Size and Growth of Public Investment in Nigeria: Implications for Real Sector Development (Published)
This paper offers empirical evidence linking public investment to real sector development in Nigeria during 1981-2017. It specifically employed autoregressive distributed lag (ARDL) model to analyze the impacts of public investment in economic, social and community services and gross public investment as a ratio of GDP on agricultural and manufacturing value added. . The short run result showed that public investment in economic, social and community services impact positively on agricultural value added in the short run. The positive impact of investment in social and community services economic services was greater than that of economic services by a margin of 0.027 percent. This suggests that investment in human capital formation such as education and healthcare delivery seems to provide greater opportunity for agricultural development. Additionally, public investment in economic services also exerts significant positive impact on manufacturing value added. The result further showed that gross capital expenditure as a ratio of GDP impact positively on agricultural and manufacturing value added in the short run. It was evidence from the result that its impact on agricultural value added was stronger in the long run. Accordingly, it is recommended that policy makers should step up investment in social and community services in order to improve human capital required for real sector development in Nigeria.
Keywords: Agricultural Value Added, GDP, Manufacturing Value Added, Public Investment, Real Sector
ROLE OF POLICIES IN ECONOMIC GROWTH: A CASE STUDY OF CHINA’S ECONOMIC GROWTH (Published)
It is historical fact the economic policies play key role in the growth and downfall of different empires whether it was Muslim empires in Spain and India or British Empire, which ruled almost the whole world in 17th and 18th centuries. The emergence of China’s economic growth is the phenomena of 21st century. The author has intended to investigate the Chinese policies in different sectors as the drivers of economic growth during the period 1980-2010.The main objective of this research is to investigate different policies introduced by the Chinese government during 1980-2010 to promote economic growth and to measure their effect at micro and macro level of Chinese economy.The author used secondary date collected from different sources such as IMF,World Bank, Barro and Lee, OECD database, US Bureau of Labour Statistics, US Bureau of Economic Analysis, and relevant Journals. Our findings and results are robust because the evidence proves that different policies implemented by Chinese government have brought substantial positive impact on national economy at micro and macro level.
Keywords: FDI, GDP, Gini Co-Efficient, Income Inequality, Poverty Alleviation