Analysis of The Gross Domestic Product (G.D.P) of Nigeria:1960-2012

Abstract

In this work, data on Nigerian Goss Domestic Product was collected online from the portal http://www.factfish.com/statistic country/nigeria/grossdomesticproduct [10], which covers a period of fifty three years (1960 - 2012). The probability plot of the data shows that the data is not normal, while the test of homogeneity of variance in the data shows that the data is not homogeneous. After decomposing the data into its component parts, it was discovered that Nigeria’s GDP has a strong trend component with little or no seasonal component and enough residual component. Therefore, Time series trend analysis was used in analyzing the data, since the data has a strong trend component with little or no seasonal component. The result of the trend analysis shows that Nigeria has a better economic growth.

Keywords: GDP, Decomposition, Linear Trend Model, Exponential Trend Model, and Quadratic Trend Mode