European Journal of Business and Innovation Research (EJBIR)

EA Journals

economic growth

Insurance Premium and The Growth of Nigeria Economy (2007-2021) (Published)

The insurance industry’s growing share of the global financial sector in both developed and developing countries has moved focus to the insurance-growth relationship. As a result, the study looked at the effect of insurance on Nigerian economic growth from 2007 to 2021. The study’s goals were to look at the impact of life, and total insurance premiums on the growth of the Nigerian economy after the insurance regulations and reforms were implemented in 2006. Ex-post facto analytical research design was adopted in this work. The National Bureau of Statistics and the Central Bank Statistical Bulletin provided secondary data. The logarithm was used to alter the data. Ordinary Least Square regression technique was used to analyze the data. According to the findings, non-life gross premium has a considerable positive influence on real GDP, life gross premium has no significant effect on real GDP, and there is a significant positive association between total insurance gross premium and economic growth in Nigeria. Based on the findings, the general conclusion is that insurance and economic growth in Nigeria have a considerable positive association. The study recommends that the National Insurance Commission should adopt policies that promote the growth and development of the insurance industry as a whole. Individuals and families should be educated on the importance of life insurance in order for it to have a substantial impact on Nigeria’s economic growth.


Keywords: Development, Financing, Insurance industry, economic growth, premium.

Digital Financial Services and Economic Growth of Nigeria: 2006 – 2021 (Published)

This study investigated digital financial services and economic growth of Nigeria from 2006 to 2021. The study specific objectives include investigation of the relationship between automated teller machine services and real gross domestic product; evaluation of the relationship between point of sales services and real gross domestic product; determination of the relationship between mobile banking services and real gross domestic product; and investigation of the relationship between web banking services and real gross domestic product from 2006 to 2021 in Nigeria. The study anchored on technology acceptance model (TAM) advanced by Davis (1989) and purposive sampling technique was adopted for the collection of quarterly secondary data from the Central Bank of Nigeria. The quarterly data collected were analysed using univariate, bivariate and multivariate analyses. The findings from the VECM indicated that automated teller machine services positively and insignificantly influence real gross domestic product in Nigeria; point of sales services positively and significantly influence on real gross domestic product in Nigeria; mobile banking services positively and insignificantly influences real gross domestic product in Nigeria; and web banking services positively and significantly influence on real gross domestic product in Nigeria. On the basis of the findings, the study concluded that digital financial services influence the economic growth of Nigeria. Hence, the study recommended amongst others that appropriate policies aimed at promoting and enhancing the availability and penetration of digital financial services should be implemented and made effective as this will increase real gross domestic product of the country.

Keywords: ATM, Nigeria, POS, economic growth, web banking

Empirical Investigation of Human Capital Investments and Its Effect on Economic Growth In Nigeria (1990-2017) (Published)

The study examined the empirical investigation of human capital investments and its effect on economic growth in Nigeria; for the period 1990-2017. Secondary data were used and collected from Central Bank of Nigeria Statistical Bulletin. The study used Gross Domestic Product (GDP) and was employed as the dependent variable to measure the human capital investments on economic growth in Nigeria; whereas, government expenditure on health and government expenditure on education were also used as the independent variables to measure human capital investments in Nigeria. Hypotheses were formulated and tested using Ordinary Least Square econometrics techniques. The study showed that government expenditure on education had a significant effect on Gross Domestic Product in Nigeria. Government capital expenditure on health sector had a significant effect on Gross Domestic Product in Nigeria. The coefficient of determination indicated that about 69% of variations in Gross Domestic Product can be explained by changes in government capital expenditure variables in Nigeria. The study concluded that human capital investments had a significantly effect on economic growth in Nigeria. The study recommended that Government should ensure proper management of human capital expenditure in a manner that will promote growth and development in the economy. The government and policy makers should increase its investments in health and education; since, it would increase the level of development in the economy as well as the standard of living. Government should encourage and manage the funding of the education and health sectors. The policy makers should ensure that appropriate evaluation techniques should be used for projects that will ensure that capital expenditure is not made in an extravagant manner.

Keywords: : Human Capital, Investigation, Investments, Nigeria, economic growth

Macroeconomic Analysis of the Relationship between Interest Rate, Economic Growth and Bank Lending in Nigeria (Published)

This study examined the relationship between interest rate, economic growth and bank lending in Nigeria. Secondary time series panel data on the study variables were sourced from Central Bank of Nigeria (CBN) Statistical Bulletin for the period 1985 – 2014. The study employed Ordinary Least Squares (OLS) technique to analyze data. The study found that interest rate had negative relationship with bank lending in Nigeria. While economic growth had positive correlation with bank lending in Nigeria. The study recommended a policy shift towards infrastructural development and an increased productive base of the notion in order to improve the financial sector performance by stabilizing the macroeconomic instruments. This it is hoped would not only help in enhancing the profitability of banks in the country but would also improve the standard of living of the Nigerian people.

Keywords: Bank Lending, Interest Rate, economic growth


There has been a debate on whether private equity affects economic growth of a region or the reverse effect. Therefore there has been need to evaluate the interrelationship between private equity and economic growth across the globe while considering the influence of the financial environment. Hence, this paper analyses these interrelationships using a theoretical approach. The key findings are that private equity tends to increase when there is economic growth in an economy as underpinned by the economic growth models which contend that for economic growth to be sustainable there should be continuous advancement in technical knowledge mainly in the form of new products, processes and markets. Furthermore, a well developed legal and regulatory framework would lead to increased financial activities in a country hence facilitating exits which would result to a more favorable legal environment that induces venture capitalists and PE funds to invest more often in the home country

Keywords: Financial Environment, Private Equity, Venture Capital, economic growth


The study examined foreign exchange management and the Nigeria economic growth from 1970 to 2012. The scope of the study is limited to Nigeria. The empirical model for the study was based on the conclusion of our theoretical framework. The data used for this study were majorly sourced from the Central Bank of Nigeria Bulletin (2011). The ordinary least square estimation techniques within the error correction model (ECM) framework are employed in the study. The choice of the ECM is to enable it account for the explanatory potent of the regressions in both the short run and long run as well as ascertaining the dynamics of attaining long run equilibrium, an issue which is the key to studies related to macroeconomics variables one of which is the exchange rate. The Johansen-Joselius Co- Integration test is employed in this study, to test for the presence of a long run relationship between the dependent variable (exchange rate) and the independent variables. The result of the co-integration as revealed show that trace statistics and maximum eigen values are greater than the critical values at 5% level of significance. It shows that there is a unique long run relationship among Y, EXCR, EXPT,IMP, INF and FDI. The result further shows that the explanatory variables explain and account for about 99% of variation in economics growth peroxide by GDP, which is an evidence of a good fit of the model. The f- statistics shows that the explanatory variables are jointly significant in explaining economic growth (dependent variable). The result above shows export and foreign direct investment are statistically significant in determining economic growth which considered at 5% and 10% respectively. However, exchange rate import and inflation are found to be statistically non – significant. It is against this back drop of the above findings, that it is recommended that effort be made to increase the consumption of made in Nigeria goods, which includes the usage of raw material that can be sourced locally by Nigerian industries in order to increase foreign exchange earnings. The implication of this is that local industries should be encouraged to look inward for their raw material. Having uncovered from the study that the nexus between economic growth and foreign exchange management being a short run relationship, it is necessary that the foreign exchange management policy initiatives be made to satisfy the shorts–run behavioral expectations of the variables used in uncovering this fact.



Keywords: Foreign Exchange, Nigeria, economic growth

Firm Level Innovation: The Case of Ghanaian Firms (Published)

Firm level innovation brings about new ideas, new products development, pioneering of new technologies and processes as well as the promotion of entrepreneurship. It is the major driver of economic growth and competitiveness in the global market economy. This study assessed the status of innovation among small, medium and large firms in Ghana. From the up-dated list of the Association of Ghana Industries (AGI) a sample of 500 manufacturing and service sector firms employing more than 10 people were purposively selected across the country. The primary data were collected through questionnaire, and then analysed using descriptive and inferential statistics. The individual entrepreneur or owner of the firm was the unit of analysis. The result showed that innovation in Ghana is more prevalent in the small firms compared to medium and large firms. The study noted that most of the employees with university degrees were employed by large multinational firms and medium firms that are part of large groups. It also emerged that more than half (59%) of the processed innovations were developed within the firms themselves and 21% of the innovative firms collaborated with other firms and institutions for their innovative activities. The paper argues that drawing lessons from the experience of the Asian Tigers, firm level innovation could aspire Ghana achieve higher economic growth for favourable competition in the global economy.

Keywords: Firm Level, Ghana, Innovation, R&D, Technological, economic growth

Entrepreneurship Development Course To Foster Character Merchandise In Support Economic Growth (Published)

This analysis focuses on the entrepreneurship education and economic growth to welfare in the nation. Development of learning and teaching activities aims to build a spirit of human creativity, innovation, sportsmanship and self-employment. These learning need to be followed up with efforts to integrate character education classes, education, creative economy, and entrepreneurship education into the college curriculum. This program is a very important to economic growth, and more important than the object that is emphasized in most economic education. The image is an impression that a poor country because people do not have program entrepreneurship education with effective and efficiency, so perceptions received by a person when he saw, heard and used in the national industry to generate economic value. The image must be built in a planned and measured so as to discover the presence of a positive impact on the nation. The economic structure of the creative assets that have the potential to increase of economic growth. World transformed rapidly with economic growth, from the SDA-based human resource-based, from the agricultural era to the industrial era and the views of economic development based on the flow of ideas. Wave of creative economy is a stream that has been accepted as the flow of the new economy in the economic civilization. previous waves, among others: the wave of agricultural economics, industrial economics wave, and wave information economy. Creative economy as a recent surge in economic growth, entrepreneurship needs to be invested in the lecture so that they can optimally support its economic growth.

Keywords: creative economy, economic growth, entrepreneurial

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