Sustainable Economic Development In Nigeria Research Articles

Extraction and Utilization of Chitin and Chitosan from Waste Yields of Economically Important Crustaceans and Molluscs for Improved Fish Production

Background: Every year, about eight million tons of different species of crustacean shells are produced, with several million tons of various mollusc shells world-wide. These shell wastes are usually disposed into the water body or mainland, littered everywhere, with significant impact on the environment. Aim: To provide a profitable way of reducing and possibly removing shell wastes, and harness them for a better purpose through an eco-friendly and sustainable technological approach. Main Body of the Abstract: This review underscores a broad list of economically important crustaceans and molluscs, harvestable in Nigeria coastal waters whose shells usually ended up as wastes. Chitin, being the primary component of these wastes can be extracted and deacetylated into chitosan, or synthesized into nanoparticles for better applications in various aspects of aquaculture. Both chemical and biological methods of chitin extraction were discussed, however, bioextraction method was recommended due to its eco-friendliness, biocompatibility, and non-hazardousness. Various ways by which these shell wastes can be processed and utilized for improve aquaculture practices were also discussed. These include fish growth enhancement, pond water treatment, as antioxidant, as immuno-stimulant, as antimicrobial, as drug carrier, and several other purposes. Conclusion: There are much hidden wealth in these fisheries by-products (Crustacean and Mollusc shells) if properly valorized. It has a great potential to transform aquaculture industry, and bring significant, and sustainable economic development in Nigeria.

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.

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.

Climate Change Interventions and Sustainable Economic Development in Nigeria, A Case for Ingenious Approach

Climate change has continued to pose a huge threat to humanity as both lives and livelihoods are subjected to its effects globally. Consequently, the United Nations have rallied state actors annually since 1994 to seek ways of mitigating the adverse effects of climate change. A major outcome of these meetings is the Paris Agreement of 2015. Part of the provisions of this agreement is the commitment by the industrialized countries to provide USD100 billion annual intervention to the developing countries, to facilitate the achievement of their Nationally Determined Contributions (NDC) targets. The extent to which Nigeria has accessed these interventions from the industrialized countries and the development partners towards achieving these NDC targets is the focus of this study. The study therefore was guided by this research question: how have the climate change interventions from donor agencies and development partners impacted Nigeria’s sustainable economic development? Descriptive Research design was adopted for the study. The documentary method of data collection and content analytical method were used to generate and analyze data for this study. The study found that interventions accessed by the Nigerian state came predominantly as foreign loans. These loans imposed heavy debt burdens on the country’s economy. The study recommends that Nigeria should be inventive and inward looking in her quest for sustainable development.

Price Stability and Economic Development in Nigeria: Issues and Challenges

Price stability and economic development are crucial factors for the growth and prosperity of a nation. This study focuses on examining the issues and challenges related to price stability and economic development in Nigeria. The accumulation of public debt, volatility of crude oil prices, challenges in renewable energy penetration, the role of monetary policy, government expenditure, and financial inclusion are key areas of investigation The study adopted qualitative research method. The findings reveals that public debt has a positive relationship with economic growth, but its impact may vary depending on factors such as governance and debt sustainability. The implications of these findings are discussed, emphasizing the need for effective debt management, diversification of the economy, enhanced monetary policy effectiveness, strategic government expenditure, and promotion of financial inclusion. These recommendations can guide policymakers in formulating strategies and policies to promote price stability and foster sustainable economic development in Nigeria. Overall, this study contributes to the understanding of the issues and challenges related to price stability and economic development in Nigeria, providing valuable insights for policymakers, researchers, and stakeholders in the pursuit of economic growth and stability.

Effect of Accountability of MDAs on Sustainable Economic Development in Nigeria

Accountability in the public sector throughout the world is being given serious attention in view of the fact that the government is the highest spender of public fund. The aim of this study is to show that societies which exhibit the norms of unethical behavior and lack of accountability are more likely to encounter difficulties. Such difficulties would prevent the accomplishment of the sustainable developmental goals and objectives of government, thereby leading to lack of sustainable development. Data for the study was collected from primary sources through the use of questionnaires. The data collection is from the finance departments of ministries, department and agencies of the federal government located in Plateau state. A probability method of simple random sampling technique was employed in selecting the respondents to be administered the questionnaire. For the purpose of data analysis, the multiple linear regression analysis technique was adopted to determine the effect of accountability in public sector on sustainable economic development. From the analysis carried out it was found that accountability in MDAs has a significant effect on sustainable development in Nigeria and it was recommended that accountability should be integrated into all aspects of public sector especially MDAs management in order to preserve sustainable development and the public trust in government and its officials.

Diaspora remittance, financial system and sustainable economic development in Nigeria

The Study x-rayed diaspora remittance, the Nigerian financial system and sustainable economic development in Nigeria. The study used remittance inflows as measure of Diaspora Remittance and the Gross Domestic Product (GDP) as a measure of sustainable economic development. The study examined the absorptive capacity of the Nigerian financial system to mobilize diapora remittance and transform same into sustainable economic growth and development. Content Analysis (CA) technique was deployed to analyse and examine the data collected from the Central Bank of Nigeria (CBN) Statistical Bulletins for various years, Nigerian Bureau of Statistics (NBS) and the World Bank Development Indicators data base from 1987 to 2020. The data are comprised of the values of diaspora remittance, Gross Domestic product (GDP) and Official development Assistance (ODA). The analysis of the data revealed that the Nigerian financial system mobilized millions and billions of US dollars in remittance into the economy for the period which span thirty fours years with diaspora remittance reaching its peak of twenty six billion, eight hundred and ninety one million, nine hundred and eighty thousand two hundred dollars in 2011. Between 2011 and 2020, the Nigerian financial system raked in an average of twenty five billion US dollars in remittance inflows into the economy. Following from the foregoing findings, the study recommended that the Central Bank of Nigeria (CBN) being the monetary and regulatory authority of the banking system, should formulate policies that would further encourage the inflow of Diaspora remittance through the banking system such that diaspora remittances are well utilized to boost employment generation in order to engender sustainable economic growth and development.

THE EFFICACY OF CLIMATE CHANGE FINANCING ON SUSTAINABLE ECONOMIC DEVELOPMENT IN NIGERIA

Climate change has become an increasingly pressing issue across the world, particularly in developing countries, and Nigeria is no exception. As climate change continues to create severe weather cycles such as floods and droughts, Nigeria has looked for ways to tackle the resulting development challenges. One option that has arisen is the utilization of climate change financing to drive economic development. This paper seeks to evaluate the efficacy of climate change financing on sustainable economic development in Nigeria. A comprehensive literature review of relevant studies was conducted to assess the efficacy of climate change financing on sustainable economic development in Nigeria. The research showed that climate change financing has many potential benefits, such as reducing poverty and inequality, promoting economic growth, and creating employment opportunities. Climate change financing also has the potential to provide communities with the resources needed to adapt to the changing climate and improve their resilience. However, the research also revealed that the efficacy of climate change financing depends on proper management, governance, and coordination. The paper further discusses policy recommendations for the effective utilization of climate change financing for sustainable economic development in Nigeria. It emphasizes the need for a greater focus on improving the management, governance, and coordination of climate change financing projects. The paper concludes by proposing further areas of research that could be explored in order to better understand the efficacy of climate change financing on sustainable economic development in Nigeria.

Concept of Blue Economy - a Qualitative Review for Sustainable Economic Development in Nigeria

Ever since the Blue economy concept emerged, there were speculations on its potentials to diversify Nigeria’s economy and be used as alternative source of revenue. This paper qualitatively and descriptively examined the prospect and challenges of the concept through reviews and practices by nations that have ventured into it. It identified the areas of opportunities and strength by interviewing selected community members across selected coaster states in Nigeria. Multi-stage sampling technique was adopted to select Apapa in Lagos, Okerenkoko in Delta, Oron in Akwa Ibom, Agge in Bayelsa and Bonny in Rivers State. Secondary data was also used to determine the correlation between revenue from the maritime industry and Gross Domestic Product of Nigeria. It can be observed that, Nigeria stands to benefit a lot from Blue economy concept from hydro- electricity, pharmaceutical, exportation, tourism, e.t.c. However, it may be a dead end investment if care is not taken to properly weigh it opportunities, cost and financial requirements. Arrays of factors must be put into consideration before embarking on it like security, fund, bunkering, smuggling and Foreign Direct Investment. Ocean and maritime resources should be explored without degradation to marine ecosystem.

Redesigning Technical Vocational Education and Training for Sustainable Economic Development in Nigeria

Nigeria adopted TVET programs in her education strategy to educate and train qualified workers and develop middle-level personnel who will be self-sufficient to grow the economy and national stability. Nigeria's economy and national cohesion are threatened by various concerns. The country's problems include high unemployment, deep poverty, and increased insecurity. Nigeria's TVET program must be redesigned to develop 21st-century workers to stabilize and build the economy to avoid these challenges. This study aimed at redesigning TVET for sustainable economic development through the provision of skilled and competent work force for industries and for self-reliant. The study took a review method where secondary data were uncovered through reviewing of variety of literatures, newspapers, National reports, policy documents, national data etc. A possible explanation for the country's part of continued economic instability and low levels of productivity, unstable GDP growth, and high rate of unemployment can be traced to poor quality of TVET. Findings from the review of empirical literature discovered lack of employable skills, inadequate technical skills, and the incapacity of TVET graduates to compete in the global workplace. All these findings necessitated the redesigning of TVET in the following regards: updating the curriculum, TVET institutions partnership with industries, adopting a new model of programme operation, adequate funding and teachers’ training. Recommendations such as government in collaboration with private sectors and Multinational companies to invest more in human capital through education, mainly TVET, remains the key to sustainable economic development in Nigeria.

A Systematic Review of Effective Management of the Petroleum Downstream Sector for Sustainable EconomicDevelopment in Nigeria

A Systematic Review of Effective Management of the Petroleum Downstream Sector for Sustainable EconomicDevelopment in Nigeria

Monetary Policy Operation and Economic Growth in Nigeria: Evidence from 1990 – 2022

The study examined monetary policy operations and economic growth in Nigeria from 1990 to 2022. The primary purpose is to evaluate the impact of monetary policy operations on Nigeria’s economic growth. The data for the study were obtained from National Bureau of statistics (NBS) databased and Central Bank of Nigeria CBN statistical bulletin. The econometric methods of OLS, Co-integration, Variance Error Correction Mechanism (VECM) and Vector Error Correction Model (VECM) were employed to examined the interplay among the critical variables. The natural log of real GDP was employed as the variable of interest while exchange rate and inflation rate as instrument of monetary policy operations. The result of the VECM shows that the overall model is satisfactory given the coefficient of determination of 34 percent and f-statistics of 3.37. The study discovered that the explanatory variables were not statistically significant at 5% level in stimulating economic growth in Nigeria. However, the long run dynamic result also shows that there exists a long-run relationship or equilibrium among the variables. The result of VARM revealed that exchange rate has positive coefficients, indicating a positive relationship with the lagged RGDP. The model has a moderately high R-squared value (0.9429), indicating a reasonably good fit. While inflationary rate indicates negative coefficients with the lagged exchange rate. The model has a lower R-squared value (0.2862), indicating a weaker fit to the data. These finding hold significant implications for the Nigerian economy, highlighting the effectiveness of monetary policy, the importance of exchange rate stability, and the imperative of inflation control in promoting sustained economic growth. Policymakers are urged to prioritise evidence-based decisions, long-term planning, and target interventions to harness the full potential of monetary policy in driving sustainable economic development in Nigeria.

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.

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.

The Impact of Poverty on Sustainable Economic Development in Nigeria

Poverty alleviation is today a principal yardstick for measuring sustainable development. The soundness of economic policy and quality of a countries institution ultimately can be seen by the extent to which they contribute to the alleviation of poverty and sustainable development. The impact of poverty on sustainable development in Nigeria is devastating. The inability of the poor people to harness the resources that will improve their living conditions has helped to dismantled their hopes of life. The unsustainable use of natural resources inevitably cause poverty. To solve the problem, policy must be focused on environmental policies and not poverty alleviation policies. In addition, environmental degradation can be caused by poverty. Hence, to resolve the problem, the first objective is to identify if it is indigenous poverty, then policies must be focused on environmental policies. On the other hand, if it is exogenous poverty, then poverty alleviation policies need to be formulated and implemented. Furthermore, for poverty to be reduced to a bare minimum the economy must be diversified to remove the overdependence on oil revenue. The greater Nigerian population practice agriculture, which in spite of its neglect, feeds the nation and contributes significantly to the nations GDP. Therefore, the necessary condition for the upliftment of the living standard of the masses of Nigerians is improvement in agricultural production

CIVIL SERVICE AS A CATALYST FOR SUSTAINABLE ECONOMIC DEVELOPMENT IN NIGERIA

The primary function of the civil service is formulation and implementation of governmental policies in line with the welfare of the citizens, sustainability of the state, regulating commercial operations, and providing social service. Civil service plays a crucial role in any country's economic development, particularly in Nigeria where the public sector is directly involved in national development. It serves as a pivot for design and execution sustainable economic development programmes. This necessitated the civil service to adopt more management methods, develop the necessary managerial abilities, and adopt a new strategy that includes project management in order to secure and ensure sustainability. This study explored the role of the civil service as a contributor to Nigeria’s sustainable economic development. The methodology adopted was a documentary review and contextual analysis of past and current literature on the impact of civil service on sustainable economic development in Nigeria. The inefficiency and incompetency of the Nigerian civil service are evident due to the poor execution of the national budgets and public policies geared towards economic development. Furthermore, the unpredictability of the Nigerian political and economic sector and the high cost of doing business which is undermining investors' confidence is another important negative effect on Nigerian civil service performance in promotion of sustainable economic development. Therefore, for the Nigerian civil service to contribute to sustainable economic development it must be made more appealing and supported, modern equipment and technologies should be introduced across all levels of the civil service, continuous professional development should be made mandatory in the civil service, and appointment and promotion in the civil service must be based on merit and qualifications.

Sustainable infrastructure for Nigeria’s sustainable economic development: whither transportation or electric power supply?

Infrastructures, publicly or privately provided, are widely believed to be the foundation for economic development. Indeed, studies have demonstrated the relationship between physical infrastructures (especially economic infrastructures) and economic growth. But not much is known in Nigeria about sustainable economic development induced by identified sustainable infrastructure. That is, economic development and infrastructure development that provokes local inclusiveness, economic progress and environmental friendliness. Modelling the effect of a range of time series data on GDP per capita, this study found electric power supply to have a strong relationship with sustainable development but not sufficient to provoke economic development in Nigeria. It concluded that electric power supply does not serve as catalyst for sustainable economic development in Nigeria, as recommended. It is argued here that there is a need to focus on critical economic infrastructure provision and investment, which will in turn have linked effects to boost other economic sectors through inclusive and environment friendly policies and programmes.

Human Relations in Academic Libraries as Predictor in Managing the Spread of COVID-19 Pandemic for Sustainable Economic Development in Nigeria

Human Relations in Academic Libraries as Predictor in Managing the Spread of COVID-19 Pandemic for Sustainable Economic Development in Nigeria

COVID-19 pandemic and informal women workers in peri-urban communities in Nigeria

ABSTRACT COVID-19 pandemic and the lockdown policy it engendered restricted the entrepreneurial freedom and skills promoted by the neoliberal market structure. It also undermined the strings of social networks and collective organisation which protect the individual informal workers, particularly women in the peri-urban areas. Using the qualitative dominant methods, this research probed into the effects of COVID-19 pandemic on informal women workers in peri-urban communities in Nigeria. The study argued that the COVID-19 pandemic and the accompanying lockdown devastated the informal economic activities of women in peri-urban areas due largely to lack of social protection programmes to support vulnerable populations. It also undermined Nigeria-Cameroon trade relation which is a major source of livelihood for most people, reduced the personal income of informal workers in the peri-urban areas and government revenue in Taraba State. The study concluded that providing financial capital, material palliatives and affordable social protection facilities to informal women workers in peri-urban communities is relevant for sustainable economic development in Nigeria.