Oil Export

After the global oil price has fallen almost 70 % since mid-2014, oil exporting countries have felt the impact of the lower prices on growth rates, trade figures and public finances. Despite the negative impacts of the fall in oil prices, the UAE Government remains positive about the country's economic outlook and diversification policies, which have helped neutralise the impact of the decline in oil prices. The positive side of any crisis is added urgency that comes in the implementation of reforms that help decision-makers reduce economic vulnerabilities in the future. Across the GCC action is being taken in response to the situation through changes in subsidies and fuel pricing, along with efforts for increasing diversification of the economy. Since the UAE was formed in 1971, the diversification of the economy away from petroleum has been a clearly stated government policy. The UAE has become a global financial and major trading centre, a location of choice for multinational operations, along with a heavily desired tourist destination. Investments in non-energy sectors, such as infrastructure and technology, along with a rapidly recovering real estate sector, continue to provide the UAE with a buffer against oil price decline and global economic stagnation. According to the World Trade Organization in its latest June 2016 Trade Policy Review, the UAE has continued its policy of diversifying its economy, which helped it overcome the global financial crisis that began in 2008, and the repercussions of falling oil prices that began in 2014. The UAE continues to pursue a strategy of diversification concentrating on high technology sectors and high growth sectors. The share of non-hydrocarbon in the UAE total GDP has continued to rise to exceed 69% today against 53% back in 2000. Dubai is now a services and a trade hub for the region, while the economic diversification strategy in Abu Dhabi continues to rely on manufacturing, petrochemicals and renewable energy. Economic diversification for sustainable and inclusive growth A report from the International Monetary Fund (IMF) shows that many empirical studies have documented a strong association between economic diversification and the achievement of sustainable economic growth. A diversified economy based on several sources of income is more resilient and

The purpose of this paper is to empirically investigate the impact of exchange rate and domestic
price on export trade in Nigeria. Firstly, based on the literature review and findings of the study in
the area, the paper aligned itself within the premise of the traditionalist view which concludes that
non-oil export trade in Nigeria is predicated by currency depreciation via lower export prices.
Secondly, the introduction of domestic prices, alongside naira rate of exchange as major
determinants of non–oil exports in Nigeria, has the implication of showing that currency
devaluation could be used to improve the balance of payment position of the country. We therefore
recommend policy measures from the monetary authorities in the country that would stabilize the
foreign exchange market and the exchange rate. Caution on the part of the government is also
recommended when adopting trade policies to ensure Nigeria does not end up with unfavorable
terms of trade and balance of payments with trading partner countries.

—Sustaining of nation's economic growth for better footing and outlook is very crucial for the globe of recent, most especially for developing countries like Nigeria. The country as a vivid example of a developing nation is oil based economy, which adopts export promotion policy as the essentialtactic for growth. Yet the nation has not maximized her abundance of resources to aids growth, despite notable economic growth being experienced. In this view, there is an attempt to examine the relationship among agricultural export, oil export and output growth in Nigeria. The causal relationship among the variables was investigated by using times series data for the period between 1981 and 2014. All the macroeconomic variables were found to be stationary. The study revealed that there is significant relationship between economic growth and the agricultural export and oil export. Based on the findings, government of the country is being advised to initiate new and redefined old policies that will diversify the export base. Likewise, policies that will improveand aid the nation's domestic production is being encouraged, since long run relationship has been established among the macroeconomic variables.