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Nigeria's economic development is heavily dependent on trade, which is a major factor in the country's GDP growth, foreign exchange profits, and job possibilities. Nonetheless, there are cyclical patterns inherent in Nigerian trade dynamics, which may have a big impact on macroeconomic stability, how policies are made, and how well the economy performs overall. Using research showing a substantial association between trade variations and patterns of economic development, the paper explores the complex relationship between trade cycles and economic cycles. Since Nigeria is heavily dependent on oil exports, it is particularly aware of how the oil trade shapes overall trade cyclicality and how this makes the country susceptible to changes in global demand and commodity prices. Additionally, the analysis delves into the complex link that exists between trade cycle volatility and trade openness. It assesses divergent views found in the literature, with some arguing that greater trade openness can exacerbate trade cycle volatility and worsen economic instability, while others contend that greater trade openness can help reduce trade cycle fluctuations and improve economic stability.
Apere et al. (Wed,) studied this question.