickey Fuller (ADF) test, while the Bounds cointegration test was used to establish a long run relationship between the forests and other independent variables and economic growth. An Error Correction Model (ECM) was also employed to determine the nature of the long run relationship. The findings show that forests have a positive effect on economic growth, however, this is not statistically significant. This study recommends that the government should intensify its efforts in the forestry sector so as to improve the productivity of forest resources in Nigeria. Moreover, the Nigerian government should discourage illegal felling of trees and the importation of timber products, as well as engage and develop the rural communities to reduce the pressure on forest resources and ensure sustainable use. The study also recommends the sustainable use of forest resources through ecotourism and the development of the forestry value chain in Nigeria.
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