Healthcare Financing and Economic Performance in Nigeria

This study evaluated the extent to which Foreign Direct Investment (FDI) has contributed to the Gross Domestic Product (GDP) in Nigeria from 2000 to 2017. In the course of this study, three hypotheses were formulated in line with the objectives of the study. Ex-Post Facto research design was employed for the study. Regression analysis technique was adopted with the aid of E-view version 9.0 in testing the hypotheses. The study revealed that foreign direct investment on financial sector has positive and significantly affected Gross Domestic Product in Nigeria. It also showed that Foreign Direct Investment on oil sector has positive and significantly affected Gross Domestic Product in Nigeria. Another finding is that Foreign Direct Investment on non-oil sector has positive and significantly affected Gross Domestic Product in Nigeria. the study therefore conclude that inflow of FDI into the Nigerian economy for the stipulated period this research was carried out (2000-2017), showed that FDI was a major contributor to economic growth of the nation Based on the findings, the researcher recommended among other things that Policy makers should devise strategies to increase the FDI on financial sector and offer incentive for long investing and listing on the stock market so that the main objective of the government to stimulate growth will be fulfilled.

The oil and gas business in Nigeria has brought unparalleled fluctuations to the Nigerian economy, mostly in the past five decades after it substituted agriculture as the basis of the Nigerian economy. This study investigated the relationship between oil revenue and economic growth in Nigeria. It spanned through the period 1990 through 2019. The specific objectives are to investigate the relationship between crude oil/gas export, petroleum profit tax/royalty, domestic crude oil sales, oil licensing fees on real gross domestic product and real gross national product in Nigeria. And also, ascertain whether the exchange rate moderates the relationship between oil revenue and economic growth in Nigeria. The study employed an ex post facto research design and the secondary data used for the investigation were sourced from the Central Bank of Nigeria (CBN) statistical bulletin, Federal Inland Revenue Service Fact Book and the World Bank Development Website. Descriptive Statistics, Pearson Moment Correlation Coefficient and Ordinary Least Square Multiple Regression Statistical tools were used in the study. The results revealed that Crude oil/gas export has a significant and negative relationship with the real gross domestic product in Nigeria; Petroleum profit tax/royalty has a significant and positive relationship with real gross domestic in Nigeria; Domestic crude oil sales have an insignificant and negative relationship with real gross domestic product in Nigeria; Oil licensing fees have an insignificant and negative relationship with real gross domestic product in Nigeria; The study concluded that there is a significant relationship between oil revenue and economic growth in Nigeria. The study recommends that the government should effectively and efficiently utilize the oil fund in strategic development projects so as to reduce the rate of poverty and facilitate economic growth.

This study aimed at determining the extent to which human capital cost influences gross domestic product in Nigeria. Hitherto, human resource was treated as expenses and written off in profit and loss account. No recognition was given to the skills of labour in human resource accounting and recently in intellectual capital. The research adopted a survey design for the study. The data collected were tabulated and analyzed using the Ordinary Least Square (OLS). The study revealed that human capital costs mirrored by acquisition, development, remuneration and protection costs do affect significantly gross domestic product in Nigeria. The study recommended that there is urgent need for the installation and maintenance of total quality management in Nigeria to enable it remains competitive in the global market. This is because employee’s education, training and development are the key vehicle for building the economy and employee’s capabilities. Finally, government should try to understand and appreciate the value of human capital as it is the most important determinant of it success.

This study empirically investigated the effect of public expenditure on economic development in Nigeria from 1970-2020. To achieve this objective theoretical, conceptual and empirical literature on public expenditure and economic development were reviewed. Public expenditure was proxied by capital and recurrent expenditure while economic development was proxied by gross domestic product and human development index. Secondary data was obtained from central bank statistical bulletin and United Nations development programme reports various years. The study adopts the used of ordinary least square regression statistical tools to test the formulated hypotheses with the aid of Eviews 10 econometric statistical software. The findings show that capital expenditure has positive and significant effect on gross domestic product in Nigeria. Empirical evidence revealed that recurrent expenditure has positive and significant effect on gross domestic product in Nigeria. Empirical evidence shows that capital expenditure has positive and significant impact on human development index in Nigeria. Empirical evidence indicates that recurrent expenditure has positive and insignificant effect on human development index in Nigeria. The study concludes that public expenditure has positive and significant effect on economic development in Nigeria. The study recommends among others that government should improved macroeconomic policies through creation of stable economic policies of low inflation and positive economic growth. The government should ensure free market supply site policies through deregulation, lower taxes, privatization and less regulation to stimulate private sector investment in Nigeria. The government should implement interventionist supply site policies through increase spending on public goods such as health care, education, public transport and massive infrastructural development. Government should ensure diversification from oil and gas to manufactu

The study investigated the extent at which foreign trade affects economic growth in Nigeria using an annual time series data between 1990 – 2019. The variables used in the study are Gross domestic product (GDP), Balance of trade (BOT), Import (IMP), Export (EXP) and Balance of Payment (BOP). it was established from the study using Error Correction model (ECM) analysis that total export and total import has significant impact on the gross domestic product in Nigeria; also, trade openness has positive and significant impact on Gross domestic product (GDP) in Nigeria. The underlying principle for such result is rooted in the Comparative Advantage theory which is applicable to the trade liberalization in Nigeria and its impact on gross domestic product (GDP) in Nigeria that is recovering from economic recession. The result showed that foreign trade has been improving economic growth in Nigeria. Several recommendations are put forward: Since openness is only beneficial when there is a balanced exchange, improving infrastructural facilities in Nigeria would alleviate challenges in domestic production, thereby boosting exports to align with imports. Additionally, a regulated approach to economic liberalization is advised to prevent the country from becoming a dumping ground for inexpensive Western and Asian products, which could undermine local industries. However, another actionable recommendation is to implement policies to stabilize the exchange rate and reduce inflationary pressures on imports. Furthermore, support local industries by providing foreign exchange access for the importation of necessary industrial inputs.

Relationship between Exchange Rate and Gross Domestic Product in Nigeria ARDL Approach Idris Muhammad Idris, Baba Ali Ashemi and MohammedMusa Abstract This paper empirically investigates the relationship between exchange rate and the Gross Domestic Product (GDP) in Nigeria from 1981 to 2017. The annual data was obtained from CBN statistical bulletin. Using the Auto-Regressive Distributed Lag (ARDL) co-integration procedure. The result indicates that GDP in Nigeria is not responsive to official exchange rate movement. A long run relationship was found to exist between GDP and official exchange rate, but not statistically significant. The Error Correction Mechanism (ECM) estimate was rightly signed but was found to have a short-run disequilibrium adjustment of less than 2% for correcting any deviation from long-run equilibrium. The models are found not to have serial correlation and also found to be stable meaning that the result is appropriate for policy consideration. It is therefore suggested that policy makers should not totally rely on exchange rate manipulation as an instrument to boost the economy, but should consider other economic variables to strengthen the GDP. Full Text: PDF DOI: 10.15640/jeds.v7n3a6

Nigeria’s major source of revenue, energy and foreign exchange is crude oil for over three decades. There is need to identify business activities surrounding crude oil that impact the real gross domestic product of Nigeria. This research project models the impact of crude oil on Nigeria economic growth using non-linear econometric model, namely, Cobb-Douglas production function. Crude oil data was obtained from National Bureau of Statistics covering 1981-2021, exploratory data analysis on Nigeria’s crude oil data and diagnostic tests as multicollinearity and autocorrelation tests were carried out on the data then the data was fitted to Cobb-Douglas production function model. The results showed that real gross domestic product has a positive relationship with crude oil revenue and crude oil consumption. Based on the findings of this project work, it is recommended that the government should implement policies and take steps to preserve and manage the oil sector effectively.

The purpose of this study was to investigate the comparative effects of good governance and public health expenditure on the economic growth of Nigeria and South Africa, spanning 1996 to 2023. Secondary data were sourced from the Central Bank of Nigeria 2023 annual bulletin (CBN), World Development Indicators 2023 (WDI), and World Governance Indicators 2023 (WGI). The data underwent both pre- and post-estimation techniques to ascertain its reliability. The study employed a two-stage least square estimation technique to estimate the equation and pairwise Granger causality to check the spillover effect among both countries. At the end of the findings, the study discovered an inverse and statistically significant relationship between Corruption and actual gross domestic product in South Africa. Compared to the case of Nigeria, the findings indicate a positive and statistically significant relationship between Corruption and actual gross domestic product in Nigeria. However, public health expenditure positively correlated with actual gross domestic product in both South Africa and Nigeria. Furthermore, the findings show an inverse relationship between government effectiveness and real gross domestic product in South Africa compared to Nigeria; there is a positive relationship between government effectiveness and real gross domestic product. Based on the findings, the study recommended that the South African government create an environment that is less conducive to Corruption and more supportive of economic growth and development. It should also establish an independent and well-resourced anti-corruption agency to investigate and prosecute corruption cases. Also, the Nigerian government should increase its health sector budgetary allocation and ensure prudent and effective implementation to achieve long-term economic growth. Finally, Nigeria and South Africa's governments should implement transparent and accountable governance practices to build trust and confidence in government institutions. Received: 18 July 2024 / Accepted: 27 August 2024 / Published: 7 September 2024

The agricultural sector at large plays a significant role in augmenting economic growth, serves as a source of income to the people, provides food to the teeming population, serves as a source of raw materials to the industries and provides foreign exchange to the country, etc. The current study investigates the short-run and long-run relationship among agricultural output, Government expenditure, and Economic growth in Nigeria using annual time series data from 1985 to 2019. The Zivot-Andrew unit root test indicates that gross domestic product, agricultural output, and exchange rate are stationary at first difference while government expenditure is stationary at level. The Gregory-Hansen test with structural break has confirmed the existence of a cointegration relationship among the variables employed. The Autoregressive Distributive Lag (ARDL) model with break indicates that, in the short-run agricultural output has a negative and statistically insignificant effect on real gross domestic product Nigeria, government expenditure has a positive and statistically significant effect on real gross domestic product in Nigeria, and the exchange rate has a positive and statistically significant effect on real gross domestic product in Nigeria. The break-point coefficient has positive and statistically significant. The long-run result shows that agricultural output has a positive effect on the real gross domestic product in Nigeria, government expenditure has a positive effect on real gross domestic product in Nigeria, and the exchange rate has positive effects on the real gross domestic product in Nigeria. The break coefficient shows positive and statistically significant. The study recommends that the Nigerian government should reduce the lending rate on agriculture and provide incentives to the farmers, this will encourage farmers to borrow and consequently, agricultural output will increase and the Nigerian government should increase its expenditure on agriculture to boost the sector and achieve higher economic growth.

The study examined human capital development, information technology, and Economic Growth in Nigeria from 1991 to 2021. The Augmented Dickey-Fuller and Phillips Perron test indicated that real gross domestic product, information technology, and secondary school enrolment are stationary at first difference. At the same time, growth capital formation is stationary at level. Tertiary school enrolment is also stationary at first difference in the ADF test while it is stationary at a level in the PP test. The ARDL model showed that growth capital formation has a positive but statistically significant effect on the gross domestic product in Nigeria. The labor force has a positive but statistically significant effect on the real gross domestic product in Nigeria. Information technology has a positive but statistically significant effect on the real gross domestic product in Nigeria. Tertiary school enrolment has a positive but statistically significant effect on the real gross domestic product in Nigeria. Secondary school enrolment has a positive but statistically significant effect on the real gross domestic product in Nigeria. The study recommends that for Nigeria to enhance its economic growth, there is a need to implement specific policies that facilitate investment in ICT in the country by empowering youth on the different aspect of information technology to become self-reliant and achieve higher economic growth.

Aims: This study aims to analyze how Nigerian government activities impact inflation, considering the inadequacy of monetary policy. It focuses on recurrent and capital expenditures in various sectors and their influence on inflation, as well as public debt and tax revenue's role in inflation dynamics.
 Study Design: The study employed secondary data.
 Place and Duration of Study: Data sources include the National Bureau of Statistics (NBS), Central Bank of Nigeria (CBN) statistical bulletin, Debt Management Office (DMO), and World Development Indicators (WDI) spanning from 1986 to 2021
 Methodology: The study employs econometric techniques, including unit root tests and Autoregressive Distributive Lag (ARDL) analysis, with Inflation Rate (IFL) as the dependent variable. Independent variables representing fiscal policy include capital expenditure on transfers (CTRA), recurrent expenditure on administration (RADM), recurrent spending on social and community services (RSCS), recurrent expenditure on economic services (RECE), recurrent expenditure on transfers (RTRA), capital expenditure on administration (CADM), capital spending on social and community services (CSCS), capital expenditure on economic services (CECE), government direct and indirect taxes (TAX), government capital expenditure (GCE), government recurrent expenditure (GRE), and external debts (PUD).
 Results: Key findings reveal that in the long run, only RADM, RTRA, CADM, CECE, CSCS, GRE, GCE, PUD, and TAX had statistically significant relationships with inflation (IFL). RADM, CECE, CSCS, GCE, PUD, and TAX exhibited negative relationships with IFL, while RTRA, CADM, GRE showed positive relationships. In the short run, RSCS, RTRA, CADM, CECE, CSCS, CTRA, GRE, GCE, and TAX displayed statistical significance. RSCS, RTRA, CADM, and GRE positively correlated with IFL, while CECE, CSCS, CTRA, GCE, and TAX had negative associations.
 Conclusion: The study concludes that Nigeria's fiscal policy should prioritize increased government capital spending in economic and social sectors to manage inflation effectively. Additionally, implementing fiscal restraint through higher taxation can help mitigate inflationary pressures.

This study investigated digital financial services and economic growth of Nigeria from 2006 to 2021. The study specific objectives include investigation of the relationship between automated teller machine services and real gross domestic product; evaluation of the relationship between point of sales services and real gross domestic product; determination of the relationship between mobile banking services and real gross domestic product; and investigation of the relationship between web banking services and real gross domestic product from 2006 to 2021 in Nigeria. The study anchored on technology acceptance model (TAM) advanced by Davis (1989) and purposive sampling technique was adopted for the collection of quarterly secondary data from the Central Bank of Nigeria. The quarterly data collected were analysed using univariate, bivariate and multivariate analyses. The findings from the VECM indicated that automated teller machine services positively and insignificantly influence real gross domestic product in Nigeria; point of sales services positively and significantly influence on real gross domestic product in Nigeria; mobile banking services positively and insignificantly influences real gross domestic product in Nigeria; and web banking services positively and significantly influence on real gross domestic product in Nigeria. On the basis of the findings, the study concluded that digital financial services influence the economic growth of Nigeria. Hence, the study recommended amongst others that appropriate policies aimed at promoting and enhancing the availability and penetration of digital financial services should be implemented and made effective as this will increase real gross domestic product of the country.

This study evaluated the financial contributions of tourism to the gross domestic product of Nigeria from 2000-2015. To achieve the study objectives, ex-post facto research design was adopted and secondary data were collected. Data collected were analyzed using ordinary least square multiple regression technique. This was aimed at determining the cause-effect relationship between financial contributions of Tourism Sector to gross domestic product of Nigeria within the period under review. Results obtained from the analysis showed that there is a significant relationship between financial contributions of Tourism Sector to gross domestic product of Nigeria. A further analysis on contributions of other related sectors such as Health Sector, Transportation Sector, etc. yielded a non-significant relationship. Arising from the above results and conclusion, it was recommended amongst others that, in order to improve on the yield of the value of gross domestic product of Nigeria, government should develop Tourism Sector and other related sectors mentioned above. The major contribution of the work is therefore the discovery made concerning the course effect relationship between financial contributions of other related sectors to the growth of gross domestic product which normally should be positive, but was discovered to be negative based on empirical result of this work. Also the growth in tourism which normally should have had a significant relationship with growth in gross domestic product was discovered to be non-significant. It is therefore suggested that the tourism sector be accorded more attention in view of the volatility associated with revenue from petroleum products. Keywords: Tourism growth, Gross domestic product, Hospitality industries, Tourist, Tourist destination, Tourism expenditure

Fiscal policies stimulates economic growth and development through a number of different channels when good policies on fiscal aggregate such expenditure, revenue and debt are made. This study examined the effect of fiscal policies on economic growth in Nigeria. The study adopted an ex-post factor research design. A purposive sampling technique was used to select secondary data within the stated period (2012-2022). The data obtained was analysed using econometric analysis of multiple linear regressions with aid of SPSS 25.0. Results of statistical data analyses revealed that government expenditure and revenue have positive and significant effect on gross domestic product (GDP) in Nigeria. Also, public debt was revealed to have negative and significant effect on Gross Domestic Product in Nigeria. It was concluded that the government expenditure, government revenue and public debt occupy a vital role in the economy and thus its activities must remain under constant review and analytical spotlight. The study recommend amongst others that the Nigerian government should enhance the efficiency of its spending by prioritizing investments in infrastructure, education, healthcare, and other critical sectors that can spur economic growth, improve its revenue collection mechanisms and adopt a prudent debt management strategy.

Prior studies have mainly attributed the reason for suboptimal economic growth rate in Sub-Saharan Africa as home-made majorly caused by misguided economic policies which have distorted the flow of Foreign Direct Investment (FDI) inflows to the region despite efforts of Transnational Corporations in the region and its growing presence in her core sectors. In view of these, the main objective of this study is to examine the relationship between Gross Domestic Product and economic growth in Nigeria. The study is anchored on Internalization Theory. The study relied on secondary sources of data obtained from CBN Statistical Bulletin and National Bureau of Statistics for the period 1999-2018. The data was analysed using descriptive and inferential statistics. The results revealed a significant positive effect of FDI inflows on Gross Domestic Product in Nigeria. Based on this, the study recommends among others that the need for government to woo more of transnational firms in the various sectors of the economy in order to gain the advantage of technology transfer to Nigeria.