International Trade, Intellectual Property Right and Economic Development in Nigeria

Abstract

This study explored on the nails between trade (TRD). intellectual property right (!PR) and level of economic development (LDEll over the period 1991 - 2018 using an Autoregressive distributed lag ARDL approach. The results suggest a long-run relationship between international trade. intellectual property right and level of economic development. Trie results also revealed that while the export component ofMe 1PR exerted no impact on LDE9, TRD on the other hand. showed a temporary positive effect on the level ofeconomic development possibly due to the instability In the macroeconomic environment and her overdependence on imported goods. Interestingly FD1 exerted a positive and significant effect on the level of economic development in the country These results corroborate the outcome of the causality test, which revealed a uni-directional causality that runs from FIX TRD so the level of economic development. In contrast• there seems to be a causal effect from the level ofeconomic development to import component of the 1PR to total productivitflactor to inflation. respectively The study concludes that both trade and intellectual property right are not capable of Influencing economic development within the study period due to weak 1PR protection and mono-product nature tithe country. Based an the above. the study recommends that the government should provide an enabling environment that will further attract foreign investment in the country. Also, formulate a well developed institutional framework that will promote intellectual property right and finally diversift the economy into other sectors that are promising in order to avoid external shocks that can emanatefront relying on a single sector of an economy.