Abstract
This work assessed sectorial performance on inclusive growth in Nigeria for the period 1990 – 2013. The study was necessitated by the fact that the economy is often said to be growing but such growth is not inclusive in the real sense of it. Many Nigerians are still living below the poverty line. The study made use of secondary data in its analysis. Six explanatory variables (Agricultural Sector GDP, Oil and Gas GDP, Telecommunication sector GDP, Manufacturing sector GDP, Financial institutions sector GDP and electricity sector GDP) were specified and used to establish a relationship with Human Development Index and Gross Domestic Product Per Capita using the Vector Autoregressive (VAR) approach. Other tests carried out include: stationary, counteraction and Granger causality tests. The study found that the selected explanatory variables have no significant relationship with Gross Domestic Product Per Capita. While only Agricultural Sector GDP and Telecommunication sector GDP have significant relationship with Human Development Index, other variables are not statistically significantly at 5% level. Based on the findings the work concludes that the above selected sectors of the economy have not contributed significantly to the development of the Nigerian economy. The researcher recommends among others that financial sector services to the real sector should be sustainable to stimulate economic activities in a manner that creates linkages across economic value chains that will assure development in the long run.
Highlights
In the 1970s and 1980s, the pre-occupation of economic planning was on growth
Notes: GDPPC stands for the GDP Per Capita; AGDP is the agric GDP; OGGP is the oil & gas GDP; Telecommunication GDP (TGDP) is telecommunication GDP; Manufacturing GDP (MGDP) stands for the manufacturing GDP; Financial sector GDP (FGDP) is financial sector GDP and Electricity sector GDP (EGDP) is electricity GDP
From the result in table 4.8 (Model 2), GDPPC stands for the GDP Per Capita; AGDP is the agric GDP; OGGP is the oil & gas GDP; TGDP is telecommunication GDP; MGDP stands the manufacturing GDP; FGDP is financial sector GDP and EGDP is electricity GDP
Summary
In the 1970s and 1980s, the pre-occupation of economic planning was on growth (increasing output). The structural adjustment programme (SAP) policies of the 1980s, which continued in varying degrees till the late 1990s, has been sustained since the inauguration of the new democratic government in 1999 as series of reforms (National Economic Empowerment and Development Strategy (NEEDS); Vision- 20-2020) have been introduced. These theoretical and empirical divergences on inclusive growth in developing economies have continued to elicit public debate on the degree of performance of the various sectors in our economy. The paper is organized into five sections which include: the introduction, review of related literature methodological issues, empirical findings and conclusion
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