Academic Libraries: Engine Breed Spuring Innovation for Competitiveness and Sustainable Economic Growth In Nigeria

Climate change is a global problem which requires both local and global efforts to adapt and mitigate its impacts. The impacts of climate change are greatly felt on agricultural, educational and socio-economic sectors in Nigeria. Climate action is one of the sustainable development goals which can be enhanced through eco-volunteerism and eco-tourism in Nigeria today. Sustainable economic growth can be achieved through maximizing the opportunities in eco-tourism and eco-volunteerism in Nigeria. Through systematic literature review and participant observation, this study identifies the role of eco-volunteerism in enhancing eco-tourism for climate resilience and sustainable economic growth in Nigeria. This study vividly defines the concept of eco-tourism and eco-volunteerism. It further highlights the psychological benefits of eco-volunteerism and eco-tourism in Nigeria. This paper is therefore very significant as it explores new opportunities, practices and strategies in the engagement of eco-volunteerism for enhancing eco-tourism for climate resilience and sustainable economic growth in Nigeria. It recommends the innovative use of social media in awareness creation, green financing from multilateral organizations and enactment of relevant policies by the Nigerian government towards advancing eco-volunteerism and eco-tourism in Nigeria. It concludes with a clarion call for deeper research on eco-volunteerism and eco-tourism for climate resilience and sustainable economic growth in Nigeria.

This paper examines the relationship between stock market evolution and sustainable economic growth in Nigeria. The study employs Auto-Regressive Distributed Lag (ARDL)-bounds testing approach and a combined stock market indicators index to examine the relationship. The paper finds that, in the long run, stock markets have no positive and at best mixed effect on economic growth in Nigeria. This finding supports the numerous past studies, which have reported negative/mixed or inconclusive results on the effects of stock markets on economic growth. The paper, therefore, concludes that, there is the need for increasing financial deepening and the removal of bottlenecks in the financial sectors of the economy by providing further public and institutional education on the value of stock markets for economic development.

This paper employed Granger causality tests amid infrastructure spending, economic growth, and employment in Nigeria for the period 1960-2017 using vector autoregression (VAR) model. The result showed a strong causality between infrastructure investment and economic growth in Nigeria. Findings of the study shows a strong underlying relationship between e infrastructure investment and job creation. Economic growth seems to be the key drivers of government jobs and that the private sector jobs drives growth, however, public jobs have not been able to translates into additional jobs in the economy. The bounds test results specify the presence of long-run equilibrium relationship between infrastructure investment, economic growth, job creation and output thereby providing a theoretical underpinning for the empirical results.

The papers attempt to validate/invalidate economic growth sustainability vis-à-vis external financing of budget in Nigeria. The external financing channels - multilateral, Paris Club, London Club, promissory notes, bilateral, Euro bond, diaspora debts, and others - were tracked in relation to economic growth sustainability. The data is accessed from Emission Database for Global Atmospheric Research [EDGAR], the World Bank Development Indicator (WDI), and the Central Bank of Nigeria (CBN) statistical bulletin, for forty years (1981 to 2020). The study analysis follows plotting the visual trend of the series to ascertain its movement over time. Likewise, descriptive inference – skewness (sk), Kurtosis (k) & Jacque-Bera (JB) statistics were inferred for series normality. Also, Augmented Dickey-Fuller (ADF) unit root test, cointegration, vector autoregression (VAR), and the impulse response function (IRF) technique formed the basis of the estimation tools. Finding validates that there is no significant long-run relationship between external financing of the budget and sustainable economic growth in Nigeria. As a result, a reduction, and or a stop to further contracting external financing for budget purposes, and ensuring a funding-project-tied, is strongly recommended.

The study examined the effect of macro-economic variables on economic growth in Nigeria between 1990-2022. Specifically, the paper examined the effect of Exchange rate on Economic growth in Nigeria and determined the effect of interest rate on Economic growth in Nigeria. The paper employed ex-facto research design, using secondary data and adopted SVAR model. The paper found out that interest rate has a significant effect on Economic growth (RGDP) in Nigeria, and found that exchange rate has a significant effect on Economic growth (RGDP) in Nigeria. The study concluded that macroeconomic variables has a significant effect on Economic growth in Nigeria. Based on the study’s findings and conclusions above, the following recommendations were made: the government should improve on her foreign reserves as an absolute measure that will stabilize exchange rate to boost economic environment for effective investment to thrive and contribute to gross domestic product in Nigeria, and interest rate is found to have increased the potentials of Economic growth in Nigeria. It is therefore important to note that since interest rate have significantly affected the Economic growth in Nigeria, the CBN should improve on discount rate to stabilize interest rate to boost economic environment for effective investment to thrive and contribute to gross domestic product in Nigeria.

The Sovereign Wealth Fund (SWF) nations understood that having enough money in easily accessible foreign accounts would be beneficial to the government in times of fiscal crisis, currency devaluation, natural economic calamity, and even political upheaval to help cushion sustainable economic growth. Between Q1 2005 and Q4 2020, the study looked at the impact of Nigeria's sovereign wealth fund on the country's ability to sustain economic development. In order to conduct the empirical analysis, the study used the ARDL technique of analysis. In order to prevent erroneous regression results, unit root tests were performed on each of the variables. The co-integration test revealed that there is a long-term (or equilibrium) relationship between Nigeria's sovereign wealth fund and the sustainability of its economic growth. It was revealed that Nigeria's gross domestic product was significantly impacted by the Nigerian Infrastructural Fund. Last but not least, it was revealed that the stability Fund has a considerable impact on GDP in Nigeria. Future Generation Fund was also found to have a big impact. On the whole, SWF impact significantly on sustainable economic growth in Nigeria. If government wishes to maintain economic growth and improve the lives of Nigerians, it should demand and pursue effective control and monitoring of the infrastructure, future and stabilization funds.

This paper examines the relationship between interest rate liberalisation policies and sustainable economic growth in Nigeria. Employing the autoregressive-distributed lag (ARDL) – bounds testing approach and using GDP per capita as economic growth indicator, the paper establishes a long run relationship between economic growth and interest rate liberalisation, which is represented by an index calculated using principal component analysis (PCA). The empirical findings of this paper show that interest rate liberalisation policies have a positive impact on economic growth in Nigeria. These results apply irrespective of whether the test is conducted in the short run or in the long run. This supports the numerous past studies, which have reported positive results regarding the effects of interest rate liberalisation on economic growth. The paper, therefore, concludes that interest rate liberalisation policies have been very effective in bolstering economic growth in Nigeria.

Purpose: The aim of the study was to analyze the foreign direct investment (FDI) and economic growth in Nigeria. Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries. Findings: FDI positively impacts Nigeria's economic growth by fostering capital formation and technology transfer. However, this relationship is influenced by factors like institutional quality and governance effectiveness. Challenges such as infrastructure deficits and policy instability hinder FDI's full potential. Thus, creating a favorable investment climate and implementing sound economic policies are crucial for sustainable economic growth in Nigeria. Unique Contribution to Theory, Practice and Policy: The theory of foreign direct investment (FDI) and economic growth, the dependency theory & the institutional theory may be used to anchor future studies on analyze the foreign direct investment (FDI) and economic growth in Nigeria. Fostering investment in sectors such as manufacturing, agriculture, and technology can contribute to economic diversification, employment generation, and skill development, thereby fostering sustainable economic growth. Nigerian authorities should focus on improving the investment climate by implementing reforms aimed at reducing bureaucratic hurdles, streamlining business processes, and enhancing transparency.

The main objective of the study was to investigate the impact of Federal Government tax revenue on economic growth in Nigeria spanning from 1986 – 2024 and variables employed were; Petroleum Profit tax Revenue (PPTR), Company Income Tax Revenue (CITR), Value Added tax revenue (VATR), Excise Duties Tax Revenue (CEDTR), and Personal Income Tax Revenue (PITR). Data were sourced from the Federal Inland Revenue Services (FIRS) publications and the Central Bank of Nigeria (CBN) Statistical Bulletins. The study adopted an ex-post factor research design and the model was specified using Vector Error Correction Model (VECM) and Public Finance Economic Theory was used as a theoretical framework. Vector Error Correction Model (VECM) as an econometric technique of data was used in the estimation of the parameter estimates. The findings of the study revealed that Petroleum Profit tax Revenue (PPTR) had a statistically and insignificant positive (1.42662) impact on economic growth (GDP) in Nigeria in the short-run but it had a statistically and significant positive impact on (GDP) in the long run. The findings of the study revealed that Personal Income Tax Revenue (PITR) had a statistically and insignificant positive (1.890096) impact on economic growth (GDP) in the short-run and it had a statistically and significant positive (2.696599) long-run in Nigeria. Based on the findings of the study, the study recommended that the government should intensify efforts in sustaining the positive and significant impact of PPTR and PITR on economic growth in Nigeria for more revenue generation. The main objective of the study was to investigate the impact of Federal Government tax revenue on economic growth in Nigeria spanning from 1986 – 2024 and variables employed were; Petroleum Profit tax Revenue (PPTR), Company Income Tax Revenue (CITR), Value Added tax revenue (VATR), Excise Duties Tax Revenue (CEDTR), and Personal Income Tax Revenue (PITR). Data were sourced from the Federal Inland Revenue Services (FIRS) publications and the Central Bank of Nigeria (CBN) Statistical Bulletins. The study adopted an ex-post factor research design and the model was specified using Vector Error Correction Model (VECM) and Public Finance Economic Theory was used as a theoretical framework. Vector Error Correction Model (VECM) as an econometric technique of data was used in the estimation of the parameter estimates. The findings of the study revealed that Petroleum Profit tax Revenue (PPTR) had a statistically and insignificant positive (1.42662) impact on economic growth (GDP) in Nigeria in the short-run but it had a statistically and significant positive impact on (GDP) in the long run. The findings of the study revealed that Personal Income Tax Revenue (PITR) had a statistically and insignificant positive (1.890096) impact on economic growth (GDP) in the short-run and it had a statistically and significant positive (2.696599) long-run in Nigeria. Based on the findings of the study, the study recommended that the government should intensify efforts in sustaining the positive and significant impact of PPTR and PITR on economic growth in Nigeria for more revenue generation.

The persistent economic challenges have prompted investigation about the effectiveness of commercial banks’ credit in driving economic growth in Nigeria. The main objective of this paper is to determine the relationship between commercial banks’ credit distributed to the various sectors and economic growth in Nigeria from 2014q1 to 2023q4 using autoregressive distributed lag (ARDL) bounds test approach. The Central Bank of Nigeria (CBN) Statistical Bulletin is the secondary source from where the data for the study were collected. The theoretical framework of the study is finance-led growth hypothesis. The commercial banks’ credit distributed to production and general commerce sectors had a positive relationship with economic growth in Nigeria. The commercial banks’ credit distributed to government and services sectors had a negative relationship with economic growth in Nigeria. A higher percentage of commercial banks’ credit should be distributed to production and general commerce sectors than government and services sectors in order to achieve a sustainable economic growth in Nigeria. Keywords: Institutions, Economic Growth, ARDL Model, Nigeria.

This paper has examined empirically the contribution of fiscal policy in the achievement of sustainable economic growth in Nigeria. Using the Solow growth model estimated with the use of Ordinary Least Square method, it was found that fiscal policy has not been effective in the area of promoting sustainable economic growth in Nigeria. Although, the finding seems invalidating the Keynesian postulation of the need for an active policy to stimulate economic activities, however, factors such as policy inconsistencies, high level of corruption, wasteful spending, poor policy implementation and lack of feedback mechanism for implemented policies evident in Nigeria which are indeed capable of hampering the effectiveness of fiscal policy have made it impossible to come up with such a conclusion. To put the Nigerian economy, therefore, along the path of sustainable growth and development, the government must put a stop to the incessant unproductive foreign borrowing, wasteful spending and uncontrolled money supply and embark upon specific policies aimed at achieving increased and sustainable productivity in all sectors of the economy. Keywords: Fiscal Policy, Economic Stabilization, Economic Growth JORIND Vol. 5 (2) 2007: pp. 19-19

The potential of ecotourism for sustainability economic growth in Nigeria cannot overemphasized due to the opportunities and challenges it brings. Ecotourism plays a crucial role in Nigeria’s economy and sustainability by driving revenue generation, job creation, and environmental conservation. It fosters responsible travel practices, reducing environmental degradation while enhancing conservation efforts. Ecotourism drives sustainable economic growth by creating jobs. Theoretically, economic and environmental theories associated with ecotourism includes Sustainable Development Theory, Ecological Modernization Theory, Environmental Kuznets Curve (EKC) Theory, Triple Bottom Line (TBL) Theory, and Common-Pool Resource (CPR) Theory. Ecotourism at global level that have been examined are that of Costa Rica and Kenya. Major ecotourism sites in nigeria include Yankari Game Reserve (Bauchi State), Cross River National Park (Cross River State), Obudu Mountain Resort (Cross River State), Gashaka-Gumti National Park (Taraba and Adamawa States), Erin-Ijesha Waterfalls (Osun State). Policies governing ecotourism in Nigeria are National Ecotourism Policy, The Forestry and Wildlife Conservation Policies, and the Nigeria Tourism Development Master Plan. Its contribution includes employment generation, contribution to GDP, and infrastructure development. Challenges includes inadequate infrastructure, weak policy implementation, poor governance, security challenges, environmental degradation and climatic change. The qualitative methodology approach has been used in form of a systematic literature review.

The study examined the impact of hydroelectric and petroleum electricity consumption on economic growth in Nigeria. The research design adopted for the study was ex-post-facto. The data used for the study were drawn from secondary sources. The sources of data were from World Bank statistical database and CBN Statistical Bulletin (2020) for a period of between 1990 and 2019. Based on the research objectives and unit root test of the study, the Autoregressive Distributed Lagged (ARDL) and the Error Correction Model (ECM) were used to determine the relationship between hydroelectric and petroleum electricity consumption variables and economic growth indicators in Nigeria and the impact of hydroelectric and petroleum electricity consumption on economic growth in Nigeria. The Error Correction Model (ECM) of the study and after examining the long-run impact of the independent variables in the model of the impact of hydroelectric and petroleum electricity consumption on economic growth in Nigeria. The result shows that the ECM parameters were negative (-) and significant which are given -0.546. This means that 55 percent disequilibrium in the previous period is being corrected to restore equilibrium in the current period in the respective models. The ARDL long-run results on the impact of hydroelectric and petroleum electricity consumption on economic growth in Nigeria revealed that hydroelectric and Petroleum Electricity Consumption have positive and significant impact on real gross domestic product in Nigeria. Therefore, the study recommended that the government should increase the hydroelectric and petroleum electricity consumption in Nigeria by reducing the unit price of the petroleum electricity consumption in Nigeria in other to increase the household and industrial usage for increase economic activities through the household and industrialisation in Nigeria through the firms and young industries in Nigeria which in turn increase the sustainable economic growth in Nigeria.

This work investigated the impact of labour force participation on economic growth in Nigeria for the period 1990 to 2021 using annual time series data on real gross domestic product (RGDP), male labour force participation rate (MLFPR) and female labour force participation rate (FLFPR). The objectives are to examine the impact of male labour force participation rate (MLFPR) and female labour force participation rate (FLFPR) on economic growth in Nigeria and to ascertain the causality relationship between male labour force participation rate, female labour force participation rate, and economic growth in Nigeria using ARDL Bounds Testing methodology. The result indicated that male labour force participation rate (MLFPR) and female labour force participation rate (FLFPR) had statistically significant impact on economic growth in Nigeria in the short run. The result also revealed that, in the long run, male labour force participation rate (MLFPR) and female labour force participation rate (FLFPR) had statistically insignificant impact on economic growth in Nigeria. A uni-directional causality relationship is found between male labour force participation rate (MLFPR) and economic growth (RGDP) in Nigeria over the period covered with the causality running from economic growth to male labour force participation rate. The result further indicated that there is no significant causality relationship between female labour force participation rate (FLFPR) and economic growth in Nigeria over the period covered. The study therefore recommended that government should design active policy for male and female participation in labour force and seriously empower women to participate in labour force in Nigeria.

Given rising temperatures, climate change, the alarming increase in energy demand, and the importance of energy efficiency, there is a need for an increasing review subject matter. In this sense, policymakers develop various measures, including renewable adoption and energy efficiency. This study examined the causal effect of oil production and carbon emission from gas flaring on the economic growth rate in Nigeria from 1980-2021. The findings revealed that economic growth and energy consumption significantly increases energy-related emissions. An increase in income level influences investors and industrialists to invest in the industrial sector, increasing production, diversification, and expansion. However, increased production and expansion of industries increase energy demand. Energy demand met by consuming fossil fuel increases energy-related emissions in Nigeria and negatively affects environmental quality. More importantly, carbon emission impedes environmental sustainability and sustainable economic growth in Nigeria. The study is relevant to the post-2015 Sustainable Development Goals agendas for two fundamental reasons: the world needs Sustainable Development Goal 7 – ensuring access to affordable, reliable, sustainable, and modern energy by 2030. (b) Large extractive industries primarily drive growth in Nigeria, and the country's population is expected to double in about 30 years. Energy efficiency for inclusive development is very welcome. This is essential because studies have shown that the increase in unemployment (resulting from the underlying demographic change) would be accommodated by only the private sector, not the public sector.