Impact of Entrepreneurship and International Trade on Economic Growth and Development in Nigeria (Published)
This study empirically investigates the impact of entrepreneurship and international trade on economic growth and development in Nigeria from 1990 to 2022. Domestic credit to private sector (DCPS), Exchange rate (EXR), Self-employment (SEEM), Total exports ((TEX), Total imports (TIM) and inflation rate (INFR)were used as dimensions of the independent variable while Real gross domestic product (RGDP) as the dependent variable. Annual time series data were obtained from secondary sources including the CBN annual statistical bulletin, World Bank development indicators. The Eview9 Statistical Software was employed to analyze the data empirically. The Unit root test shows that real gross domestic product, domestic credit to private sector, exchange rate, self-employment, total exports and total imports are all stationary after first difference I(1) while inflation rate was stationary at level I(0). The data were analyzed using the Autoregressive distributed lag (ARDL). The results of the ARDL estimates indicate that in the long run self-employment and total exports coefficients were positively signed and statistically significant which means that increase in self-employment and total exports in Nigeria will increase real gross domestic product (Economic growth) while total imports turned up with a negative sign and also statistically significant. It portends that total import has a negative impact on economic growth and development in Nigeria in the long run. The study recommends amongst others that government should promote entrepreneurship by providing credit and grants to encourage self-employment. Government should also encourage import substitution, promote exportation of locally made goods as this has positive impact on economic growth and development in Nigeria.
Citation: Adeyemo O. O. (2023) Impact of Entrepreneurship and International Trade on Economic Growth and Development in Nigeria, Global Journal of Arts, Humanities and Social Sciences, Vol.11, No.4, pp.52-68
Health enhancement is an essential determinant of economic growth; though, the impact of health on economic growth is affected by the level of poverty in any country. This paper, therefore, examined the impact of health on economic growth during corona virus in Sub-Sharan Africa and the verge of health required to alleviate the adverse effect of poverty on economic growth in Twenty (20) selected Sub-Sharan Africa countries. Based on the endogenous growth theoretical approach, the link between life expectancy, poverty incidence, and economic growth was estimated using the GMM technique of analysis. Findings showed that coronavirus pandemic exerts negative impact on health condition, household welfare, unemployment and the adverse effect of poverty on economic growth in Nigeria. Though government expenditure significantly increased during the period in a bid to check the pandemic, but household welfare degenerated and was negatively affected with high poverty rate, this paper recommended that the government of the Sub-Saharan countries should diversify the revenue base of their economies to cushion the effect of unprecedented shock due to the pandemic and provide adequate relief materials to pad the effect of loss of income to the poor and vulnerable, invest in the health sector to control infectious and pandemic diseases.
Citation: Benedict Azu, Sunday Okubor Ijieh, Ifeanyi Shadrack and Iku Joel (2022) The Impact of Coronavrius on Health and Economic Growth in Sub- Sahara Africa, Global Journal of Arts, Humanities and Social Sciences, Vol.10, No.5, pp.39-50
The study investigates the nexus between financial development, trade performance and growth in Nigeria between the period 1985 to 2020. Financial development, government expenditure, inflation rate and trade openness were used as dimensions of independent variables while real gross domestic product was used as the dependent variable. Annual time series data on our targeted variables were obtained from secondary sources including the Central Bank of Nigeria annual statistical bulletin, World Bank development indicators. The Eview9 Statistical Software was employed to analyze the data empirically. The Unit root test shows that financial development, government expenditure, trade openness and real gross domestic product are all stationary after first difference I(1) while inflation rate was stationary at level I(0). The data were analyzed using the Autoregressive distributed lag (ARDL). The results of the ARDL estimates indicate that in the long run financial development and government expenditure coefficients have positive relationships with real gross domestic product and they are also statistically significant. The study recommends amongst others that Nigerian trade performance should be improved through economic diversification so as to reduce much emphasis on oil export and availability of funds from private sector at competitive interest rate in order to produce internationally competitive products should be encouraged. Also, there should be the implementation of monetary policies that would bring about stability in exchange rate, promote trade openness and ensure government purchases that enhances financial development.
Citation: Adeyemo, Oyindamola Olajumoke and Tamunowariye, Chinonso (2022) The Nexus between Financial Development, Trade Performance and Growth in Nigeria, Global Journal of Arts, Humanities and Social Sciences, Vol.10, No.3, pp.1-17
Comparative Analysis of Fiscal Decentralization and Economic Performance of Akwa Ibom and Cross River State in Nigeria (Published)
This paper analysed the impact of fiscal decentralization on economic growth of Cross river state and Akwa Ibom state in Nigeria using secondary data from joint task board, Revenue Allocation board and national bureau of statistics (NBS) from 2005-2020. The Study adopts SURE model method of Estimation to analyse the results. Finding from the study revealed that Federal Allocation, Internally generated Revenue, Fiscal Autonomy and Population decentralization in Nigeria influences economic growth in Cross river state and Akwa Ibom state. The theoretical expectation that decentralization would improve the economic performance of the selected states in south-south through proximity and regional competition seem not to be found in the study. The flow of fiscal decentralization in Cross river state and Akwa Ibom state in Nigeria seem to follow inefficient application of resources by the political class with increased cost of governance rather than ensuring cost effectiveness in the provision of public services. Therefore, findings from the study revealed that population growth and internally generated revenue are the major determinants of Economic growth in Cross river state while Fiscal Autonomy and Federal allocation contributes infinitesimal to economic growth but not the major determinants of Economic growth in Cross river state. Also findings from the study revealed that Internally generated revenue and Federal allocation are the major determinants of Economic growth in Akwa ibom state while Fiscal Autonomy and population growth contributes infinitesimal but not the major determinant of Economic growth in Akwa ibom state. Therefore the study suggests key Economic reforms to improve transparency and accountability in all sectors of the economic as well as good governance in order to make fiscal decentralization a catalyst for economic growth in Cross river state and Akwa Ibom state of Nigeria. The study also recommends that Policy measures must be put in place to grow the economy using monetary and fiscal policy mix reaction to ensure macroeconomic stability and realisation of macroeconomic goals of economic growth, price stability, low unemployment and balance of payment of states in Nigeria.
Foreign Direct Investment, Remittances and Economic Growth in Nigeria. Do these inflows stimulate Growth? (Published)
The effect of international inflow of capital on economic growth has generated a lot of argument and debate over time. Some concluded that capital inflow does not matter and in effect cannot stimulate the desired growth while others believed it does matter in promoting the key macro-economic variables such as the reduction in unemployment and poverty, price stability, industrialization just to mention a few. Hence, this study was set out to investigate the effect of Foreign Direct Investment and Remittances on economic growth in Nigeria. The study adopted other explanatory variables and data were sourced from the World Development Indicator and Central Bank of Nigeria spanning from 1980 to 2019 and Ordinary Least Square was used to analyze the data after it has been subjected to unit root stationary test. The study found that Foreign Direct Investment has a negative relationship with economic growth and Remittances seem to have a positive effect on economic growth. The study, therefore, concluded that FDI does not stimulate desired growth while remittances promote growth in Nigeria. In the light of these findings, the study, therefore, recommended that government should remove impediments discouraging investment policies that will stimulate the use of FDI in the country. The Nigeria government should also encourage inflow and monitoring of remittances through financial institutions to enable them to have adequate data on this inflow to gear it into the growth process.
As society grows, its increasing social demand is also when large resources are being lost, as well as the price for growing. The balance between the two economic and environmental benefits recently has been constantly mentioned as a difficult problem for any country. This research points to the growing conflict between economic development and environmental protection, how to balance economic benefits with environmental protection, and propose solutions to both economic development and environmental protection.