Economic Development In Nigeria Research Articles

A Critical Examination of the E-Taxation, Improvement in Tax Compliance and Revenue Collection of Economic Development in Nigeria: An Examination covering 2008 to 2023.

This study looked into the topic of e-taxation and enhanced tax compliance in Nigeria. The study aimed to achieve two particular goals. It investigated the impact of e-taxation on tax evasion in Nigeria, as well as the extent to which e-taxation has contributed to the reduction of tax avoidance in Nigeria. The study's analysis used secondary quantitative data from the Federal Inland Revenue Services (FIRS) and the National Bureau of Statistics (NBS). The study found that e-taxation had a considerable beneficial impact on tax evasion in Nigeria. The study found that the mean value of tax revenue increased after the implementation of e-taxation when compared to the mean value before the adoption of the e-taxation system. It also indicated that e-taxation has greatly helped in curbing the issue of tax evasion in Nigeria. The data analysis revealed a greater mean value for tax revenue following the implementation of e-taxation as compared to the mean value before the e-taxation system. The report provided numerous important recommendations, including the necessity for FIRS to develop an electronic tax payment system mobile App that will raise awareness and simplify the country's e-tax system. This study concluded that the e-taxation system in Nigeria achieves higher tax compliance than the manual approach.

THE EFFECT OF FOREIGN DIRECT INVESTMENT ON THE ECONOMIC DEVELOPMENT OF NIGERIA

The study examined the effect of Foreign Direct Investment (FDI) on development in Nigeria. The ultimate goal of developing countries is to attain development. Most studies on the effect of Foreign Direct Investment on the development of the Nigerian economy used growth proxied by GPP as a measure of development. This study however uses the Human Development Index (HDI) which is a complementary measure of development as it considers the three aspect of development (health, knowledge and standard of living). Current data from secondary data source. were used Secondary data were collected and OLS estimation method was used for the analysis of data. The result shows that the stock of FDI inflow has a positive and statistically significant effect on Economic development in Nigeria. Therefore to experience sustainable development, government should aim at providing infrastructure and conducive trade and investment environment for both foreign and local investors.

Micro, Small and Medium Enterprises and Sustainable Economic Development in Nigeria

Sustainable economic growth and development may practically be impossible if the indices of growth are not given the required attention that will translate into an enviable sustainability of the fabrics of growth in Nigeria. This has become important given the decline in micro, small and medium enterprise subsector in Nigeria. The essence of this research is thus, to empirically examine the impact of micro, small and medium enterprises on sustainable economic development in Nigeria. The study covered from 2000 to 2020 and annual time series data were sourced from the CBN Statistical Bulletin, World Development Indicator (WDI) and National Bureau of Statistics (NBS). The co-integration and ECM frameworks were used. The results showed that the output of micro, small and medium enterprises has a significant and positive impact on the Per Capita Income (PCY), the exchange rate (EXR) has a significant and positive impact on the micro, small and medium enterprises and Prime Lending Rate (PLR) has a negative and insignificant impact on the micro, small and medium enterprises. Thus, from the results, it was recommended, amongst others, the clustering of micro, small and medium enterprises with similar products, to further improve their output and development process vis-a-vis the growth and development of Nigeria.

Military Civilian Regimes and Socio Economic Development in Nigeria a Comparative Discourse and Evaluation

Nigeria, like other African countries, is faced with the problem of providing its citizens with the basic needs that make life worth living, whether under the military or civilian regime. This paper attempted a comparative evaluation of the military and civilian administrations’ efforts at the socio-economic development of Nigeria. The paper relied heavily on data culled from existing records and analysed using descriptive techniques. The paper noted that both the military and civilian regimes in Nigeria have initiated and implemented several policies and programmes towards the socio-economic development of the country but with little and in most cases, no positive impact on the lives of the citizens. The paper observed conclusively that the civilians are believed to be the best administrators of government whereas the military are meant to be specialists in handling ammunition and warrelated strategies, not governance. It was recommended that the Nigerian government should encourage professionalism as well as increase budgetary allocation to military formations to keep them from meddling in governance while the civilian administrators should endeavour to reduce unemployment and inflation rates in addition to improving the nation’s GDP through sustainable economic policies.

EFFECT OF FINANCIAL INCLUSION ON ECONOMIC DEVELOPMENT IN NIGERIA

Objective: The objective of this study is to investigate the effect of financial inclusion on economic development in Nigeria, with the aim of analysing the interplay between the two variables through a review of relevant literature and empirical evidence. Theoretical Framework: The finance-growth theory posits that development of financial systems cultivates an environment conducive to growth, operating through demand-following mechanism. This theory provides a solid basis for understanding the context of the investigation. Method: Financial inclusion was proxied through money supply, which represents the size of the banking sector, while credit to the private sector measures the size and financial depth of the banking sector. Data were sourced from the Central Bank of Nigeria Statistical Bulletins and the World Development Indicators. Results and Discussion: The findings indicate both short-term and long-term relationships between financial inclusion and economic growth, aligning with the theoretical framework. The implications and relationships identified are discussed within this context, including potential discrepancies and study limitations. Research Implications: The practical and theoretical implications of this research are discussed, providing how the results can be applied or influence practices in the field of financial management. These implications could encompass inclusive economic growth and sustainable development. Originality/Value: This study contributes to the literature by highlighting the need to design and implement interventions that promote financial inclusion while addressing the specific needs of diverse demographics. The relevance and value of this research are evidenced by its emphasis on advancing financial inclusion as a catalyst for driving economic development in Nigeria.

Moderating Influence of Corruption on the Relationship between Aggregate Tax Revenue and Economic Development in Nigeria and Ghana

The study examines the moderating influence of corruption on the relationship between aggregate tax revenue and economic development in Nigeria and Ghana. Ex-post facto research design was adopted for the study where country specific data extracted from the annual publications of OECD database on tax revenue in Africa, Central Bank of Nigeria and Transparency International (TI) for the periods 1981 to 2022 were used. The dependent variable was economic development measured with Gross Domestic Product at 2015 Constant price while the independent variable was Aggregate tax revenue. The relationship between the dependent and independent variables was moderated by the presence of corruption measured by Corruption perception index for Nigeria and Ghana. Different econometric techniques were applied in the study while the data was analyzed by means of the Autoregressive Distributed Lag (ARDL) model using E views Version 10. The findings showed that in Nigeria and Ghana, aggregate tax revenue had a positive and significant influence on economic development both short and long run whereas corruption had a negative but significant influence on the relationship between tax revenue and gross domestic product of Nigeria and Ghana. The study therefore recommends among others that the respective governments of Nigeria and Ghana should put in place adequate fiscal measures to ensure that revenue generated from taxes are effectively utilized to develop their economies. They should also see the need to tackle corruption in the process of executing projects by ensuring that activities of bad and corrupt leaders are closely monitored through further strengthening the hands of the anti Graft Agencies like the Economic and Financial Crimes Commission (EFCC) and ICPC to have the political will to persecute corrupt leaders and managers of public funds.

Effects of Globalization on Third World Development: The Nigerian Experience

The study examines globalization and its effects on third world development with emphasis on the Nigerian state. The growing global economy was fastened mostly by information technology, international trade, culture, political, and social activities across the globe. It has no doubt created a global dual phenomenon where third world countries continued to experience economic and political development at the expense of western world. Thus, third world countries are fully incorporated into the global capitalist economy but the accrued benefits are not evenly distributed. Globalization is another form of colonization of third world countries achieved through the use of exploitative instruments like World Trade Organization (WTO), International Monetary Fund (IMF), World Bank, multinational corporations and other international financial institutions in order to capture the world in the name of globalization. These aforementioned instruments in the name of globalization are diversionary and plausible because there is no country in the world that is in the process of development as a result of globalization or that has developed as a product of globalization. The pro-globalizers deceive third world countries, that globalization is a path to development in which all third world countries are supposed to follow in order to become developed. Nigeria, in the current wind of globalization remains a clientele economy in the competitive global market. The study adopts documentary research methods and relied majorly on secondary data and modernisation theory was adopted as the theoretical foundation of the study. The study revealed that underdevelopment in Nigeria resulted from the negative effects of globalization are to explore the political impacts of globalization and imposition of foreign rule in Nigeria, to explore the economic impacts of globalization and unequal terms of trade in Nigeria and to identify the role of Nigeria as giant of Africa in global markets. The study, however suggest economic diversification and exportable capacity of the third world economy in the global market, regulation of international capitalist structure through applicability of market friendly policies devoid of stringent market policies placed on third world countries by the developed countries and Improving bank regulations of the third world countries nations banks are well regulated to their boost economic growth. The study concludes that there is interconnectedness between globalization and development in Nigeria, which in turn increases the rate of unemployment of masses and hinders political and economic development in Nigeria.

Public Debt and Economic Development in Nigeria

Public Debt and Economic Development in Nigeria

The Effect of Oil Pollution on the Engineering Properties of Construction Soils in Some Selected Oil Region of Nigeria: A Case Study of Four Oil Towns in Rivers and Delta States

The nature of subgrade as well as basic information of soils for construction purposes is important for engineers, especially civil engineers and the general public. The primary aim of this research work is therefore to access the effect of oil spillage on the engineering properties of soils around the oil producing states of Nigeria. Four communities in two state of the Niger- Delta region of Nigeria were selected for investigation. These communities include Alesa (as sample A) and Aleto (as sample B) in Rivers state and Elume (as sample C) and Mereje (as sample D) in Delta state of the Niger- Delta region of Nigeria. Soil samples from these communities were collected at the subgrade depth of the oil spilled soils and was later subjected to laboratory examination. Important soil properties that were evaluated through laboratory investigation include soil shear strength test using triaxial test where the shear strength parameters were determined to enable evaluation of soil bearing capacity using Terzaghi’s equations. Others include soil strength (CBR) test, soil permeability test, and soil classification test as well as soil compressibility tests or one dimensional consolidation test. The results show that the oil pollution/ spillage have affected the engineering properties of construction soils in the four towns investigated to some degrees. The California Bearing Ratio (CBR) value of the subgrade, the Coefficient of Volume Compressibility,Mv, the Safe Bearing Capacity and the Coefficient of Permeability, K of the investigated soil , all fall below the accepted standard limit for soils to be used for construction purposes. This result will hopefully add to the existing knowledge as well as equipping the government and other relevant agencies for policy and regulatory development for the oil and gas, and construction industries for the sustenance of economic development in Nigeria. Therefore, before any meaningful civil engineering construction works can be done in these communities, the soils within the area will have to be subjected to series of engineering soil tests so as to equip the government and other interesting stakeholders with the requisite knowledge on how to apply appropriate soil remediation and soil stabilization techniques.

Poverty Alleviation Programs and Economic Development Evidence from Nigeria

This work observes the influence of poverty alleviation programs on economic development evidence from Nigeria. Despite various poverty alleviation programs implemented by various past and present governments in Nigeria,it seems that this menace is still living with us. Therefore, the aim of this paper is to find out theorigin of poverty alleviation programmes in Nigeria, the approaches and strategies that Nigerian government has applied to reduce poverty, the appraisal or outcomes of poverty alleviation programmes and the constraints of the programmes in Nigeria.This study covers the period between 1980– 2015.Analyzing time series dataobtained from secondary sources. The essence of the study is to investigate the significant influenceof various poverty alleviation programmes set up by various governments to reduce poverty level inNigeria. The researcher employed the Ordinary Least Square Technique to measure theincidence of poverty. The analysis was facilitated with the use of E-views analytical package.Findings reveal the existence of overall significant influence of poverty alleviation programmes on economicdevelopment of Nigeria.

Does Remittance Inflow and Foreign Direct Investment Spur Economic Development in Developing Countries? Insights from Nigeria

Given the rising inflows of remittance and foreign direct investment into developing countries, the study examined their importance on economic development in Nigeria using the ordinary least squares method and time series data collected from secondary sources, and the Error correction models (ECM) were estimated. Findings showed that remittances and foreign direct investment impacted positively and significantly on economic development and the exchange rate negatively influenced economic development. Thus, recommended that the government should remove strict transaction costs of remitting money to expand the overall inflow of remittances and more personal remittances should be encouraged for investment in human capital development. Additionally, improvement in the investment climate for existing and expected foreign investors, relaxation of the strict laws on profit repatriation, and the improvement in the macroeconomic environment by curbing security challenges, social unrest, and corruption will encourage foreign investors to increase their investments. It also recommends that the government take advantage of these inflows to stabilize the volatility of the exchange of the domestic currency.

Impact of Exchange Rate on Economic Growth: Evidence from Nigeria

The effect of the exchange rate on GDP growth in Nigeria from 1985–2021, according to this analysis. The World Bank's World Development Indicator (WDI) and the Central Bank of Nigeria's (CBN) Statistical Bulletin were used as secondary sources of data. The real exchange rate served as a stand-in for the actual exchange rate, while real gross domestic product was used to gauge economic growth. We used the Augmented Dickey-Fuller unit root test to find out how integrated the series was. The bound test was used to test for cointegration. The bound test found that the exchange rate and economic growth are related in the long term. This research used the autoregressive distributed lag technique to estimate the short- and long-term effects of the exchange rate on GDP growth. The ARDL analysis shows that there is a weak negative correlation between the exchange rate and GDP growth. According to the research, trade openness has a small but favorable effect on GDP growth. Furthermore, the research indicated that foreign exchange reserves significantly and positively impacted economic development. There was also a negative and statistically significant relationship between interest rates and GDP growth. The analysis found that the exchange rate did not have a significant role in determining Nigeria's economic development. Given the importance of a stable and predictable exchange rate in boosting economic development, the research suggests that monetary authorities implement a policy primarily aimed at stabilizing exchange rates.

Comparative Studies of the Physico-Mechanical Characterization of Ugwuoba Clay with Admixtures of Corncob and Sugarcane Bagasse Ashes

An investigation into the effects of combustible materials on the refractory properties of Ugwuoba clay, using sugarcane bagasse ash and corncob ash has been undertaken. Ugwuoba clay was sourced from Ugwuoba town in Oji River Local Government Area of Enugu State. Sugarcane bagasse were collected at Lokpanta, a Fulani settlement in Okigwe Community, Imo State, while corncobs were collected at New Artisan Market in Enugu Metropolis. The clay was processed using standard beneficiation and purification procedures at the Ceramics Department of Projects Development Agency (PRODA), Enugu. The sugarcane bagasse and corncobs were each and separately calcined into amorphous ash by heating in a furnace at 650oC. The refractory blends were compounded at the ratio of 90:10, 80:20, 70:30, and 60:40 for Ugwuoba clay (UGC) to Sugarcane Bagasse Ash (SBA) and Ugwuoba Clay (UGC) to Corncob Ash (CCA) separately and respectively. These blends were subsequently molded into the standard test pieces for the various properties determination and subjected to firing at temperatures of 900oC, 1000oC, 1100oC and 1200oC. Thereafter, the fired samples were characterized for fired shrinkages, total shrinkages, apparent porosities, water absorption coefficients, apparent densities, bulk densities and moduli of rupture. The results obtained for each of the blends showed that the values were within the tolerable limits for industrial refractories with the 10%SBA and the 20%CCA blends showing the best results. Comparatively however, the 10%SBA produced the better of these properties than the 20%CCA. A conclusion is drawn to the effect that both sugarcane bagasse ash and corncob ash can serve as good organic admixtures for refractory bricks production for the lining of melting furnaces in the metals industry, hence opening new frontiers for recycling of these agricultural wastes for environmental safety and economic development in Nigeria.

Institutional Quality, Government Expenditure and Economic Growth Nexus in Nigeria

Low economic growth often correlates with the escalation of poverty, deindustrialization, unemployment, a decline in living standards, inadequate investments in human capital, and heightened social and economic disparities. Therefore, comprehending the factors that contribute to economic growth is essential for steering an economy in the correct direction. The economic literature has identified institutional quality and government expenditure as factors that drive economic growth. This study specifically examines the impact of government expenditure and institutional quality on economic growth. The study employed the Dynamic Ordinary Least Squares (DOLS) method to analyse time series data from 1990 to 2022. The findings indicate that government spending has a substantial and favourable effect on economic growth. Furthermore, the findings demonstrated that the presence of institutions had a substantial and favourable impact on the economic development of Nigeria. According to these findings, the study suggests that government spending should be consistently increased, but this should be accompanied with fiscal discipline through the execution of the regulatory framework of the Nigerian government.

Tax Revenue and Economic Development in Nigeria

This study examined the influence of tax revenue on economic development in Nigeria. The specific objectives of the study were to investigate the influence of total tax revenue on economic development; examine the influence of the government’s education expenditure on economic development, and investigate the impact of the government’s health expenditure on economic development in Nigeria. The study covered the period 1990 to 2022. The study adopted an Autoregressive Distributive Lag (ARDL) model which allows simultaneous estimation of the long-run and short-run effects of tax revenue on economic development in Nigeria. Empirical results revealed a positive and significant relationship between tax revenue and human development index; implying that tax revenue enhanced economic development in Nigeria within the period under study. Gross domestic product and health expenditure also stimulated economic development in Nigeria within the period under study. Government education expenditure had a negative but insignificant impact on economic development. The study concludes that tax revenue stimulated economic development in Nigeria within the period under study. Based on the findings of the study, it was recommended, among others, that the government should intensify efforts at generating more revenue from tax and channels towards promoting industrial activities that would in turn impact the welfare of the people and further stimulate economic development in Nigeria.

Innovative Approaches in Tax Enforcement and Tax Compliance for Sustainable Economic Development in Nigeria; A Conceptual Review

This paper delves into a conceptual review of the vital role of innovative approaches in tax enforcement and compliance for achieving sustainable economic development in Nigeria. Amidst evolving global economic landscapes, the integration of cutting-edge technologies such as blockchain, data analytics, digital platforms, and real-time reporting has emerged as a powerful catalyst for transforming the nation's tax system. These innovations have significantly streamlined tax processes, facilitating easier tax compliance for individuals and businesses. They have also fostered transparency and trust within the tax system by ensuring secure and tamper-proof tax records and enhancing voluntary compliance. The implementation of these innovative strategies presents a unique opportunity to bolster Nigeria's revenue collection, thereby contributing to sustainable economic development by funding critical public services, infrastructure projects, and socio-economic development initiatives. The paper concludes that the adoption of innovative approaches in tax enforcement is pivotal for sustainable economic development in Nigeria. By promoting compliance and transparency, these technologies contribute to a robust and reliable revenue base essential for funding public services and infrastructure projects. This paper, therefore, recommends investment in digital Infrastructure, implementation of real-time reporting and data analytics, utilisation of data analytics and artificial intelligence and leverage on mobile payment systems.

Maximizing Revenue Generation Through Effective Tax Policies for Sustainable Economic Development in Nigeria; A Conceptual Review

This paper focused on the imperative of maximizing revenue generation in Nigeria through the implementation of effective tax policies. In a nation characterized by diverse economic sectors and challenges such as tax evasion and a significant informal economy, the need for strategic fiscal policies is paramount. This paper explores the multifaceted approach to effective taxation, including broadening the tax base, simplifying the tax system, and utilizing technology for efficient tax collection. Drawing on progressive taxation, incentives for strategic sectors and ensuring transparency, the paper advocates for policies that not only increase revenue but also promote economic stability and social equity. The importance of reducing dependence on oil revenue, enhancing compliance, and encouraging investments is highlighted. In conclusion, it stresses that effective tax policies are integral to Nigeria's economic stability, providing funding for critical sectors such as education and healthcare. The paper emphasizes the significance of these policies in reducing income inequality, fostering entrepreneurship, and creating a conducive environment for business growth. As a recommendation, the paper suggests that policymakers prioritize the implementation of these strategies, invest in modern tax administration technologies, and foster collaboration between government agencies and the private sector. These measures can pave the way for a financially robust Nigeria, ensuring sustainable development and an improved quality of life for its citizens.

Effects of the Addition of Corncob Ash on the Technological Properties of Ugwuoba Clay, Nigeria

An investigation into the effects of combustible materials on the refractory properties of Ugwuoba clay, using corncob ash has been undertaken. Ugwuoba clay was sourced from Ugwuoba town in Oji River Local Government Area of Enugu State, Nigeria, while corncobs were collected at New Artisan Market in Enugu Metropolis. The clay was processed using standard beneficiation and purification procedures at the Ceramics Department of Projects Development Agency (PRODA), Enugu. The corncobs were calcined into amorphous ash by heating in a furnace at 650oC. The refractory blends were compounded at the ratio of 90:10, 80:20, 70:30, and 60:40 for Ugwuoba clay (UGC) to Corncob Ash (CCA) respectively. These blends were subsequently moulded into the standard test pieces for the various properties determination and subjected to firing at temperatures of 900oC, 1000oC, 1100oC and 1200oC. Thereafter, the fired samples were characterized for fired shrinkages, total shrinkages, apparent porosities, water absorption coefficients, apparent densities, bulk densities and cold crushing strengths. The results obtained for each of the blends showed that the values were within the tolerable limits for industrial refractories with the 20%CCA blends showing the best results when compared with the other blends. A conclusion is drawn to the effect that corncob ash can serve as good organic admixtures for refractory bricks production for the lining of melting furnaces in the metals industry, hence opening new frontiers for recycling of these agricultural wastes for environmental safety and economic development in Nigeria.

Impact of Health Investment on Economic Development in Nigeria

This study examined the impact of health investment on economic development in Nigeria. Using secondary data sourced from Central Bank of Nigeria Statistical Bulletins and World Bank development indicators, World Bank Database for the period of 1981- 2020. It applied Augmented Dickey Fuller (ADF) and Philips-Perron (PP) tests for unit root which indicated that all the variables were stationary at first difference except gross fixed capital formation at level. The mixed order of the unit root tests necessitated the adoption of Autoregressive Distributed Lag (ARDL) bounds Cointegration technique. The study submitted that a strong evidence of cointegration among the variables exist. It prove that health investment variables (recurrent and capital health investment, public education expenditure, gross fixed capital formation and labour participation rate) have positive impacts on economic development in Nigeria except foreign exchange rate which reveals negative impact. The result of Pairwise Granger causality test indicated that there were uni-directional and bidirectional causality among health investment variables and economic development in Nigeria. Therefore, it concluded that health investment variables have positive and significant impacts on economic development in Nigeria except exchange rate. Moreover, this study recommended that health policy should be made by government to increase the budgetary allocation to health sector particularly on recurrent and capital public health investment, improve quality of education through statutory allocation to education sector, provide exchange rate policy that will encourage investment in human capital by individuals and private sector. Finally, the government should expand institutional capacity to produce qualified manpower, improve personnel salaries, wages and working conditions in health and education sectors

Health Infrastructure and Economic Development Nexus in Nigeria

Nigeria like many other Sub-Saharan African countries has been plagued with lack of functional infrastructure in order to grow the economy. Recent events in Nigeria, such as the COVID-19 pandemic, which emerged in late 2019 and continues to impact Nigeria, has exposed the vulnerabilities and weaknesses in the country's health infrastructure. This study investigates the impact of health infrastructure on economic development in Nigeria. The study employed time series data. Health infrastructure was captured by government recurrent and capital expenditure on health while economic development was proxied by per capita gross national product. The Autoregressive Distributive Lag (ARDL) estimation technique was used to establish the long run relationship among the variables. It was revealed that long run relationship exists among the variables in the estimated model. The results of the Error Correction Mechanism (ECM) within the framework of the ARDL shows that health infrastructure has significant impact on economic development in Nigeria. The study concludes that health infrastructure plays key roles in influencing economic development in Nigeria, and for the optimal performance of the economy, the government must increase infrastructural spending on health care in order to reduce the rate of maternal, infant and under-five mortality in the country. The study recommends that; there is a need for the government at all levels to massively invest in the provision of health infrastructure which is a strong viable means of reducing mortality incidence and enhancing economic development in Nigeria. Nigeria’s share of government expenditure to the health sector ranges between 5-7 percent, which falls immensely below the minimum standard of 16 percent as recommended by UNESCO for a developing country, which calls for emergency intervention in the health sect