Energy consumption and economic development in Nigeria

Despite the fact that Nigeria is endowed with enormous petroleum resources, the performance of the economy, in terms of core development indices, has not been satisfactory. Besides, there is no consensus in the findings of empirical analysis on the impact of the petroleum industry on the Nigerian economy. This study therefore examined the impact of the petroleum industry on economic development in Nigeria. Specifically, the study investigated the impact of oil revenue, crude oil price, crude oil output, gross fixed capital formation, and exchange rate on economic development (proxied by the human development index) in Nigeria. Annual time series data for the period 1990 to 2022 were used for the study. A variety of analytical techniques including Augmented Dickey-Fuller (ADF) unit root test, Johansen cointegration test, error correction model and Granger causality test were used to analyze the data. The Johansen cointegration test established long-run relationships among the variables of the study. The estimated regression result revealed that oil revenue, crude oil price and exchange rate have significant negative impact on economic development in Nigeria. On the other hand, crude oil output has insignificant positive impact on economic development while gross fixed capital formation has significant positive impact on economic development in Nigeria. The study therefore concludes that the phenomenon of resource curse exists with regard to the petroleum industry in Nigeria. Among other things, it is recommended that there is the urgent need to diversify the economy away from its current dangerous dependence on petroleum resources.

The paper analyzed the National Innovation System (NIS) and economic development in developing countries like Nigeria. The objectives of the paper were to examine the nature of innovation systems in Nigeria. It also investigates the effects of NIS on economic growth and development in Nigeria. The review of literature suggests that NIS is more than just technological innovations, it includes the interrelationships between firms, governmental institutions, NGOs, and international institutions who engage in one form of R&D activity or the other in a country. The paper employed both descriptive statistics and generalized linear models (GLM) to explain the NIS and economic development in Nigeria. The results from the descriptive analysis revealed that the nature of the Nigerian innovation system is weak and still evolving. It reveals that low performance and high variations in NIS indicators such as industrial design applications, patent right applications, trademark applications, methodology assessment of statistical capacity, high technology exports, ICT goods exports, ICT goods imports and ICT services exports, and agricultural raw materials exports and imports in Nigeria. The regression results also revealed that NIS (R&D expenditures) is a significant positive determinant of economic growth and development in Nigeria. The paper also showed that human capital, industrial production, stock market capitalization, trade openness, foreign direct investment, and exchange rate regimes are significant determinants of economic growth and development in the NIS in Nigeria. Projecting economic growth and development to higher levels and achieving the projections remains the main objective of government policies in Nigeria.

This study examined the nexus between capital flight and economic development in Nigeria. The null hypothesis was that capital flight has no significant relationship with economic development in Nigeria. The study used the auto regressive distributed lag (ARDL) method on data obtained from the Central Bank of Nigeria and the World Bank, for the period 1986–2018, to examine the relationship between capital flight and economic development in Nigeria. The study examined the unit root problem and cointegrating properties of the data. The unit root problem was tested for by using the augmented Dickey–Fuller (ADF) and Phillips–Perron (PP) tests. Findings from ARDL showed an inverse relationship exists between capital flight, real exchange rate, and economic development. This implies that the variables contributed significantly to reduce economic development within the study period. However, a positive relationship existed between economic development and adult literacy rate in Nigeria. By implication, improvements made in providing quality and affordable education tend to have a positive impact on economic development in Nigeria. The study concluded that economic development is strongly influenced by capital flight, real exchange, and adult literacy rates in Nigeria. The study, therefore, recommends that government policies to curb capital flight should be introduced and monitored so as to lead to economic development in Nigeria.

This study examined tax revenue on economic development in Nigeria for a period of 31years, 1993-2023. To achieve this objective, Human Development Index (HDI) served as the dependent variable for this study proxy for economic development, while company income tax (CIT), petroleum profit tax (PPT), personal income tax (PIT), value added tax (VAT), education tax (EDT) and customs and excise duties (CED) served as the independent variables (explanatory variables). Ex-post-facto research design was utilized for this study. Data used were sourced from the United Nations Development Programme (UNDP), Central Bank of Nigeria (CBN) Statistical Bulletin, Central Bank of Nigeria Economic and Annual Report Account, Federal Inland Revenue Service (FIRS), the Federal Reserve Bank of St. Louis, and the World Bank Database Descriptive statistics, Phillips-Perron (PPT) Unit root test, Johansen Co-integration, Granger causality and Vector Autoregressive model (VAR) were the analytical tools for this study. The results revealed that some variables of tax revenue indicators have significant effect; while others have no significant effect on economic development indicators. The variables were normally distributed, and there was a causal relationship between tax revenue indicators and economic development. There exist a long-run relationship between tax revenue indicators and economic development. The Vector Autoregressive results show that tax revenue indicators were statistically significant with HDI. The study concluded that tax revenue indicators had various levels of interaction with economic development index measured in this study with greater outcome indicating positive and significant effect. The study recommended that tax revenue should be spent wisely to fund essential services like affordable housing, good roads, clean water, a reliable electrical supply, education, and basic healthcare. This would encourage the growth of numerous economic sectors, hence boosting economic growth and development. This study contributed to the body of knowledge by extending the scope of existing literature to 2023. Keywords: Tax Revenue, Economic Development, Human Development Index, Company Income Tax, Petroleum Profit Tax, Personal Income Tax And Value Added Tax.

The study examined the effect of public debt on economic development in Nigeria spanning from 2000 to 2023 with emphasis on the effect of domestic debt (DDEBT), bilateral debt (BDEBT), multilateral debt (MDEBT) and debt servicing (DEBSERV). The research adopted ex-post facto research design. Secondary data were collected from Debt Management Office (DMO), Central Bank of Nigeria Statistical Bulletin, United Nations Development Programme (UNDP) and National Bureau of Statistics (NBS). The econometric technique of multiple regression analysis, Augmented Dickey Fuller (ADF), Unit Root Test, Johansen Co-integration Test and Error Correction Model (ECM) were employed in the data analysis. The co-integration test showed that long-run equilibrium relationship exists among the variables. The findings from the data analysis showed that domestic debt has negative and insignificant effect on economic development in Nigeria. Bilateral debt has positive and non-significant effect on economic development in Nigeria. Multilateral debt has negative and non-significant effect on economic development in Nigeria while debt servicing has a positive and non-significant effect on economic development in Nigeria. The implication of the findings is that proper and judicious use of public debt affects positively on economic development in Nigeria. Based on the findings, the study therefore recommends that government should reduce the level of domestic debt accumulation. Government should acquire more bilateral loans that should be channeled into viable projects with high return on investment. Government should avoid acquiring multilateral loans because of their negative effect on the development of Nigerian economy. Debt servicing requirement should not be allowed to increase above the debt stock by regularly servicing the loan.

Unemployment is a global phenomenon which has attracted the attention of developed and developing nations because of its attendant consequences. Given the incidence of unemployment in the country and its attendant consequences this study investigates the empirical relationship between unemployment and economic development in Nigeria. Using the ordinary least technique and time series data from 1980-2017, the study explored the relationship between unemployment and economic development in Nigeria. The result shows that unemployment has negative effect on economic development of Nigeria. This implies that an inverse relationship exist between unemployment and economic development in Nigeria. In the light of the findings, the study recommended that the government should create employment opportunities in order to reduce drastically our unemployment rate, fiscal policy and monetary policy that can induce job creation should be adopted. Skill acquisition and on the job training programmes should be highly encouraged so as to achieve sustainable economic growth and development in Nigeria.

This study was carried out to ascertain the relationships between public debts and economic development in Nigeria. The specific objectives were to assess the effects of public debt on economic growth rate, aggregate demands, sectoral compositions and to find out if there exists any threshold relationship between debt accumulation and economic development in Nigeria. An ex-post facto research design was adopted in the study. With the aid of E-view statistical package, varied econometric analyses were conducted. Outcome of the study indicates that there exists a significant threshold relationship of between 50 and 60 percent for external debt, while a 15–17 percent threshold was established for domestic debt and debt accumulation in Nigeria. The study also reveals that external and domestic debts both have significant and largely negative impact on economic growth and development in Nigeria. The study therefore recommends that there is need for government at various levels in Nigeria to strive to reduce debt accumulation, especially in the long run by expanding her tax drag nets where necessary for overall and effective public financial management. There is also the need for a strong support for fiscal operations. Debt dependence in Nigeria was identified as a problem of fiscal federalism and claims to resource control among the federating units. It is also recommended that government must provide support for fiscal discipline. This could pave way for effective debt management practice in Nigeria.

This study empirically analyzed external debt management and economic development in Nigeria. The data employed in this study were collected from the CBN statistical bulletin annual report. The study employed Real Gross Domestic Product as the independent variable, while External Debt service, Balance of Payment, External Debt, and Exchange Rate were used as independent variables. The estimation technique employed in this study was Ordinary least squares (OLS) multiple regression method. The findings of this study revealed that external debt management recorded a positive and significant impact on economic development in Nigeria over review period. The study recommended that government of Nigeria should strike a balance between the acquisition of external debt and usage of same for projects that will culminate to enhancement of economic growth and development in Nigeria.

Islam condemn terrorism and rejects all its kinds, it legalized trade and investment as a way of earning halal. The activities of Boko Haram sect become a major challenge to the Nigerian government in recent times; it had led to loss of lives and properties in the country especially in Northern Nigeria. Some of these activities include bombings, suicide, random shooting, burning of police stations, government offices and places of worship, kidnapping of school girls and innocent people, raping, armed robbery, political crises, murder, destruction of communication facilities alongside the attacks carried out by Herdsmen on some communities in the northern part of the country. Many lives and properties have been lost and a large number of citizens rendered homeless, many women are now widows, children become orphans with no hope of the future. Government had made uptight efforts to tackle these challenges posed by terrorism in the region and put an end to it but the rate of insurgency and insecurity is still disquieting. This work is therefore investigated the challenges of terrorism as a major threat on economic development in Nigeria. The scope of this study is limited on impact of terrorism on economic development in Northern Nigeria between 2000-2017. Data used was sourced from interview with related people, newspapers and related journal articles by using historical and analytical methods, the results showed that terrorism impacts negatively on economic development in Northern Nigeria, it has made government to divert resources meant for economic development purposes to security votes, expenditure made by government on security matters had positively impacted on region’s economic development. It is therefore recommended that government must be pre-emptive in dealing with security threats in view of managing security challenges. The government should accelerate the rapidity of economic growth by creating an economy with a relevant economic and physical infrastructure to support business and industrial growth, the government should remain committed and declare war on terrorism and seek assistance/advice from international communities who have in the past faced this kind of challenge and were able to tackle it, grazing grounds and ranches should be built in the region for herdsmen who rear cattle, relevant security agencies should be well train and liaised with international security experts for gaining modern tactics on fighting terrorism, religious leaders, governments, business associations and NGOs should increase their efforts on enlightment, awareness, education and sensitization campaign on the effects of terrorism on social and economic development in the region.

Financial market provide institutional and instrumental framework that facilitates the mobilization of short to long term funds from the surplus units (savers and lenders) and allocating such mobilized funds to the deficit and real sector of the economy for productive purposes. The main objective of this study is to examine the effect of financial market instruments on the economic development in Nigeria. The specific objectives are to determine, examine, ascertain and assess the effects of stock market instruments, debt instruments, commercial instruments and treasury instruments respectively on Economic Development in Nigeria which is proxied by Per Capita Income. Econometric techniques including Augmented Dickey Fuller (ADF) and the Philip Perron Tests for Unit Roots and Ordinary Least Square (OLS) were applied on data sourced from the Stock Exchange Daily Official Listing (SEDOL) and fact book. The result of the study show that stock market instruments, debt instruments, commercial instruments and treasury instruments have positive and significant effect on Per Capita Income. The study therefore concludes that financial market instruments have positive and significant effect on per capita income and standard of living of average Nigerian. This researcher recommends that the relevant regulatory agencies for the capital market should focus on enhancing the efficiency and transparency of the market in order to boost and strengthen investors’ confidence which had regrettably posed a major setback to the Nigerian business environment. Capital market growth inducement channels should be introduced to support the much needed robust and responsive financial system to achieve the desired effect on economic development. Regulators of the market and financial institutions should be actively involved in making systemic checks and appropriate policy innovations to ensure a capital market led economic development. Finally, government should give adequate

Regardless of the vast amount of debt Nigerian government accommodate annually, the projected level of development is not realized as sizeable percentage of her citizens still lives in miserable poverty, low standard of living and soaring level of unemployment and so on. Consequently, one starts to question why the theoretical proposition seems not to be working in the Nigerian perspective. It is based on these commotions that this research work seeks to scrutinize the effect of deficit financing on recovery and development of the Nigerian economy between the periods 1981 to 2015 employing error correction model and granger causality test. Study exposes that Federal Government external debt displays a significant P-value of 0.0173 with a positive coefficient of 0.000031 signifying that 1% increase in government external debt is capable of intensifying economic recovery and development in Nigeria to the tune of 0.00003. The details of the causality test also corroborate the report in the error correction model and thus advocate that external debt extensively adds to the development of the Nigeria economy while domestic debt and deficit budget does not give the impression to granger cause economic development in Nigeria. On this basis, study affirms that deficit financing is a crucial incentive in advancing economic development in Nigeria if effectively disbursed for the primary rationale for which it was meant for. Additionally, study thus authenticates the Keynesian theory of the existence of positive relationship between deficit financing and economic recovery. On this note, study recommends that executives of the Nigerian economy should harmonize the appropriation of borrowed fund and make certain that it is well utilized towards improving the capital and production dominance of the nation as this will further boost the realization of accomplishing a sustainable level of economic development in Nigeria.
 
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This study examined the impact of health investment on economic development in Nigeria. Using secondary data sourced from Central Bank of Nigeria Statistical Bulletins and World Bank development indicators, World Bank Database for the period of 1981- 2020. It applied Augmented Dickey Fuller (ADF) and Philips-Perron (PP) tests for unit root which indicated that all the variables were stationary at first difference except gross fixed capital formation at level. The mixed order of the unit root tests necessitated the adoption of Autoregressive Distributed Lag (ARDL) bounds Cointegration technique. The study submitted that a strong evidence of cointegration among the variables exist. It prove that health investment variables (recurrent and capital health investment, public education expenditure, gross fixed capital formation and labour participation rate) have positive impacts on economic development in Nigeria except foreign exchange rate which reveals negative impact. The result of Pairwise Granger causality test indicated that there were uni-directional and bidirectional causality among health investment variables and economic development in Nigeria. Therefore, it concluded that health investment variables have positive and significant impacts on economic development in Nigeria except exchange rate. Moreover, this study recommended that health policy should be made by government to increase the budgetary allocation to health sector particularly on recurrent and capital public health investment, improve quality of education through statutory allocation to education sector, provide exchange rate policy that will encourage investment in human capital by individuals and private sector. Finally, the government should expand institutional capacity to produce qualified manpower, improve personnel salaries, wages and working conditions in health and education sectors

Nigeria is richly endowed with vast but largely untapped natural resources including solid minerals and arable land. Mining industries have been viewed as key drivers of economic growth and development process, as lead sectors that drive economic expansion which can lead to higher levels of social and economic well being. Contributions from mining as a percentage of GDP in rich countries are usually between 2-8 percent. In Nigeria, the contribution is still low at 0.15 percent, one of the major factors responsible for this is as a result of over dependence of the Nigerian economy on the proceeds from the sale of crude oil for over four decades which is at the expense of other sectors such as mining and agriculture that contributed significantly to the Nigerian economy before the emergence of crude oil. In the light of this, the study presents an empirical analysis of the contribution of mining sector to the economic development in Nigeria from 1960 to 2012. The study employed Error Correction Model (ECM) to examine the short run and long run effect of mining sector‟s contribution to Nigeria economic development. The study harnessed time series data to evaluate the impact of the specified key sectors; crude petroleum and gas, solid mineral, manufacturing and agriculture on the economic development proxied by per capita income. Equally highlighted are the problems militating against the mining sector in Nigeria and the strategies for its transformation of the economy. The finding revealed that the value of solid mineral have strong impact on economic development in Nigeria. Thus, Nigeria needs to urgently develop her monumental mining potentials in order to diversify her economy and to achieve rapid economic growth and development.

This article examined the repositioning of science and technology education for security and economic growth and development in Nigeria. The wreck on the nation's image by the incidences of insurgency has caused negative effects on the nation's security and economic development. Security issues are presently major challenges in Nigeria, especially in Northern Nigeria. Furthermore, the continuous rise in insecurity and deterioration in the economic development in Nigeria has called for concern among researchers and policymakers over the years. This article highlights the need for rebranding Nigerians through the internal process of repositioning the science and technology education system for national security and economic sustainability. Literature and other research papers using to gather information. The paper recommends that the nation adopt a proactive approach to improving the teaching and learning of science and technology education professionally and empowering youth while taking everlasting measures to curtail the issues of insurgencies in Nigeria. In other words, we need to reposition our youth's mental reasoning and economically empower them to certify the demands of the modern world. Repositioning Nigerian is one of the fruitful tools to achieve this objective, and rebranding directs the power and energy of Nigerians toward academic and productive goals

This paper investigated exchange rate, interest rate, and economic development in Nigeria between 1980 and 2020. The study employed secondary data and sourced from the Central Bank of Nigeria (CBN) and World Bank Data Indicators covering periods of 1980 to 2020. The data were analyzed using correlation analysis, Johansen Co integration, and co integration regression Fully Modified ordnalist Square methods (FMOLS) were employed to established long run influence of exchange rate and interest rate on economic development. The study showed that long run relationship existed between exchange rate, interest rate, and economic development in Nigeria. Specifically, a number of results were obtained: in the case of HDI, economic development is negatively related to exchange rate; interest rate had significant relationship with economic development in Nigeria; and the interactive relationships of exchange rate and interest rate had a significant positive relationship with economic development. Using per capita income as a measurement of economic development revealed that; exchange rate had positive relationship withi economic development; the interactive effects of exchange rate and interest rate is positive and significant on economic development. Therefore, the study recommends that; proactive management of Nigeria’s exchange rate and interest rate must be the top priority of the country’s monetary authority. Therefore, the monetary authority through Central Bank of Nigeria should, as a matter of urgency, stabilize the nation’s exchange rate and improve the nation’s interest rate in a bid to attract investment and improve the nation’s capital accumulation necessary for long term economic development.