Impact of Insecurity on Nigerian Economic Growth and Development (Published)
This paper examines insecurity challenges and implications on business activities, economic growth and economic development of Nigeria. The study was designed as ex-post factor research, with time series data sourced from official and government publications; spanning from 2009 to 2022. The variables used for the study were sourced after adequate considerations of extant literature and objectives of the study. In meeting with the objectives of the study, we logically break-up the data into pre-high insecurity period (2009- 2015) and high insecurity period (2016- 2022). Four hypotheses were formulated and tested using t-test, f-test; and Cho-test was used to test the variance between the two time periods under study. The study found that insecurity hampers Business Activities (BA) but does not have significant influence on Economic Growth (EG) and Economic Development (ED) of Nigeria; and concluded that national insecurity must be of high consideration as business activities blossom in a secure environment, which ultimately ensures sustainable economic growth and development. We therefore recommend a synthesis of composite security management approach model and two-way approach model in addressing the ills of insecurity in ensuring Nigeria economic sustainability.
Citation: Agogbua, Stanley Ndubisi; Mgbatogu, Chukwudi D. and Nzewi, Ugochukwu C. (2022) Impact of Insecurity on Nigerian Economic Growth and Development, International Journal of Development and Economic Sustainability, Vol.10, No.5, pp.1-13
Keywords: Economic Development, Foreign Direct Investment, Gross Domestic Product, Insecurity, Per Capita Income, business activities, economic growth
The Effect of Fiscal Policy on Economic Development: A Comparative Study on Gross Domestic Product and Human Development Index in Nigeria 1990-2017 (Published)
This study sought to provide more insights on the topic “fiscal policy and economic development” by extending its focus to examining the relationship between fiscal policy and economic development using human development index (HDI) as a more comprehensive representation of human and economic progress than the gross domestic product (GDP). The study adopts an ex-post facto research design to enable the use of Nigerian time series data from 1990 to 2017in an Ordinary Least Square (OLS) regression technique for analyses. Findings reveal that fiscal policy variables such as government revenue and expenditure have negative effect on the gross domestic product but positive and significant on human development index of Nigeria, while government debt has positive effect on GDP and significantly negative effect on HDI. Results further reveal interesting outcomes on the effect of fiscal policy on Nigeria’s economic development such trade depicting a negative and significant effect on HDI but positive and insignificant for GDP. The study, therefore recommends that using HDI to measure the effect of fiscal policy may be a better approach to measuring economic development. Also, that the government of Nigeria should engage in more productive and try to improve on the mechanisms to grow its revenue to enhance economic development in Nigeria.
Keywords: Economic Development, Fiscal Policy, Gross Domestic Product, Human Development Index
The Effect of Fiscal Policy on Economic Development:A Comparative Study on Gross Domestic Product and Human Development Index in Nigeria 1990-2017 (Published)
This study sought to provide more insights on the topic “fiscal policy and economic development” by extending its focus to examining the relationship between fiscal policy and economic development using human development index (HDI) as a more comprehensive representation of human and economic progress than the gross domestic product (GDP). The study adopts an ex-post facto research design to enable the use of Nigerian time series data from 1990 to 2017in an Ordinary Least Square (OLS) regression technique for analyses. Findings reveal that fiscal policy variables such as government revenue and expenditure have negative effect on the gross domestic product but positive and significant on human development index of Nigeria, while government debt has positive effect on GDP and significantly negative effect on HDI. Results further reveal interesting outcomes on the effect of fiscal policy on Nigeria’s economic development such trade depicting a negative and significant effect on HDI but positive and insignificant for GDP. The study, therefore recommends that using HDI to measure the effect of fiscal policy may be a better approach to measuring economic development. Also, that the government of Nigeria should engage in more productive and try to improve on the mechanisms to grow its revenue to enhance economic development in Nigeria.
Keywords: Economic Development, Fiscal Policy, Gross Domestic Product, Human Development Index
The Role of Fiscal Policy in Achieving Economic Stability in Jordan (Published)
The present investigation inspected the effect of fiscal approach estimated by (Government use, Government incomes, inward open obligation, outside open obligation) notwithstanding fares and swelling factors on the Jordanian GDP development. Fiscal approach assumes a huge job in a monetary arrangement because of its capacity to acknowledge objectives went for by a national economy. Its instruments are viewed as one of the primary financial devices to accomplish monetary development and beat obstructions to monetary soundness. Notwithstanding its distributional and pro impacts, financial arrangement has steadiness initiating impacts, for example, government spending and expenses which impact total interest, along these lines influencing in general monetary factors and financial development. The significance of fiscal arrangement radiates from the way that open spending is viewed as the prime drive for financial movement of a nation by affecting the dimension of total interest and subsequently monetary development. Open incomes fill in as the principle wellspring of salary for a nation while open obligation is a piece of the administration’s spending, regardless of whether inside or outer. This paper introduces a utilization of a hypothetical model to survey the impacts of monetary arrangement on financial development.
Keywords: Economic Stability., Fiscal Policy, Gross Domestic Product, Jordanian economy., economic growth
Domestic Macroeconomic Drivers of Industrialization in Nigeria: Status and Prospects from the Manufacturing Sub-Sector (Published)
While most advanced economies are in the process of industrializing their economies, plots by successive governments to transform the economy Nigerian, from a commodity-driven to an industrialized one, has not yielded much fruits despite several industrial policies and reforms. Based on the United Nations/World Bank success yardsticks with theoretical framework rooted on the Prebisch-Singer Hypothesis and the endogenous growth model, this study utilized K-class estimation procedure on Nigeria’s time series between 1990 and 2016. The result obtained indicates that infrastructural development, institutional framework, bank credit,foreign direct investment, electricity, stable exchange rate, low inflation and economic diversification are key drivers of industrialization. The findings also confirm that except the Nigerian economy achieves improved infrastructure delivery and institutional framework as well as stable domestic and currency prices, the efforts towards economic diversification agenda may be counterproductive. It is therefore expedient that Nigeria focuses on building strong macroeconomic fundamental that would accentuate its take-off to industrialization.
Keywords: Diversification, Gross Domestic Product, Industrialization, Macroeconomy, Manufacturing, Nigeria
Does Money Market Spur Economic Growth In Nigeria? Granger Causality Approach (Published)
This study examined the relationship between money market and economic growth in Nigeria. The study adopted money market instruments such as treasury bills (TBs), commercial papers (CPs) and bankers’ acceptances (BAs) as proxy for money market (independent variables), and gross domestic product (GDP) as proxy for economic growth (the dependent variable). Secondary time series data for the variables were collected from CBN Statistical Bulletin and the National Bureau of Statistics for the period 1989-2014. The study employed econometric techniques such as ADF, Unit Root Test, OLS, multiple regression and Granger Causality Test to analysed the study data; and found strong evidence that TBs, and CPs had positive and significant influence on GDP, while BAs had positive but insignificant influence on GDP in Nigeria. The granger causality test result revealed no directional causality relationship between TBs and GDP, meaning that TBs does not granger cause GDP and vice-versa. There was also no directional causality relationship between CPs and GDP, BAs and GDP. However, there exists bi-directional relationship running from CPs to TBs and BAs as it was established at 5 per cent level of significance. The study recommended among others that for the money market to influence meaningful economic growth and development in Nigeria, appropriate policies should be employed to strengthen and deepen the market.
Keywords: Bankers’ Acceptances, Commercial Papers, Gross Domestic Product, Money Market, Treasury Bills, economic growth
An Assessment of the Casual Relationship between Economic Growth and Indirect Taxes in Nigeria (Published)
The study examines the causal relationship between economic growth and indirect taxes in Nigeria. Ex-post facto research design was employed and time series data were sourced from Central Bank Nigeria (CBN) statistical bulletin of various years 1994-2014. Multiple regression inferential statistics was used for data analysis. The result reveals that VAT has a positive significance effect on GDP. This is because the computed t-statistic of 3.142 is greater than the critical value table value of 2.120. The result of the second hypothesis also showed that the computed t- statistic of 4.557 is greater than the critical table value of 2.120 thus, proving that CED actually has a positive significance effect on GDP. The study conclude and that VAT and CED as indirect taxes contributes to economic growth in Nigeria, hence government should intensify effort to ensure immediate response of payment by the general public as flow of fund will encourage faster economic growth.
Keywords: Custom and Excise duties, Gross Domestic Product, Value Added Tax, economic growth
Value Added Tax and Economic Development in Nigeria (Published)
This paper attempts to examine the relationship between Value added tax and Economic development: in Nigeria. It is expected that this study will be of immense use to both the Government and general public. The study covered 18years period between 1994 and 2012. Multiple regression was used to analyse the data gotten from Central Bank of Nigeria (CBN) Statistical Bulletin of various years. The result of the multiple regression showed a negative significant relationship between value added tax revenue and Gross domestic product. Also, the result showed a positive significant relationship between Gross domestic product and Total consolidated revenue. We recommend that federal government should educate the general public more on the essential of VAT payments and also that machineries should be put in place to ensure that VAT revenue does reduce as this will help foster economic development. Also, VAT rate should be increased as it will account for more revenue to the government.
Keywords: Gross Domestic Product, Total Consolidated Revenue, Value Added Tax