Growth In Nigeria Research Articles

Public Preparedness for Agricultural Investment and its Contribution to Sustainable Economic Growth in Nigeria

Purpose: The study investigated public preparedness for agricultural investment and its contribution to and economic growth in Nigeria. The study was guided by the following objectives; to assess the level of individuals' awareness on the current condition of the agriculture industry in Nigeria, public's perspective of the substantial influence of agricultural on Nigeria's overall economic growth, the preparedness of citizens to invest in the agriculture sector for the enhancement of Nigeria's economic growth and delineate the agriculture sector's contribution to GDP. Theoretical Framework: The study was anchored on Lewis (1979) theory of impacting economic growth. Method: The study utilized a descriptive research approach involving 133 respondents across the 36 states, including the federal capital territory, whose major vocation is food production. The samples were selected by a convenience sampling method, considering the respondent geographic closeness and included only those present throughout the survey. Closed-ended questionnaire was utilized as a data-collecting instrument to assess the variables under study; the data on the contribution of agricultural practices to GDP was access from Nigeria Bureau of Statistics (2022-2023). To ensure content validity, the survey instrument was validated utilizing the Lawshe's template. A threshold of 0.99 was noted, signifying that the questionnaire was both representative and comprehensible. The Cronbach alpha technique yielded a reliability coefficient of 0.83, affirming the instrument's homogeneity. The data was analyzed using frequency counts (f) and percentages (%) while the results was presented in graphs. Findings: The survey revealed that most respondents are aware of the current state of agriculture in Nigeria. The heightened awareness has impacted public perception of agriculture's significant role in national economic growth, as the majority of respondents acknowledged that agriculture not only provides food for the populace but also improves farmers' living standards by reducing poverty and hunger, thus promoting economic development. They are willing to invest in agriculture despite a decline in production and a reduced contribution to the national GDP. Conclusion: Although the agricultural sector's contribution to GDP has diminished, individuals are inclined to invest in agriculture therefore, enhanced engagement in agriculture, along with Nigeria's extensive arable land and various people and material resources, and the implementation of sustainable agricultural innovations, will result in significant economic growth.

Differential Gender Effect of Technical and Vocational Education Students’ Human Capital on Long-term Economic Growth in Nigeria

From a gender view point, this study examines the relationship between the human capital of technical and vocational education students and the fundamental principles of long-term economic growth in Nigeria. The study used a correlational survey research approach. The study was directed by four research questions, and four null hypotheses were developed. The population for the study consisted of all 400 level undergraduate students (N = 286) of technical and vocational education in Federal and State-owned Universities in South-South geopolitical zone of Nigeria. The population was of a manageable size, thus there was no sampling. Data was gathered via a questionnaire. Three research experts- two from Ambrose Alli University in Ekpoma, the Department of Vocational and Technical Education, and one from the Measurement and Evaluation University of Benin in Benin City, Edo State validated the instrument. The instrument's dependability was assessed using Cronbach alpha reliability, and a reliability coefficient of 0.85 was found. In order to address these inquiries, bivariate correlation was utilized. Multiple regression analysis and analysis of variance were used to examine the hypotheses. The results showed that, fundamental values and both general and particular human capital were positively correlated long-term growth. Students in technical and vocational education, whether male and female, encounter nearly the same kinds of human capital overall. Keywords: Technical and vocational education, Differential gender effect, Human capital, Long-term economic growth.

Gender Inequality and Economic Growth in Nigeria: A Granger-Causality Analysis (2009–2023)

This study examined the causality relationship between gender inequality and economic growth in Nigeria, covering the period 2009–2023. The study was anchored on two inequality theories, namely functionalist theory and conflict theory. The ex-post facto was used as the research design for the study. Data for the study were extracted from the World Development Index of the World Bank and the Central Bank of Nigeria (CBN) Statistical Bulletin (2023). The method of data analysis adopted in the study was the Granger-Causality Analysis with the Unit-Root employed to estimate the stationarity status of the variables. The results of the study reveal that there is a causality relationship existing between gender inequality and economic growth in Nigeria, covering the period 2009 to 2023. However, the result reveals that the relationship is bi-directional, flowing from gender inequality to economic. The F-statistics and corresponding probability values show that gender inequality granger causes economic growth. The GIE yielded a p-value of 0.0037 < 0.05, GIEPP yielded a p-value of 0.0137 < 0.05, GHIC yielded 0.0108 < 0.05, and GIED yielded 0.0341 < 0.05. Comprehensive policy interventions that promote gender equality in education, employment, and political representation are necessary to ensure that Nigeria's economic growth is inclusive and resilient.

Economic Growth, Money Supply, Government Spending, Government Revenue and Inflation in Nigeria: An Empirical Perspective

This study examines the relationship between real GDP (RGDP) and key economic variables—money supply, inflation, government spending, government revenue, and exchange rates—in Nigeria from 2004 to 2019. Using a multiple regression model, the findings reveal a strong fit, with an R Square value of 0.723, indicating that 72.3% of the variability in RGDP is explained by the model. The results show that government spending and revenue have a significant positive impact on economic growth, while inflation and money supply are associated with negative effects. The exchange rate also positively influences RGDP, though to a lesser extent. These findings highlight the importance of prudent fiscal and monetary policies in fostering sustained economic growth in Nigeria.

Manufacturing Sub-Sector Dynamics and Economic Growth in Nigeria (1981-2022)

This study examined the impact of manufacturing sub-sectors dynamics on economic growth in Nigeria covering the period 1981-2022. Data for the study were extracted from the Central Bank of Nigeria (CBN) statistical bulletin and World Development Index (WDI) 2022. The method of data analysis used is the linear regression method with the application of the Error Correction Model (ECM). The major findings of the study reveal that Cement production (CP) contributes positively but insignificantly to economic growth in Nigeria (β = 2.622724 and p-value = 0.4414 > 0.05), Beverages and Tobacco Production (BTP) contributes positively but insignificantly to economic growth in Nigeria (β = 2.040513 and p-value = 0.0018 > 0.05), Chemical and Pharmaceuticals Production (CHP) contributes negatively but insignificantly to economic growth in Nigeria (β = -17.39120 and p-value = 0.5188 > 0.05) and Pulp paper and paper products (PPP) contribute positively but insignificantly to economic growth in Nigeria (β = 56.85029 and p-value = 0.5062 > 0.05). It is therefore the recommendation of the study that the government should create an enabling environment and adjust its taxation rate on these companies which is currently at 24% to around 18% and the federal and state governments should create a system to protect forests from illegal loggers who are indiscriminately exploiting and felling the national trees.

Godfatherism, Power Dynamics and Economic Growth in Nigeria

Godfatherism, Power Dynamics and Economic Growth in Nigeria

Total Debt Service and Economic Growth in Nigeria: The Empirical Nexus

This study examines the relationship between debt service and economic growth in Nigeria in the period 1990-2022, utilizing time series data from the World Development Indicator and CBN Statistical Bulletin. The issue of debt servicing has become difficult for developing countries like Nigeria, and has not only stifle economic growth, but also increased the rate of poverty and unemployment in these countries. The study explores the empirical nexus between total debt service and economic growth in Nigeria, employing GDP growth rate as the dependent variable, while the explanatory variables involved; are total debt serving, inflation rate and capital expenditure. The variables were estimated with autoregressive distributed lag (ARDL) method, among other, after the stationarity tests conducted on them Indicate that the variables were of mixed integration. Evidence suggesting a long-term equilibrium relationship among the variables was also established given the cointegration result. The ARDL results reveal that the inflation rate has an inverse and significant impact on GDP growth. Total Debt services variable also exhibited a similar impact on GDP growth. However, the results indicated that capital expenditure variable has a direct and significant impact on GDP growth. Based on the findings, this study recommends that the Nigerian government should implement robust monetary policies aimed at controlling inflation and revisit its debt management strategy to ensure sustainability. It is also recommended that the government should not only increase capital expenditure but also ensure that these investments are directed towards sectors with the highest economic growth potentials. Keywords: Debt service, economic growth, inflation, capital expenditure and GDP growth

Total Debt Service and Economic Growth in Nigeria: The Empirical Nexus

This study examines the relationship between debt service and economic growth in Nigeria in the period 1990-2022, utilizing time series data from the World Development Indicator and CBN Statistical Bulletin. The issue of debt servicing has become difficult for developing countries like Nigeria, and has not only stifle economic growth, but also increased the rate of poverty and unemployment in these countries. The study explores the empirical nexus between total debt service and economic growth in Nigeria, employing GDP growth rate as the dependent variable, while the explanatory variables involved; are total debt serving, inflation rate and capital expenditure. The variables were estimated with autoregressive distributed lag (ARDL) method, among other, after the stationarity tests conducted on them Indicate that the variables were of mixed integration. Evidence suggesting a long-term equilibrium relationship among the variables was also established given the cointegration result. The ARDL results reveal that the inflation rate has an inverse and significant impact on GDP growth. Total Debt services variable also exhibited a similar impact on GDP growth. However, the results indicated that capital expenditure variable has a direct and significant impact on GDP growth. Based on the findings, this study recommends that the Nigerian government should implement robust monetary policies aimed at controlling inflation and revisit its debt management strategy to ensure sustainability. It is also recommended that the government should not only increase capital expenditure but also ensure that these investments are directed towards sectors with the highest economic growth potentials. Keywords: Debt service, economic growth, inflation, capital expenditure and GDP growth

Impact of financial inclusion, financial stability, bank nonperforming loans, inflation, macroeconomic management quality and unemployment on economic growth in Nigeria

PurposeThe study investigates the impact of financial inclusion, financial stability, bank nonperforming loans, inflation, macroeconomic management quality and the unemployment rate on economic growth in Nigeria.Design/methodology/approachThe data are analyzed using the ordinary least squares regression, generalized linear model regression, robust least squares regression and the quantile regression methods. The sample period is from 2007 to 2022.FindingsFinancial inclusion, inflation rate and macroeconomic management quality are significant determinants of economic growth in Nigeria. Bank nonperforming loans, unemployment rate, international trade and climate change have an insignificant effect on economic growth in Nigeria. Also, financial inclusion, inflation rate, financial stability, macroeconomic management quality and the unemployment rate are significant determinants of economic growth in good economic years in Nigeria.Practical implicationsThe well-known catalysts of economic growth, such as financial inclusion and financial stability, are not positive catalysts of economic growth in Nigeria during good economic years. Therefore, it is recommended that policymakers should find the right level of financial inclusion, financial stability and unemployment that stimulate economic growth in Nigeria.Originality/valueThis study examines some determinants of economic growth in Nigeria which have not been examined in the existing literature.

Cassava production and agricultural growth in Nigeria: Analysis of effects and forecast

Cassava production and agricultural growth in Nigeria: Analysis of effects and forecast

The Impact of Financial Inclusion on Economic Growth in Nigeria: A Secondary Data Analysis

This study investigates the impact of financial inclusion on economic growth in Nigeria, a country where a significant portion of the population remains financially excluded despite ongoing efforts to enhance access to financial services. The problem addressed is the limited understanding of how various aspects of financial inclusion, particularly mobile money, banking services, and credit availability, affect Nigeria's GDP growth. The primary objectives of the study are to assess the current level of financial inclusion, analyze its relationship with GDP growth, and provide evidence-based policy recommendations to improve financial access and support economic development. To achieve these objectives, a secondary data analysis was conducted, employing multiple linear regression, Pearson correlation, and Granger causality tests. The findings reveal a marginally significant positive relationship between Mobile Money Subscriptions (MMS) and GDP growth, while access to formal banking services and credit availability showed no significant correlation with economic growth. These results highlight the importance of mobile money as a key driver of financial inclusion, contrasting with the limited impact of traditional banking services. Based on these findings, the study recommends enhancing mobile money infrastructure, strengthening financial literacy programs, promoting inclusive banking models, and fostering collaboration with fintech firms. Implementing these recommendations could significantly improve financial inclusion in Nigeria, ultimately contributing to sustained economic growth and enhanced welfare for the population.

Effect of capital market on economic growth: An analysis using the autoregressive distributed lag (ARDL) approach

The limits testing method known as ARDL (Autoregressive Distributed Lag) examines Nigerian capital market improvement and monetary development. Relevant indicators about the capital market are taken into account during analysis while considering influencing factors as well. This study aims to explore the relationship between the capital market and financial development in Nigeria. The study’s theoretical framework, which is based on the ARDL framework, includes both short- and long-term dynamics. The data used in this analysis was collected from the Central Bank of Nigeria (CBN), the World Bank database, and the Nigerian Stock Exchange (NSE). In this study, the Nigerian All-Share Index, foreign direct investment, currency exchange rates, and inflation rates are the free factors, while the increase in GDP is the dependent factor. Through cointegration analysis using the ARDL framework, it was discovered that in Nigeria there’s a lengthy equilibrium correlation between economic expansion and financial development. The coefficients determined allow for a deeper understanding of how capital market factors affect economic growth over time. Furthermore, utilizing an error correction model derived from the ARDL analysis offers insight into both brief dynamics and modified speed toward reaching a lasting state of balance. By utilizing the ARDL approach, this study adds to the continuing discourse surrounding how capital markets impact growth in Nigeria. Its empirical evidence provides valuable knowledge for policymakers and stakeholders looking to utilize capital markets effectively toward achieving long-lasting economic development within the country.

The link between gender inequality, financial development, and economic growth in Nigeria: A spectral Granger causality approach

AbstractThe male and female genders have crucial roles to play in economic advancement. Thus, the main reason for this research is to pinpoint the causal link between gender inequality (GPIN), financial development (FIDX), inflation (INFL), and economic growth (GDPC) in Nigeria from the year 1980–2020 utilizing the Spectral Granger and Pairwise Granger causality methods and “Residual Augmented Least Square (RALS) cointegration. The RALS result show confirms the stationarity properties of the variables. The Spectral Granger causality outcomes show that GPIN granger causes GDPC in the long, medium, and short–term. In addition, the FIDX granger causes GDPC in the long and short–term, while the medium–term impact is insignificant. For INFL, causality only occurs in the long–term. On the other hand, the Pairwise Granger causality results show that GPIN and FIDX granger cause GDPC, while INFL is insignificant. Therefore, if GPIN and FIDX can predict economic expansion, policymakers need to create policies that can reduce diverse forms of inequalities, promote financial development, and reduce inflation to the barest minimum.

Ease of Doing Business and Entrepreneurial Growth in the Face of Global Economic Policy Uncertainty

This study investigates the impact of ease of doing business on entrepreneurial growth in Nigeria from 2010 to 2023, particularly in the context of global economic policy uncertainty. Using data from the Global Entrepreneurship Monitor and the World Development Indicator, the study applies an Autoregressive Distributed Lag (ARDL) model to analyze the relationship between ease of doing business factors, such as access to credit, contract enforcement, and regulation, and entrepreneurial activity. The findings show that while improvements in the business environment significantly foster entrepreneurship, economic uncertainty hampers its growth. The study recommends that Nigeria should enhance its business environment and create safety nets to mitigate the adverse effects of global economic uncertainties. These insights are valuable for policymakers aiming to promote entrepreneurship and economic resilience in developing countries.

Rule of Law, Regulatory Quality and investment Growth in Nigeria: An Impact Analysis

This study focus on rule of law, regulatory quality and investment growth in Nigeria employing ordinary least square method of estimation. A time series data spanning from 1997 to 2019. The economic growth was proxied with investment growth, while other variables include rule of law, regulatory quality, consumer price index, premium lending rate, trade openness, financial deepening, investment, gross investment and gross fixed capital formation. The finding of the OLS result shows that there is significant positive relationship between rule of law, regulatory quality and economic growth. Also, the result of the ECM shows that the speed of adjustment of the investment growth in the long run would be accounted for in short run by the magnitude of 27% and 40%. In the robustness check, negative significant relationship exist between rule of law, regulatory quality, investment and gross investment. Findings from granger causality test shows that there is a unidirectional causality between rule of law and economic growth, and also a bidirectional causality between regulatory quality and economic growth. Thus, improvement in the governance and institutional framework in Nigeria is suggested as policy recommendation.

Examining the Effects of Ailing Ajaokuta Steel Plant on Industrialization and Technological Growth in Nigeria

Nigeria, out of the exigency to feed her bulging population established a mega iron and steel complex in Ajaokuta, Kogi state to drive technological innovation for productive activities in the country. The steel project was designed to serve as a catalyst for growth and development of industries as well as other sectors of the Nigerian economy. While the existing literature is replete with studies focusing on the factors undermining the operations of Ajaokuta Steel Plant, the effects of underutilized Ajaokuta Steel Plant on the Nigerian economy has received less academic attention. It is against this backdrop that the study examined the effects of ailing Ajaokuta Steel Plant on industrialization and development of technology in Nigeria. The study relied on documentary method of data collection and qualitative descriptive method of data analysis. The study revealed among others that the ailing state of Ajaokuta Steel Plant has adversely affected the growth of indigenous technologies and industries in Nigeria. The failure of the Ajaokuta Steel Plant to produce iron and steel products for the creation of indigenous means of labour has made the Nigerian economy an outrageous consumer of foreign techs and manufactured products. This has not only halted country’s quest for industrialization but has truncated its ability to manufacture what it consumes.

Women digital financial inclusion and economic growth in Nigeria

PurposeThis article analyses the trend in women digital financial inclusion in Nigeria using some digital financial inclusion indicators obtained from the global Findex database for the year 2014, 2017 and 2021. The study also analyses the relationship between women digital financial inclusion and economic growth.Design/methodology/approachThe data were analysed using the two-stage least squares (2SLS) and generalised method of moments (GMM) regression estimation methods. The women digital financial inclusion indicators are the percentage of women who (1) own a mobile money account, (2) made a digital payment, (3) received digital payments, (4) made or received a digital payment, (5) own a credit card and (6) own a debit card.FindingsThe trend analysis shows a sustained, although small, improvement in women mobile money account ownership during the period, while the other indicators witnessed a decrease in 2017 and an increase in 2021, except for women credit card ownership which remained at the same level during the period examined. There is a significant positive relationship between women digital financial inclusion and economic growth. Internet usage has a significant positive effect on women digital financial inclusion in Nigeria.Practical implicationsGreater digital financial inclusion for women can accelerate economic growth in Nigeria. Policymakers should encourage investment in fintech and broaden access to the Internet to increase women digital financial inclusion and economic growth in Nigeria. Policymakers and practitioners in Nigeria should also work collaboratively to increase digital financial inclusion for women due to its potential to increase economic growth in Nigeria.Originality/valueExisting studies did not analyse the trends in women digital financial inclusion. Existing studies did not empirically analyse the impact of women digital financial inclusion on economic growth in Nigeria. The present study fills this gap in the literature.

Macroeconomic variables as determinant of economic growth in Nigeria. A dynamic generalized method of moment approach

Macroeconomic variables as determinant of economic growth in Nigeria. A dynamic generalized method of moment approach

Harnessing traditional institutions for sustainable leadership and good governance in Nigeria

The subject of traditional institutions cannot be undermined in the project of sustainable leadership and good governance in Nigeria given the locus and crucial role of the institution in the past and modern Nigeria. It is incontrovertible that traditional and aboriginal values are held highly with reverence and respect in virtually all parts of Nigeria. To discountenance their relevance will be too costly in any leadership-cum-governance discourse. Towns, villages and cities were duly recognized and protected as the harbingers of culture, mores, norms and values. The contemporary government structure in Nigeria duly recognizes the importance of traditional institutions by having a Commission for Local Government (LG) and Chieftaincy Affairs at all State levels. Moreover, 5% of allocations to LGs go statutorily to the tradition institution in the State. Hitherto, the recklessness and abuse of the native authority system of local government administration in the 1950s–60s had led to the moderation and reforms of the system, which has continued to affect traditional institutions to date. To this end, the paper argues that traditional institutions hold so much values and cohesive practices as well as socially integrative potentials for nation-building so much that the State can leverage on them for sustainable leadership and overall good governance. The methodology adopted for collecting data for this study is descriptive research method, which relies on primary direct observation (eye-witness) account and relevant secondary materials such as texts, journal articles, official documents and internet materials. The data collected were analyzed and presented using thematic analysis and tables. National and international data already analyzed were found essential to drive home the argument of this study. The outcome of the paper provides useful information on how traditional institutions serve as a veritable platform for sustainable leadership and good governance in Nigeria. The paper concluded that traditional institutions, with its rich culture, values and practices, possess sufficient merits to propel the country towards sustainable leadership that would concomitantly induce economic, technological and political growth in Nigeria.

Impact of Foreign Capital Inflow on Economic Growth in Nigeria

Impact of Foreign Capital Inflow on Economic Growth in Nigeria