Development Of Nigerian Economy Research Articles

Enhancing The Quality Of Agricultural Technology Education In A Developing Economy

The development and transformation of Nigerian agriculture vis-a-vis the development of Nigerian economy has been the utmost concern of government. researchers and many individuals. Most developed and developing countries of the world have long realized that the only way to meet adequate diet and food demand of their people is by acquiring functional literacy, knowledge and skill for productive activity. Education policies in Nigeria have often focused on raising aggregate enrolment figures, training more teachers and building more schools, paying attention to the lopsidedness in the geographical distribution of educational facilities across the nation for the sake of social justice and equity. However, until recently, conspicuously absent n most planning efforts in Nigeria s the concern for the quality and relevance of our educational training towards National development. It is against this background that attempts is made by this paper to raise some basic issues relating to Agricultural Technology Education, this is with a view of establishing a basis for understanding the problem and indicate possible directions for policy making. Keywords: Quality, Agricultural Technology, Education, Developing Economy, Schools, Building

MTN NIGERIA AND NIGERIAN ECONOMIC DEVELOPMENT: A MULTINATIONAL CORPORATION STUDY

This study examines MTN Nigeria and Nigerian economic development: A multinational corporation study. The relationship between host nations and multinational enterprises should be based on mutual benefits. Corporate social responsibility (CSR), foreign direct investment (FDI), and foreign portfolio investment (FPI) are economic initiatives aimed at promoting the economic development of host nations and providing a platform for the growth of multinational enterprises. To effectively capitalize on the benefits of multinational firms, governments must realize the importance of technology transfer and its impact on economic advancement. As a result, governments hosting large firms should modify their present policies and institutions to not only attract foreign direct investment (FDI), but also to promote successful technology transfer, including local dissemination and generation. Governments should establish national policies to ensure that multinational companies develop and implement good customer relations programs as part of their efforts to deliver effective services to the people and improve the quality of education within the nation. MTN Nigeria has already engaged in a number of public relations projects and continues to do so. Some have already been completed, and the corporation intends to introduce additional ones as part of its corporate social responsibility (CSR) initiatives. These projects strive to give back to society while also thanking the environment and the community in which they operate. Agencies like Servicom can be empowered to monitor the quality of services and customer relations offered by these companies, with the goal of recognizing the best company with superior customer relations programs and potentially recommending the waiver of certain percentages of the company’s annual tax payments.

The Sovereign Wealth Fund and Nigerian Economic Development

The study specifically investigated the impact of sub-national government sovereign wealth funds on the economic development of Nigeria. An ex-post research design was used for the study. Economic development was proxied by per capita income, while sovereign wealth funds were proxied by their three components: stabilization funds, future generation funds, and infrastructure funds. Data for the variables were obtained from the Central Bank of Nigeria for the period 2012–2022. An econometric approach was used to analyze the data. Findings showed that of the three components of SWFs, only future generation funds impact positively and significantly on economic development. In view of the findings, it is recommended that the government ensure effective and efficient management of the various funds by putting in place proper regulatory measures so as to attain the goals for which the funds were established.

Carbon Footprint Reduction and its Impact on Economic Development in Nigeria

Nigeria relies on heavy fossil fuels for energy. Nigeria emitted 0.57 metric tonnes of CO2 per capita in 2018. From 0.44 metric tonnes in 2016 to 0.56 metric tonnes in 2017, this figure has increased 29%. The issue is the lack of data on carbon footprint reduction and economic development in Nigeria. time series data from the 1990–2019 was employed to examine the relationship between carbon footprint reduction and economic development in Nigeria. How carbon footprint reduction affects Nigerian economic development was the main research subject. Carbon footprint reduction and economic development were examined using quantitative methods and ordinary least squares linear multiple regression. From the regression result, CO2 emission total CO2 emission from fossil (TCO2 has p-values below 0.05 (5%), indicating significance. The results showed that a unit increase in CO2 from TCO2 will decrease economic development by 0.003381. The study suggests lowering carbon footprint. The study's findings will help Nigeria's government reduce carbon emissions and boost economic growth.

The Effect of Religious Conflicts on Nigerian Economy: The Way Forward.

This study looks at how disputes sparked by religious convictions affect Nigeria’s economic growth. It draws attention to the reality that religion plays a significant role in Nigeria, where Christianity and Islam are the two most popular faiths. This study looks at the effects of religiously motivated conflicts on Nigerian economic development. It underlines the significance of faith or religion n Nigeria, Christianity and Islam are the predominant religions. It contends that, while each of these religions preaches peace, differences over practice among believers are a permanent feature of national life, threatening peace and progress and depriving Nigeria of the necessary economic development. The paper employed descriptive analysis and a library research methodology. It observes that Nigeria is a secular state, thus religious influence is unnecessary. The research finds that long-term growth is only conceivable if the underlying causes of religious conflict, which are often driven by religious prejudice, are addressed. It observes that secularism’s deemphasis has resulted in religion having an undue impact on the nation; thus, it proposes focusing less on religion to reduce disputes. To reduce violence, it also encourages religious harmony through conversation, as well as an emphasis on human rights and the constitutional right to worship freely.

Review of Reforming Financial Systems: A Focus on Nigerian Economic Development

Unique besides utmost thought-provoking debates of modern history is whether financial development affects economic growth or a consequence of economic activity. There are for-going reforms in the sector in Nigeria, therefore the expediency of a look in the need for reforms in Nigeria. A fact as to know how reforms are curbing the traditional handicaps of the financial sector is thus minimized in Nigeria. Modalities put in place to enhance banks’ corporate governance and internal systems suggests that the predictions for the financial sector to accomplish cost-effectively and pragmatically, whereas decreasing volatility in the system. The study takes on an analytical appraisal methodology for its exploration. The study consequently, proposes that the existing transformations remain appraised besides unrelenting in a methodical routine, for suitable focusing of funds for speculation as well as dynamic resolutions. Exertions ought to be concerted on the relationships of the region with tutoring financial statement then wherever monetary improvement seems too pathetic. Moreover, innovation of the financial sector regarding mechanisms had better be the crucial focus for the ruling classes. A counter-factual criticism instrument has a duty to also be incorporated in the financial sector aimed at correcting the financial prolific province.

Women’s Entrepreneurial Competencies and Economic Development: A Review of Literature

The success or failure of entrepreneurs has so much to do with the economic development, growth or lack of it in any nation. As a review paper, relevant scholarly views were put to the rigorous test of thoughts and comparisons. The key observations and extrapolations revealed that women entrepreneurs contribute significantly to Nigerian economic development through wealth creation, poverty eradication, employment generation, and basic family support, among others. Several challenges were also observed as delimiting the potential of women entrepreneurs in Nigeria, especially the issues of gender inequality, lack of access to finance, inability to gain stakeholders' confidence, technological illiteracy and decrepit infrastructure, among others. The paper concluded that entrepreneurship remains the shortest road to economic liberation for any nation and efforts must be put in place to develop and harness its tenets for the benefit of all, male and female alike. Drawing from the avalanche of reviews, we, therefore, recommend that: 
 
 Government should create more enablers for women entrepreneurs, ranging from training, improved financing, favourable policies and direct supervisory support, 
 Women entrepreneurs should personally upscale their basic business management skills, increase their self-efficacy and boldly take opportunities like their male counterparts or even more.

Scientific Innovations in Entrepreneurship for Sustainable Growth and Development of Nigerian Economy

Scientific Innovations in Entrepreneurship for Sustainable Growth and Development of Nigerian Economy

FORECASTING NIGERIAN ECONOMIC GROWTH BASED CORPORATE INCOME TAX

Developing countries like Nigeria have been hit hard by recent economic crises, and uncertainty is one of the characteristics that all prices and revenues share. A forecast of Nigerian economic growth was attempted using an artificial neural network (ANN) and statistical model to analyse the contribution of non-oil income tax generation to Nigerian economic development. While the primary objective is to develop and implement the proposed models capable of simulating a real non-oil income tax and evaluate their performances. The dataset (Corporate Income Tax) from 2015–2020 was obtained from the National Bureau of Statistics of Nigeria (NBSN). Three training algorithms for ANN were adopted, such as conjugate gradient back-propagation with Fletcher-Reeves restarts, Bayesian regularisation, and gradient descent with an adaptive learning rate, whereas in the statistical part, multiple linear regressions were applied. Comparing all the models revealed that the Bayesian regularisation produced more accurate results than the other models.

Impact of Insecurity on Nigerian Economic Growth and Development

This paper examines insecurity challenges and implications on business activities, economic growth and economic development of Nigeria. The study was designed as ex-post factor research, with time series data sourced from official and government publications; spanning from 2009 to 2022. The variables used for the study were sourced after adequate considerations of extant literature and objectives of the study. In meeting with the objectives of the study, we logically break-up the data into pre-high insecurity period (2009- 2015) and high insecurity period (2016- 2022). Four hypotheses were formulated and tested using t-test, f-test; and Cho-test was used to test the variance between the two time periods under study. The study found that insecurity hampers Business Activities (BA) but does not have significant influence on Economic Growth (EG) and Economic Development (ED) of Nigeria; and concluded that national insecurity must be of high consideration as business activities blossom in a secure environment, which ultimately ensures sustainable economic growth and development. We therefore recommend a synthesis of composite security management approach model and two-way approach model in addressing the ills of insecurity in ensuring Nigeria economic sustainability.

Public Debt and the Nigerian Economic Development (1990 – 2019)

The huge infrastructure deficit in Nigeria underscores the need for capital mobilization required to finance activities and ensure sustainable growth and development. This study examined the effect of public debt on the economic development of Nigeria covering the period 1990-2019. Domestic public debt, External public debt, Total public debt, and public debt servicing represented independent variables. Per capita income was the dependent variable. Ex post facto research design was adopted for the study. Data was sourced from the Central Bank of Nigeria Statistical Bulletin and Globaleconomy.com. The study used Augmented Dickey-Fuller (ADF) unit root test to test for the stationarity of the variables while the Johansen cointegration test was used to establish that a long-run relationship exists among the variables. Ordinary Least squares (OLS) and Error Correction Model (ECM)) were the tools used for analysis. Results showed that domestic debt and external debts each has a negative and statistically significant effect on per capita income while total public debt and public debt servicing showed a positive and statistically significant effect on per capita income respectively. Based on the findings, the study concluded that neither external debt nor domestic debt has been able to singly spur economic development while total public debt which is the combination of domestic and external public debt positively drive economic growth, thereby, improving the per capita income of the citizens in Nigeria.

Democratic Government, Corruption Control, and Economic Development: Evidence from Nigeria with Cointegration Approach

Nigeria returned to a democratic government in 1999. Evidence in the literature shows that democracy promotes economic development. In the recent past, the democratic trajectory of Nigeria has led to empirical debates about the democratization process of the developing states in particular, which is prone to multifaceted challenges. This study examines the impact of democratic government on Nigerian economic development using the VAR autoregressive approach. Our empirical work suggests that democracy has a long-run relationship with the economic development of Nigeria. Against our a priori expectations and established positions in some segments of the literature, this study identifies a negative impact of democracy on the economic development of Nigeria within our study period. On the other hand, the quality of the rule of law positively impacts economic development in Nigeria. Furthermore, the study finds a positive impact of corruption control in Nigeria with economic development, although observable evidence shows that the Nigerian government’s anti-corruption institution is weak. This research paper recommends institutional reforms for the democratization process of Nigeria to fully harness one of the most significant dividends of democracy-economic development. Keywords: Nigeria, Democracy, Development, Corruption, Cointegration. DOI: 10.7176/EJBM/13-15-01 Publication date: August 31 st 2021

Fiscal Policy and the Performance of Private Sector in Nigeria (1990-2019): A Vector Error Correction Investigation

The study examines the relationship between fiscal policy and the performance of private sector in Nigeria; for the period 1990-2019. Secondary data are collected from Central Bank of Nigeria Statistical Bulletin, 2019. Four variables are employ for this study. These are Private Sector Output as proxy for performance of private sector economy and used as the dependent variable; whereas, the explanatory variables include Tax, Recurrent Expenditure and Capital Expenditure. Hypotheses are formulated and tested using time series econometric models. The result confirms that about 68% short-run adjustment speed from long-run disequilibrium. The study shows a significant relationship between capital expenditure and private sector output in Nigeria. Taxation has a significant relationship with private sector output in Nigeria. Recurrent expenditure has a significant relationship with private sector output in Nigeria. The coefficient of determination indicates that about 62% of the variations in economic growth can be explain by changes in fiscal policy variables in Nigeria. The study concludes that fiscal policy has a significant relationship with the growth and development of Nigerian economy. The study recommends that more resources should be relocated to productive sectors and increasing and sustaining a spending on the productive sectors of the economy. The study suggested that Nigerian government should put a stop to the incessant unproductive foreign borrowing, wasteful spending and uncontrolled money supply. The government should embark on specific policies aimed at achieving increased and sustainable growth and development in the economy.

The Influence of Oil Price Uncertainty on Economic Activities in Nigeria

This paper seeks to appraise the uncertainty of oil price influence on the activities of Nigerian economy with regard to human development in Nigeria. The research utilized the annual time series data spanning between 1981-2018, and the stationarity of the observed variables was tested by carrying out a unit root test and the stationarity of most of the observed variables were revealed at first difference. The secondary data employed were analyzed with the aid of least square technique of data analysis to assess the association between the observed variables. In response to the outcomes of the analysis, it was revealed that crude oil price positively and insignificantly influences life expectancy, but significantly influences consumption per capital and contrarily, it revealed negative and insignificant influence on physical quality of life and education index. It was inferred by the study that, there is existence of a comparative association of oil price with the indicators of Nigerian economic development. However, there is divergence of influence of the mechanisms of economic attributes as well as performance indicators. The study recommends that, a strict measure of monetary policy should be adopted by the government to regulate the rates of interest and inflation in the economy on a regular basis.

Russia’s Assistance to Nigerian Economic and Educational Development(1999 – 2019)

Abolishing poverty and ensuring improvement of educational development indicators have been described as some of the objectives for international assistance. This study seeks to comprehend the role of Russia in the development of the African continent’s most populous country, Nigeria, the factors that limited their success and the opportunities for increasing effectiveness of such efforts. Russia intervention in Nigeria economic and educational development took a new turn after Nigeria returned to democratic rule in 1999. The existence of the largest Russian investor (RUSAL) in the Nigeria, the investments of LUKOIL in Nigeria which currently exceeds $450 million, and other well-known Russian companies, including the largest Russian producer of agricultural machinery "Rostselmash", have all made impact in Nigeria economic development. However, the major problem of this duo cooperation lies in the legal ratification of their framework. In Educational sphere, this study ascertains that yearly, more than 100 Nigerian students are given the opportunity to study at Russian universities through Russia-Nigerian intergovernmental agreements. To date, more than 10,000 Nigerian specialists have been trained in Russia. The study drew upon both modernization and dependency theories in advancing understanding on the subject matter. The study employed qualitative method of data collection. Data was analyzed using content analysis.

Catalyst and Instrument of National Growth: Interrogating the Significance of Entrepreneurship in Nigerian Economic Development

Entrepreneurship as it is widely believed is a fueling developmental hub and cause of financial progression of any given economy. The general Entrepreneurial activities have been found to be proficient of creating optimistic and progressive impacts towards nation's economy and improved class of life expectancy of the people. This study based on this, sourced to look at the entrepreneurship as a catalyst and instrument of progress and improvement in Nigeria economy. The study make used of the secondary data and the outcome signposts that entrepreneurship has immensely contributed significantly to the employment generation and growth of Nigerian economy. Some of the major observation is that entrepreneurship development has massively enhanced job creation. And, however consequently lead to economic development. It is recommended that Nigerian should advance more especially some other economic opportunities while government should ensure the enabling environments for purposeful development of entrepreneurship practices. Keywords: Entrepreneurship Development, Impact, Nigeria Economy. DOI : 10.7176/EJBM/12-3-13 Publication date: January 31 st 2020

Financial Institutions’ Inter Mediation and Economic Development in Nigeria

This paper examines the effect of intermediation capacity of the financial institutions on the Nigerian economic development (Real Gross Domestic Product (RGDP). It is a causal-effect relationship study which made use of macro data obtained from Central Bank of Nigeria (CBN) Statistical Bulletin from the period 1981-2016. The result of the Johansen co-integration test and ARDL bound test evidenced that there exist a long-run relationship between financial institutions’ activities and real GDP. ARDL regression model showed financial institution activities, particularly the loans to the private sector significantly impacted on economic growth both in the short-run and long-run The study also found that bank loans and advances, bank reserves and interest rate had insignificant negative impact on real GDP while credit to private sector significantly affected economic development of Nigeria (RGDP) Thus, economic development of Nigeria is driven by the performance of deposit money banks and concludes that the performance of deposit money banks has effect on the economic development of Nigeria. The study recommended that the banking sector should increase lending to the private sector in order to engender economic growth through the enhancement of entrepreneurial development.

Comparative Study of Causes and Effects of Economic Corruption in Nigeria

This work analyzes the terms contributing to economic corruption in the Nigeria. The analyses shows that privatization of public sectors has affected the economy negatively. Some public policies contribute to the growth either negatively or positively to the growth and development of Nigerian economy. In many countries, the way economy is defined is how it is in their country. Some countries, particularly in Africa, have a low decreasing economic growth as a result of corruption and mismanagement. It seems that every year the price of goods and costs of living increase sequentially, example, a litre of fuel was sold at a minimum price of ₦60 in 2012, while in 2018 the minimum price was ₦145 which was not proper. As stated above, ‘Economy deals with men in their ordinary business of life, earning and enjoying a living’. From this statement, it was observed that it is not true in Nigeria. Many people have ordinary businesses that earn, but not enjoying any living due to hardship caused by series of corrupt practices. Many people work just to eat two times a day, while some strives to maintain a particular meal type | diet for a weak in order to survive. Some work as civil servants but owed for months by government showing that the business is there but, they are not enjoying any living due to corruption in an economy.

Effect of Financial Deepening on the Nigerian Economic Growth and Development (1990 - 2016)

Effect of Financial Deepening on the Nigerian Economic Growth and Development (1990 - 2016)

An Assessment of the Contribution of Company Income Tax on the Nigerian Economic Development


 This study examined the contribution of company’s income tax on Nigerian economic development. The study utilized secondary data sourced from Central Bank of Nigeria (CBN) Statistical Bulletin and Federal Inland Revenue Service (FIRS). The study employed Statistical packages for social science (SPSS) technique for the analysis collected data, where Natural logarithm of Gross Domestic Product (GDP), the dependent variable stands as a proxy for economic development, and Company Income Tax (CIT), stands as the independent variables. The results of the analysis showed that company income tax does not have significant and positive contribution on the Nigeria economic development from the period of 2011 to 2015. In accordance with the findings, the study recommended that government should improve the level of supervision and regulating the activities of all agencies vested with responsibility of tax collections and administration, so that same amount realized as tax to be remitted to federation. Government officials or leaders need to be transparent and accountable in public monies. Monies collected from companies inform of company income tax (CIT) should be properly channeled to developmental project to benefit the citizens. And tax authorities should design penalties for defaulting companies. And finally, Tax clearance should also be presented when an individual company’s wants to transact with government agencies.