Economic Development In Nigeria Research Articles

Science Education as a Tool for Achieving Socio – Economic Development of Nigeria

This study delves into the profound connection between science education and the socio-economic development of Nigeria. The paper explores the transformative potential of science education as a catalyst for socio-economic development in Nigeria. It examines how science education fosters innovation, shapes a skilled workforce, and drives economic diversification. By nurturing a scientifically literate populace, Nigeria can navigate challenges and seize opportunities in a rapidly changing global landscape. The paper emphasizes policy implications, including holistic education reform, industry collaboration, and international partnerships. Ultimately, science education emerges as a dynamic tool that can empower Nigeria to drive innovation, enhance competitiveness, and build a resilient and prosperous future.

REVAMPING TECHNICAL EDUCATION TOWARDS PATHWAY FOR INDUSTRIALIZATION AND INNOVATION IN OGUN STATE, NIGERIA

The study examined revamping technical education towards pathway for industrialization and innovation in Ogun State, Nigeria. The study involves the use of a descriptive survey research design where questionnaire was used to acquire necessary data for the research work. The population for this study consists of all students at Secondary schools in Odeda Local Government Area of Ogun State. Simple random sampling technique was utilized to select a sample of one hundred (100) from students at Secondary schools in Odeda Local Government Area of Ogun State. Four (4) research questions were raised and answered in this study. Simple percentage, mean and standard deviation statistical tools were used to analyse the gathered information. Findings revealed that, Nigeria is under -industrialized as a result of lip services being paid to technical education and for sustainable industrialization and economic development of Nigeria, technical education and training must be given its right of place. Underfunding of technical education programme at all levels has drastically affected adequate provision of reasonable workforce needed for industrialization and economic development in the country. Therefore, it is recommended that, there is need for adequate funding of technical and vocational education and training as well as setting out a workable educational policy toward skill acquisition, entrepreneurship, and industrialization.

Federalism and development in Nigeria

AbstractThe federal solution has been widely discussed in relation to political systems where the articulation of major cleavages, differences, and pluralities threatens political integration and stability. The relationship between conflict, development, and federalism, however, has been poorly accounted for in the literature on federalism. Existing theories about the utilitarian value of federalism thus face serious challenges, especially with respect to post‐colonial Africa. The relationship between conflict, economic development, and federalism in the African context needs to be carefully examined from the perspective of governance, as well as the impact they have on society‐state relations. This article discusses the impact of ethno‐linguistic, ethno‐regional, and ethno‐religious conflicts on economic development in Nigeria – informed by the inequalities, insecurity, and poverty prevalent in the country – and examines the relevance of the federal solution for mitigating such centrifugal pressures as well as other divisive and violent tendencies.

Democracy and the Economic Development of Nigeria: Contentions and Reflections

The development of any country is hinged on the pattern and dynamics of its governance. Nigeria has practiced democratic process of governance over a long period of time, since 1999. The dividend of this democratic process, in terms of economic development, was the preoccupation of this paper. The paper concludes that the tenet of democracy at every level of governance in the Nigerian context has been greatly encroached which is due largely to factors including: party politics, ethnicity, bad leadership, religious bigotry and corruption. These are born out of lack of political will by some individuals in leadership position. Therefore, if an enabling ground that is conducive enough to foster human rights, liberty and liberation is not created, the needed gains of democratic processes will remain an illusion. The paper recommends the need for the country to come to terms with regional inclinations and use it for its advantage, through policies that acknowledge the interest of all the regions and harmonize it to the development of the country at large. But this can only be possible if individual self-aggrandizement is overcome by politicians and their supporters, so that democracy is pursued through the establishment and observance of the rule of law, with complete separation of power and independence of all the three arms of government.

Fostering Technological Advancement in Nigeria: The Crucial Link Between Visual Arts and Science Education

This paper explores the critical intersection of visual arts and science education in fostering technological advancement in Nigeria. By examining how visual arts can enhance scientific understanding and innovation, it highlights the potential for a multidisciplinary approach to address Nigeria's technological needs. The integration of artistic methodologies into science curricula can cultivate creativity, improve problem-solving skills, and inspire new technological solutions. The study discusses various models and case studies where art and science collaboration has led to significant advancements, proposing practical strategies for implementing similar approaches within Nigeria's educational system. The aim is to demonstrate that a holistic educational framework, combining visual arts with science education, can drive technological progress and economic development in Nigeria. Keywords: Technological, Advancements, Nigeria, Visual Arts, Science Education Aims Research Journal Reference Format: Ogunmola, M.O. (2023): Fostering Technological Advancement in Nigeria: The Crucial Link Between Visual Arts and Science Education. Advances in Multidisciplinary and Scientific Research. Vol. 9. No. 1, Pp 89-96 www.isteams.net/aimsjournal. dx.doi.org/10.22624/AIMS/V9N1P8

Labour emigration, remittances and economic development: an empirical analysis

There have been a lot of controversies on the effects of labour emigration and remittances on economic growth and development in the sending countries. Some concluded a significant positive impact, while others failed to identify a direct link between labour and remittance inflow and economic development. This study therefore, empirically estimated the effects of international labour emigration and remittances on economic development in Nigeria, using annual time series data for the period 1977-2021. The Ordinary Least Square (OLS) was employed to analyze the model. Findings suggested a significant positive effect on economic development in Nigeria. Therefore, we concluded that labour migration is an alternative source of income in Nigeria that positively enhanced economic development, hence, should not be discouraged (ceteris paribus).

Adopting the MPH Model: Lessons from Singapore for Nigeria's Economic Development

This study aims to evaluate the potential for adapting the meritocracy, pragmatism, and honesty (MPH) model to the Nigerian context with the aim of promoting economic development in the country. The study begins by providing an overview of the MPH model and its success in Singapore. This is followed by an examination of the current state of the Nigerian economy and the challenges it faces. A comparative analysis of the MPH model in Singapore and the Nigerian economy is also conducted, highlighting key differences and similarities between the two contexts. The study also includes qualitative research methods, such as stakeholder interviews, to gain insights into the potential for adapting the MPH model to the Nigerian context and potential solutions for addressing corruption and improving the business environment. The results of the study suggest that adopting the MPH model in Nigeria could lead to increased economic growth, improved competitiveness, and reduced poverty and inequality. These findings provide valuable insights for policymakers, business leaders, and other stakeholders interested in promoting economic development in Nigeria.

The Impact of Marketing Innovation on Economic Development in Nigeria: A Literature Review

The Impact of Marketing Innovation on Economic Development in Nigeria: A Literature Review

An Assessment of the Impact of Oil Theft on Sustainable Economic Development in Nigeria

This paper examines the impact of oil theft on sustainable economic development in Nigeria against the backdrop of the country’s dependence on petroleum as a source of the government’s revenue. The paper also assesses Nigeria’s oil resource economy and its contribution to national development. The article posits that although there is a large deposit of petroleum in Nigeria and oil resource is the country’s primary source of income, its exploitation has not engendered the desired sustainable development due to oil theft. Entrapped in the vicissitudes of oil theft exacerbated by the establishment of illegal refineries and oil bunkering, it has been difficult for the nation to generate the needed revenue to initiate development. Therefore, to what extent has oil theft affected revenue generation in Nigeria? What has been responsible for oil theft? This paper explores and interrogates these, and other variegated issues arising from the oil theft analysis and suggests the way forward. The research method in the paper is qualitative, employing descriptive and analytical tools to conclude. Essentially, the report argues and demonstrates that Nigeria’s development is far from sustainable despite the availability of oil deposits and their exploitation.

Moderating Role of Financial Development on the Relationship Between Tax Revenue and Economic Development of Nigeria

This study examined the moderating role of financial development on relationship between direct tax revenue and economic development in Nigeria. The specific objectives were to investigate the relationship between personal income tax, company income tax and petroleum profit tax on human development index and per capita income and the moderating effect of financial development on direct taxes and economic development of Nigeria. The study anchored on benefit theory of taxation while correlational and ex-post facto research designs were adopted for the study. The population of the study was direct taxes revenue data and economic development in Nigeria from 1991 to 2020 and secondary data were sourced from Annual statistical bulletin of CBN, Federal Inland Revenue service (FIRS) and National Bureau of Statistics. The secondary data were analysed using univariate, bivariate and multivariate analysis. The result of the multiple regression shows that personal income tax, company income tax and petroleum profit tax positively and significantly influence economic development in Nigeria. Also, financial development positively and significantly moderates the relationship between direct taxes and economic development. Consequently, the study concludes that the level of financial development affects the revenue generation potentials through direct taxes for the economic development of Nigeria. Hence, the study recommends among others that government parastatals, multinationals, conglomerates and companies in the country should not engage any vendor who does not have a TIN number. This will go a long way in reducing tax evasion; taxes should be remitted via an e-payment system or via direct payment to the various tax authorities’ accounts.

COST OF GOVERNANCE AND ECONOMIC DEVELOPMENT: AN EMPIRICAL ANALYSIS OF PRESIDENCY, NATIONAL ASSEMBLY AND JUDICIARY EXPENDITURE IN NIGERIA

It is expected that increase in cost of governance by government should bring about a commensurate increase in the level of economic development of a country, but this seems not to be the case in Nigeria. It is on this premise that the study investigated how cost of governance is related to economic development in Nigeria. The focus of the study is on how presidency expenditure, national assembly expenditure and federal judiciary expenditure are related to economic development (unemployment rate, gross domestic product per capita and inflation rate). The study used time series methodology and it covered a period of five years (2016-2020). The data for the study were obtained from Central bank of Nigeria Website and analyzed using inferential statistics. Findings from regression analysis showed that presidency expenditure and national assembly expenditure have negligible and insignificant relationship with unemployment rate. It was also found that judiciary expenditure is insignificantly and negatively related to unemployment rate. Moreover, results revealed that presidency expenditure and national assembly expenditure are negatively related to gross domestic product per capital, whereas there is a positive relationship between judiciary expenditure and gross domestics product per capital, although these relationships are significant. Besides, results showed that presidency expenditure is positively and significantly related to inflation rate. It was also found that there is insignificant positive relationship between national assembly expenditure and inflation rate. However, the study found that the relationship between judiciary expenditure and inflation rate is positive and significant. The study concludes that increase in presidency expenditure and national assembly expenditure tends to worsen economic development, while increase in judiciary expenditure may improve economic development in Nigeria. Therefore, it is recommended that government should reduce budget allocations to presidency and national assembly, while there should be increase in budget allocation to the judiciary to improve economic development.

DISAGGREGATED ANALYSIS OF PUBLIC EXPENDITURE AND ECONOMIC DEVELOPMENT ON THE NIGERIAN ECONOMY

This study empirically investigated public expenditure and economic development of Nigeria. To achieve this objective, relevant data used spanning from 1981-2021 were sourced from Central Bank of Nigeria (CBN) Statistical Bulletin for the period under review. Descriptive statistics, Augmented Dickey Fuller (ADF) Unit root test, Granger causality and Ordinary Least Square (OLS) regression were the analytical tools for this study. Real Gross Domestic Product (RGDP) was used as the dependent variable while capital expenditure on administration, capital expenditure on economic services, capital expenditure on Social and Community Services, capital expenditure on Transfers, recurrent expenditure on administration, recurrent expenditure on economic services, recurrent expenditure on Social and Community Services, and recurrent expenditure on Transfers as the independent variables. Based on the analysis, the F-statistic of the regression output stood at 56.23992, this implies that the regression plane is statistically significant. Also, the Prob.(F-Statistic) 0.000000 is less than the 0.05 level of significance implies that there is a statistical significant relationship between the variables. R2 = 0.933599 implies that about 93.36% of the total variation in the model specified was accounted for by the independent variables. RGDP and RES are platykurtic, CSCS, RA, and RSCS are mesokurtic, and CA, CES, CSCS, CT, and RT are leptokurtic, according to the descriptive analysis, which also showed that all the variables were normally distributed; All of the variables were stationary and significant at their respective values. RGDP granger caused CA, CES, CSCS, CT, RES, RSCS, and RT, so it is unidirectional causality, however RGDP granger cause RA while RA granger cause RGDP, therefore there is bi-directional causality between the two. There is the existence of a long-run relationship between the variables as the result the Johansen co-integration test indicates six co-integration equation. Therefore, public expenditure has significant impact on economic development of Nigeria. In conclusion, public expenditure (capital and recurrent) is an important determinants of economic growth and development in Nigeria. The study recommended that Government spending if properly managed will raise the nation’s production capacity and employment, which in turn increase economic growth in Nigeria, also government should increase its expenditure on rural development, roads, water and electrification in order to accelerate the level of productivity, increase income and raise the standard of living of poor citizens in Nigeria
 Keywords: Real Gross Domestic Product, Administration, Economic Services, Total Social and Community Services and Total Transfers expenditures.

Foreign Debt and Economic Development in Nigeria (2015 - 2020)

This study carried out an empirical analysis of foreign debt and economic development in Nigeria covering the period 2015 – 2020. The study used an ex post facto research design, which is based on examining the independent and dependent variables after events have already occurred and using data that is already available in order to determine the relationship between the variables. In order to gather data for this study, a documentary method based on the examination of documents and materials was used. Documentary methods are the procedures used to classify, examine, and analyze documents, whether they are in the public or private domain. To analyze the data generated from this study, the study relied on qualitative descriptive analysis. The major findings of the study are that there are other intervening variables that affect economic growth in addition to health and poverty indicators, external debt is viewed as being harmful to a nation's ability to advance economically, and given the impact of debt to the living standard of the Nigeria people, health expenditure on economics, it could be deduced that even though health expenditure increases, it could have a negligible impact on economic growth if it is not maximized effectively to produce improved health outcomes. It is therefore the recommendation of the study that government should diversify the nation's export base so as to increase export earnings and promote industrialization in order to reduce import dependency as a high exchange rate will make our goods more attractive in the foreign market and will increase foreign exchange earnings.

Impact Of Annuity on The Economic Development of Nigeria

Impact Of Annuity on The Economic Development of Nigeria

AN ASSESSMENT OF NIGERIA’S ECONOMICDEVELOPMENT PLANS 1946 – 2020

Nigeria accepted to use economic growth and development plan as a suitable strategy to quicken the pace of economic growth, and improve the standard of living of the citizens since 1946 till date. This study assesses Nigeria economic development plans with a view to x-raying the success or otherwise of the plans implemented, and suggest the best ways to implement development plans. The study reveals that successive Nigeria governments failed to fully implement their development plans due to some challenges that bedeviled the various plans. Such challenges include: corruption, lack of commitment and political-will, lack of grassroot participation in plan formulation and implementation, lack of project monitoring, etc. The study therefore recommends that Nigeria needs to redouble her efforts in fighting corruption. Development planning exercise should ensure grassroot participation. Political leaders should have compulsory and routine project monitoring on all government approved projects, etc.

Petroleum Industry and The Development of The Nigerian Economy: Is There Resource Curse?

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.

Regulatory Institutions and National Economic Development in Nigeria

The financial sector is the epicenter of productive activity of an economy as it performs the vital role of financial intermediation, provider of payment services and the arbiter of monetary policy communication and implementation. Therefore, the objective of the study is to examine the effect of CBN as a regulatory institution on national economic development in Nigeria. The study used ex-post facto research design and the study covered a period of ten years (2011 – 2020). The study employed ordinary least square (OLS) method of estimation to establish the importance of the independent variables on the dependent’s variables. The findings revealed that Monetary policy Rate (MPR) has insignificant positive (202.2958/0.2296 ˃ 0.05) effect on the National Economic Development in Nigeria; Credit to Private Sector (CPS) has insignificant negative (-208.6998/0.1319 ˃ 0.05) effect on the National Economic Development in Nigeria; Liquidity Ratio (LQR) has significant negative (-57.09290/0.0503 = 0.05) effect liquidity ratio on the National Economic Development in Nigeria; and Interest rate (INT) has insignificant negative (-274.8069/0.1717 ˃ 0.05) effect liquidity ratio on the National Economic Development in Nigeria. The study concluded that the CBN current policies has been anti-people and over the years not having significant effect on economic development in Nigeria. The study recommended among other things that CBN should critically re-examines its regulatory policies to focus more on visionary policies that would cause the financial deepening indicators, monetary policy rate and exchange rate to positively and significantly engender development of the financial system. Central Bank of Nigeria should check mate their policy rates to ensure the prevention of inflation in the economy.

Sectoral Gas Demand and Sustainable Economic Development in Nigeria

This study investigated the impact of sectoral gas consumption on economic development in Nigeria from 2010 to 2020. Gas demand for power, industries, homes, transportation, and gas costs were used as the independent variables for sectoral gas demand, and the misery index was used as the dependent variable for sustainable economic development, in order to achieve the purpose of the study. The National Bureau of Statistics (NBS), the Nigeria Gas Company, and the Nigerian National Petroleum Corporation (NNPC) were the sources of data on sectoral gas demand and economic development. The Autoregressive and Distributed Lag (ARDL) technique was used to analyse the data after carrying out the unit roots test. The result shows that gas demand for transport, industrial, and power sectors as well as its cost contributed to a rise in the global misery index, which ultimately hampered long run sustainable economic development. On the other side, household demand for gas decreased the misery index and, over time, hence promoted long run economic development in Nigeria. The study also found an insignificant nexus between demand for gas by the various sectors and economic development in the long run. In the short run, gas demand for transport and cost of gas had significant impact on economic development. Based on these results, the study concludes that gas demand had serious implication on economic development in the short run than long run. Consequent upon the findings, the study recommended: an increase in gas demand for household use and for transportation through a stable and competitive price of natural gas in order to enhance sustainable economic development in Nigeria.

Exchange rate, interest rate and economic development in Nigeria (1980-2020)

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.

Public Investment and Economic Development in Nigeria

This paper investigated the impact of public sector investment on economic development in Nigeria over the time period 1981-2021. In order to examined how public investment on economic services, social and community services and administrative services had affected economic development measured in terms of: standard of living, literacy rate and job creation, data were collected from CBN Statistical Bulletin and World Development Indicators for the period and analysed using the ARDL. This was done after carrying out descriptive analyses and testing for unit roots properties of the variables under investigation. The result shows that public investment in economic and administrative services improved living standard while public investment in social and community services retarded living standard in Nigeria both in the short and long run. Public investments in economic and administrative services were also friendly with literacy level in the long run while public investment in economic and social services spurred employment in the long run. Public investment in administrative services was found to be friendly with literacy rate in the short run. A long-run relationship existed amongst variables under investigation in Nigeria over the period of this study. The mix effects of public investment on economic development in Nigeria could be attributed to misapplication and misappropriation of public funds. From the findings of this study, the study concluded that: public investment in economic and administrative spurred economic development than public investment in social and community services over the period of this study. Based on these findings and conclusion, the study recommended: an improvement in investment/public spending on economic and administrative services in order to create more jobs, improve income level (standard of living) and improve human capital development in Nigeria.