Sustainable Economic Growth In Nigeria Research Articles

Ression Analysis on the Impact of Agriculture, Industry and Service Sector on Economic Growth in Nigeria

This study investigates the impact of agriculture, industry, and the service sector on Nigeria's economic growth from 1990 to 2022, using data obtained from the Central Bank of Nigeria (CBN) Statistical Bulletin. Employing an Ordinary Least Squares (OLS) regression model, the research explores the contributions of these key sectors to Nigeria's Gross Domestic Product (GDP). The findings reveal that the industrial sector has a significant positive effect on GDP, emphasizing its crucial role in driving economic growth. The agricultural sector also contributes positively, though its impact is relatively modest, highlighting the need for modernization and investment to enhance productivity. Surprisingly, the service sector shows a statistically significant negative impact on GDP, contrary to its traditionally recognized role in economic expansion. This anomaly suggests underlying structural issues within the sector that require further investigation. The study's model explains approximately 59.65% of the variation in GDP, with no significant evidence of autocorrelation, heteroskedasticity, or multicollinearity affecting the results. Based on these findings, the study recommends targeted policy interventions to improve agricultural productivity, strengthen industrialization efforts, and reform the service sector to foster balanced and sustainable economic growth in Nigeria.

Promoting Global Partnerships for Sustainable Economic Growth in Nigeria: The Nexus Between Sustainable Development Goal 17 and Goal 8

Promoting Global Partnerships for Sustainable Economic Growth in Nigeria: The Nexus Between Sustainable Development Goal 17 and Goal 8

Foreign Direct Investment (FDI) And Economic Growth in Nigeria

Purpose: The aim of the study was to analyze the foreign direct investment (FDI) and economic growth in Nigeria. Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries. Findings: FDI positively impacts Nigeria's economic growth by fostering capital formation and technology transfer. However, this relationship is influenced by factors like institutional quality and governance effectiveness. Challenges such as infrastructure deficits and policy instability hinder FDI's full potential. Thus, creating a favorable investment climate and implementing sound economic policies are crucial for sustainable economic growth in Nigeria. Unique Contribution to Theory, Practice and Policy: The theory of foreign direct investment (FDI) and economic growth, the dependency theory & the institutional theory may be used to anchor future studies on analyze the foreign direct investment (FDI) and economic growth in Nigeria. Fostering investment in sectors such as manufacturing, agriculture, and technology can contribute to economic diversification, employment generation, and skill development, thereby fostering sustainable economic growth. Nigerian authorities should focus on improving the investment climate by implementing reforms aimed at reducing bureaucratic hurdles, streamlining business processes, and enhancing transparency.

Accounting for sustainable economic growth in Nigeria: the role of external factors

Accounting for sustainable economic growth in Nigeria: the role of external factors

The Role of Agripreneurship in Enhancing Climate Resilience for Sustainable Economic Growth in Nigeria

Nigeria has rich agricultural resources endowment and an avalanche of laudable agricultural policies that could turn her into an industrialized economy and reduce the incidence ofhunger and poverty. This study highlighted that agripreneurship programme is vital to develop entrepreneurs and leaders to improve agribusiness in Nigeria. This study defined the concept of agripreneurship and its role in enhancing climate resilience in Nigeria. It recommended that climate resilience and sustainable economic growth can be achieved if we run agriculture as a business to enhance climate resilience and encourage private-sector led engagements as the main objective driver. It further enumerated the numerous benefits of agripreneurship as it helps to build resources by wealth creation along the value chain through production, value addition, and export of processed or unprocessed goods among others.It concluded by the call for more indepth research on agripreneurship and its role in enhancing climate resilience in Nigeria.

The Role of Agripreneurship in Enhancing Climate Resilience for Sustainable Economic Growth in Nigeria

Nigeria has rich agricultural resources endowment and an avalanche of laudable agricultural policies that could turn her into an industrialized economy and reduce the incidence ofhunger and poverty. This study highlighted that agripreneurship programme is vital to develop entrepreneurs and leaders to improve agribusiness in Nigeria. This study defined the concept of agripreneurship and its role in enhancing climate resilience in Nigeria. It recommended that climate resilience and sustainable economic growth can be achieved if we run agriculture as a business to enhance climate resilience and encourage private-sector led engagements as the main objective driver. It further enumerated the numerous benefits of agripreneurship as it helps to build resources by wealth creation along the value chain through production, value addition, and export of processed or unprocessed goods among others.It concluded by the call for more indepth research on agripreneurship and its role in enhancing climate resilience in Nigeria.

Sovereign wealth fund on sustainable economic growth in Nigeria

The Sovereign Wealth Fund (SWF) nations understood that having enough money in easily accessible foreign accounts would be beneficial to the government in times of fiscal crisis, currency devaluation, natural economic calamity, and even political upheaval to help cushion sustainable economic growth. Between Q1 2005 and Q4 2020, the study looked at the impact of Nigeria's sovereign wealth fund on the country's ability to sustain economic development. In order to conduct the empirical analysis, the study used the ARDL technique of analysis. In order to prevent erroneous regression results, unit root tests were performed on each of the variables. The co-integration test revealed that there is a long-term (or equilibrium) relationship between Nigeria's sovereign wealth fund and the sustainability of its economic growth. It was revealed that Nigeria's gross domestic product was significantly impacted by the Nigerian Infrastructural Fund. Last but not least, it was revealed that the stability Fund has a considerable impact on GDP in Nigeria. Future Generation Fund was also found to have a big impact. On the whole, SWF impact significantly on sustainable economic growth in Nigeria. If government wishes to maintain economic growth and improve the lives of Nigerians, it should demand and pursue effective control and monitoring of the infrastructure, future and stabilization funds.

External Financing of Budget on Sustainable Economic Growth in Nigeria

The papers attempt to validate/invalidate economic growth sustainability vis-à-vis external financing of budget in Nigeria. The external financing channels - multilateral, Paris Club, London Club, promissory notes, bilateral, Euro bond, diaspora debts, and others - were tracked in relation to economic growth sustainability. The data is accessed from Emission Database for Global Atmospheric Research [EDGAR], the World Bank Development Indicator (WDI), and the Central Bank of Nigeria (CBN) statistical bulletin, for forty years (1981 to 2020). The study analysis follows plotting the visual trend of the series to ascertain its movement over time. Likewise, descriptive inference – skewness (sk), Kurtosis (k) & Jacque-Bera (JB) statistics were inferred for series normality. Also, Augmented Dickey-Fuller (ADF) unit root test, cointegration, vector autoregression (VAR), and the impulse response function (IRF) technique formed the basis of the estimation tools. Finding validates that there is no significant long-run relationship between external financing of the budget and sustainable economic growth in Nigeria. As a result, a reduction, and or a stop to further contracting external financing for budget purposes, and ensuring a funding-project-tied, is strongly recommended.

Nexus of energy efficiency, carbon emission and economic growth in Nigeria

Given rising temperatures, climate change, the alarming increase in energy demand, and the importance of energy efficiency, there is a need for an increasing review subject matter. In this sense, policymakers develop various measures, including renewable adoption and energy efficiency. This study examined the causal effect of oil production and carbon emission from gas flaring on the economic growth rate in Nigeria from 1980-2021. The findings revealed that economic growth and energy consumption significantly increases energy-related emissions. An increase in income level influences investors and industrialists to invest in the industrial sector, increasing production, diversification, and expansion. However, increased production and expansion of industries increase energy demand. Energy demand met by consuming fossil fuel increases energy-related emissions in Nigeria and negatively affects environmental quality. More importantly, carbon emission impedes environmental sustainability and sustainable economic growth in Nigeria. The study is relevant to the post-2015 Sustainable Development Goals agendas for two fundamental reasons: the world needs Sustainable Development Goal 7 – ensuring access to affordable, reliable, sustainable, and modern energy by 2030. (b) Large extractive industries primarily drive growth in Nigeria, and the country's population is expected to double in about 30 years. Energy efficiency for inclusive development is very welcome. This is essential because studies have shown that the increase in unemployment (resulting from the underlying demographic change) would be accommodated by only the private sector, not the public sector.

Integrating Big Data and Blockchain for Evaluating the Impact of Curriculum Deficiency on Labour Market Preparedness

This research addresses the pressing issue of skills mismatch in Nigeria’s labor market, particularly affecting graduates in science and technology fields. With youth unemployment rates ranging from 11.7% to 36.5%, it is imperative to bridge the gap between educational curricula and industry demands. This study proposed an innovative tool to perform labor market demand analysis and curriculum gap assessments by utilizing blockchain, artificial intelligence, and big data analytics. By collecting and analyzing data from diverse job portals, the tool aims to provide real-time insights into skills required by employers. Additionally, blockchain technology ensures secure and verifiable credentials for graduates. This research seeks to empower graduates and educational institutions, contributing to sustainable economic growth in Nigeria.

Enhancing Agricultural Value Chains Crucial to Achieving Sustainable Economic Growth in Nigeria

Nigeria is blessed with arable land mass and human resources however she is bedeviled with a crawling economy characterised by high unemployment rate, poverty and low per capita income. The ability of agriculture to contribute tremendously to economic growth is inherent if only the agricultural value chains in Nigeria are well developed. Adopting an exploratory approach, this paper examines the contribution of agriculture to GDP from 1981 to 2021; identifies the different stages of the agricultural value chain and the broad factors affecting them in Nigeria. It observed that for the past 40 years, the contribution of Agriculture to GDP has been low compared to the 1960s when agriculture was the mainstay of the economy. In addition more emphasis has been on input supply stage of the value chain while less attention has been given to other stages. In order to achieve the desired economic growth in Nigeria, a review of existing policies and removal of bottle necks in the production, processing and trade of agricultural products are recommended. Key words : Nigeria, economic growth, agriculture, value-chain, GDP DOI: 10.7176/JEP/13-33-14 Publication date: November 30 th 2022

The Strategic Importance of Entrepreneurship as a Mechanism for Sustainable Economic Growth in Nigeria

The focus of this paper is to critically assess the strategic importance of entrepreneurship as a mechanism for sustainable economic growth in Nigeria considering the experiences of developed nations like the America, Europe, Japan, India, and China. Entrepreneurship has been instrumental in economic growth, balanced regional development, and job creation in most dynamic economies, where technology is changing at a faster rate and the product life cycle is becoming less. Research in entrepreneurship development indicates that there is a lack of a theoretical model to examine rural entrepreneurship development particularly in the developing countries like Nigeria. The methodology adopted in this paper is the narrative – textual case study (NTCS); it is a social science research method that relies on the information and data from several sources for problem-solving. It is a fact that entrepreneurship development plays a vital role in economic development of any nation including the developing countries like Nigeria. However, despite this, most entrepreneurial policies and programs seems to favour the urban centres until recently when efforts are geared towards the rural areas. Thus, this paper examines the strategic role of entrepreneurship in the development of the rural areas in a developing economy. The study reveals that the right business environment for entrepreneurship is lacking in Nigeria on account of bad and inadequate infrastructural facilities, political instability, terrorism, multiple taxes, all stand as barriers to entrepreneurship and economic growth. The paper concludes that government should focus on adequate security, improve infrastructural facilities and enabling environment that will lead to economic growth which can be sustained to a developmental level. Keywords: Nigeria, Strategic, Entrepreneurship, Sustainable Development, Economic Growth.

The Strategic Importance of Entrepreneurship as a Mechanism for Sustainable Economic Growth in Nigeria

The focus of this paper is to critically assess the strategic importance of entrepreneurship as a mechanism for sustainable economic growth in Nigeria considering the experiences of developed nations like the America, Europe, Japan, India, and China. Entrepreneurship has been instrumental in economic growth, balanced regional development, and job creation in most dynamic economies, where technology is changing at a faster rate and the product life cycle is becoming less. Research in entrepreneurship development indicates that there is a lack of a theoretical model to examine rural entrepreneurship development particularly in the developing countries like Nigeria. The methodology adopted in this paper is the narrative – textual case study (NTCS); it is a social science research method that relies on the information and data from several sources for problem-solving. It is a fact that entrepreneurship development plays a vital role in economic development of any nation including the developing countries like Nigeria. However, despite this, most entrepreneurial policies and programs seems to favour the urban centres until recently when efforts are geared towards the rural areas. Thus, this paper examines the strategic role of entrepreneurship in the development of the rural areas in a developing economy. The study reveals that the right business environment for entrepreneurship is lacking in Nigeria on account of bad and inadequate infrastructural facilities, political instability, terrorism, multiple taxes, all stand as barriers to entrepreneurship and economic growth. The paper concludes that government should focus on adequate security, improve infrastructural facilities and enabling environment that will lead to economic growth which can be sustained to a developmental level. Keywords: Nigeria, Strategic, Entrepreneurship, Sustainable Development, Economic Growth.

IMPACT OF PETROLEUM ELECTRICITY AND HYDROELECTRIC AND CONSUMPTION ON ECONOMIC GROWTH IN NIGERIA

The study examined the impact of hydroelectric and petroleum electricity consumption on economic growth in Nigeria. The research design adopted for the study was ex-post-facto. The data used for the study were drawn from secondary sources. The sources of data were from World Bank statistical database and CBN Statistical Bulletin (2020) for a period of between 1990 and 2019. Based on the research objectives and unit root test of the study, the Autoregressive Distributed Lagged (ARDL) and the Error Correction Model (ECM) were used to determine the relationship between hydroelectric and petroleum electricity consumption variables and economic growth indicators in Nigeria and the impact of hydroelectric and petroleum electricity consumption on economic growth in Nigeria. The Error Correction Model (ECM) of the study and after examining the long-run impact of the independent variables in the model of the impact of hydroelectric and petroleum electricity consumption on economic growth in Nigeria. The result shows that the ECM parameters were negative (-) and significant which are given -0.546. This means that 55 percent disequilibrium in the previous period is being corrected to restore equilibrium in the current period in the respective models. The ARDL long-run results on the impact of hydroelectric and petroleum electricity consumption on economic growth in Nigeria revealed that hydroelectric and Petroleum Electricity Consumption have positive and significant impact on real gross domestic product in Nigeria. Therefore, the study recommended that the government should increase the hydroelectric and petroleum electricity consumption in Nigeria by reducing the unit price of the petroleum electricity consumption in Nigeria in other to increase the household and industrial usage for increase economic activities through the household and industrialisation in Nigeria through the firms and young industries in Nigeria which in turn increase the sustainable economic growth in Nigeria.

The Strategic Importance of Entrepreneurship as a mechanism for Sustainable Economic Growth in Nigeria

The focus of this paper is on the importance of entrepreneurship as a mechanism for sustainable economic growth in Nigeria considering the experiences of developed nations like the United States, Europe, India, and China. Entrepreneurship has been instrumental in economic growth, balanced regional development, and job creation in most dynamic economies, where technology is changing at a faster rate and the product lifetime cycle is shrinking. Research in entrepreneurship development indicates that there is a lack of a theoretical model to examine rural entrepreneurship development particularly in the developing countries. The methodology adopted in this paper is the narrative – textual case study (NTCS); it is a social science research method that relies on the information and data from several sources for problem-solving. It is undeniable fact that entrepreneurship development plays a vital role in economic development of any nation including the developing countries like Nigeria. However, despite this, most entrepreneurial policies and programs seems to favour the urban cities except recently when efforts are geared towards the rural areas. Thus, this paper examines the role of entrepreneurship in the development of the rural areas in the developing economy. The study reveals that the right business environment for entrepreneurship is lacking in Nigeria on account of bad and inadequate infrastructural facilities, political instability, terrorism, multiple taxes, all stand as barriers to entrepreneurship and economic growth. The paper concludes that government should focus on adequate security, improve infrastructural facilities and enabling environment that will lead to economic growth.

Human Resource Development and Economic Growth in Nigeria

This study examined the impact of human resources development on economic growth in Nigeria from 1980 to 2019. To achieve this objective, data were collected on the real gross domestic product, government expenditure on education, government expenditure on health and human development index from Central Bank of Nigeria Statistical bulletin, World Bank -World Development Indicator and UNDP. The study adopted the Augmented Dickey-Fuller unit root test, Johansen Co-integration test and Error Correction Mechanism (ECM) methods of econometric to analyse the collected data. Evidence from the findings revealed that all the variables were individually integrated of Order One and have a long-run relationship. The parsimonious ECM result revealed that an increase in government expenditure on education, government expenditure on health, as well as human development index, do not significantly increase economic growth in Nigeria during the period of study. The study concluded that human resources development via public spending in the education sector, health sector, as well as an increase in human development index remains crucial in the process of achieving sustainable economic growth in Nigeria. Based on these findings, the study recommended among others that crucial effort should be made by the government in channelling more funds to the health sector in order to improve health standards and reduce the mortality rate of the citizens since a healthy population and workforce is a major ingredient for rapid and sustainable productivity and growth. Enough funds should be allocated to education for proper utilization of potential productive and social benefits that will help to boost the real sector of the economy.

HUMAN CAPITAL DEVELOPMENT, ENERGY CONSUMPTION AND CRUDE OIL EXPORTS IN NIGERIA: IMPLICATIONS FOR SUSTAINABLE DEVELOPMENT

This study examined the roles of human capital development, energy consumption and crude oil exports in driving sustainable development goal eight (8)-sustainable economic growth in Nigeria. To achieve this, the authors utilized annual data from 1990 to 2018 which were sourced from World Data Atlas, International Energy Agency, WDI and the Central Bank of Nigeria Statistical Bulletin respectively. Autoregressive Distributed Lag technique of estimation was adopted for the data analysis. Consequently, the principal findings of this research work could be presented as follows; electricity power consumption and growth rate of the real GDP has an insignificant positive relationship with each other. The implication of this is that energy consumption in Nigeria has an inadequate capacity to drive a sustainable economic growth in the country. Similarly, oil exports have a significant positive relationship with the growth rate of the real GDP. This means that economic growth sustainability of Nigeria is highly dependent on oil exports. Conversely, government expenditure on education sector has a significant negative relationship with the growth rate of the real GDP. Also, expenditure of government on health sector has a negative but insignificant relationship with the growth rate of the real GDP. This implies that human capital development in Nigeria lack the capacity to ensure a sustainable economic growth. In view of the above, this study makes the following recommendations for the policymakers in Nigeria and by extension developing countries, any time the goal of these policymakers are sustainable economic growth, the development of human capital through adequate funding of educational and health sectors should be embarked upon. In the same vein, the policymakers should provide uninterrupted electricity supply for enhancement of maximum outputs in the country.

Revisiting the Nexus between FDI, financial development and economic growth: Empirical evidence from Nigeria

The need for economic development has preoccupied policymakers over the years. Especially the global south such as Nigeria, which is plagued with infrastructural deficit and less foreign direct investment and financial development attraction. This has drawn the attention of stakeholders and government officials for exploration of alternative routes for sustainable development, which is in line with the United Nations Sustainable Development Goals‐8 (UNSDG's). Thus, the current study focuses on the FDI‐led economic growth hypothesis if it holds or not for the case of Nigeria. The present study is distinct from previous studies in terms of scope by incorporation of more covariates, which has seemed to have been overlooked in the FDI argument. To this end, the current study re‐investigates the connection between FDI, financial development, total labour force, gross capital formation, and economic growth using Nigeria as a representation for Africa and Sub‐Saharan states specifically. Annual time‐series data from 1970 to 2018 is adopted for the econometrics analysis. Our study interest variables are foreign direct investment, economic expansion (GDP). The present study inculcates two additional financial development indicators; from the banking, and financial sectors. Using a battery of unit root and stationarity tests the study explores the stationarity properties of the outlined variables. Subsequently, the novel and recent robust Bayer and Hanck (2013) combined cointegration test in conjunction with Pesaran's ARDL bounds test was used to investigate the equilibrium relationship and regression analysis. While the Toda‐Yamamoto Granger causality was used to detect the direction of causality analysis among the variables. Empirical investigation traces a long‐run equilibrium relationship among the variables over the sampled period. Furthermore, empirical results show that FDI influences GDP, which suggests that FDI influences economic growth which is indicative of policymakers. Similarly, empirical outcomes establish a significant relationship between GDP and Financial Development from banking‐sector which is also corroborated in the causality results as an indirect causality is seen running from GCF to the financial sector. These outcomes suggest that FDI and Financial development are good predictors for sustainable economic growth in Nigeria. All aforementioned results have its inherent policy implications which are elucidated in the concluding remark of this study.

The Relevance of Wagner’s Hypothesis in Achieving Sustainable Development Agenda in Nigeria

Policy ambiguity in the form of non-directional and non-purposeful use of state resources has made sustainable growth outcomes a mirage in Nigeria. The recent economic crisis prompted the debate on how increased government spending induces sustainable economic growth in Nigeria. This paper examines the validity or otherwise of Wagner’s theory in Nigeria for the realization of the Sustainable Development Goals (SDGs) from 1980 through 2017. By using time-series data on real gross domestic product, total government expenditure, money supply, and domestic investment and adopting the two-step Engle and Granger estimation procedure, result shows that increased government spending significantly predicts variations in real gross domestic product and thus leaned empirical credence to Wagner’s hypothesis as an essential concept for the attainment of Sustainable Development Goals in Nigeria. This paper recommended that the government should exhaust all possible option to increase expenditure in order to realize sustainable growth in Nigeria. JEL Classification: E62, O11 How to Cite:Oseni, I. O., & Adekunle, I. A. (2020). The Relevance of Wagner’s Hypothesis in Achieving Sustainable Development Agenda in Nigeria. Signifikan: Jurnal Ilmu Ekonomi, Vol. 9(1), 123-136. doi: http://dx.doi.org/10.15408/sjie.v9i1.12884

Infrastructure Investment as a Panacea for Sustainable Economic Growth in Nigeria: A Granger Causality Tests Analysis

This paper employed Granger causality tests amid infrastructure spending, economic growth, and employment in Nigeria for the period 1960-2017 using vector autoregression (VAR) model. The result showed a strong causality between infrastructure investment and economic growth in Nigeria. Findings of the study shows a strong underlying relationship between e infrastructure investment and job creation. Economic growth seems to be the key drivers of government jobs and that the private sector jobs drives growth, however, public jobs have not been able to translates into additional jobs in the economy. The bounds test results specify the presence of long-run equilibrium relationship between infrastructure investment, economic growth, job creation and output thereby providing a theoretical underpinning for the empirical results.