Abstract
Many oil-endowed countries, including Nigeria, have been unable to use their resources to project long-term economic growth, a condition often referred to as a resource curse. Using the ARDL method and country-specific data, this article explores the long-term equilibrium relationship between economic growth and commodities terms of trade and its volatility in Nigeria between 1984 and 2014. Moreover, the role of oil fund and governance quality in the long-term growth performance is revealed. The results reported in this article show a long-term relationship between commodity terms of trade and economic growth. More importantly, commodity terms of trade, affects economic growth through capital accumulation and total factor productivity. However, the establishment of oil funds in Nigeria has not had any significant impact on economic growth.
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