International Journal of Development and Economic Sustainability (IJDES)

EA Journals


Revenue Per Capita and Economic Growth Nexus: Building a New Revenue Framework for Nigeria (Published)

The challenging consequences of poor economic performance across most emerging economies is a reflection of the weak public revenue management system. Hence, the study into Revenue per capita and Economic growth nexus: Building a new revenue framework for Nigeria. The study employed the Parsimonious Error Correction Model (ECM) for adjusting the parameters of auto regressive distributed lag (ARDL) model to examine the outcome of economic growth, proxy of real gross domestic product (RGDP) on Revenue per capita, proxy of gross national product per capita(GNPPC); gross fixed capital formation (GFCF); and Inflation rate (INFR). The finding revealed a significant positive relationship between GDP and its lagged value, as well as GNPPC. Whereas, a negative but significant impact subsist between GDP and lagged value of GNPPC; while, an insignificant negative impact exists between GDP and GFCF and its lagged value. Inflation rate exhibited a moderate significant inverse relationship with economic growth during the review period. Based on the finding, It was recommended among others: tax revenue generating agencies should pursue fiscal sustainability by rethinking Nigeria’s tax policy mix and design to consummate enduring prosperity for Nigerians.

Citation: Opuala-Charles S. and Orji J.O. (2022) Revenue Per Capita and Economic Growth Nexus: Building a New Revenue Framework for Nigeria, International Journal of Development and Economic Sustainability, Vol.10, No.6, pp.1-17

Keywords: Investment, Tax Revenue, economic growth, revenue per capita

Savings-Investment and Economic Growth Nexus in Nigeria (Published)

Nigeria as a developing nation needs adequate savings to encourage investment and promote economic growth. Empirically, this work has made an attempt to analyze the impact of savings and investment on the growth of the Nigerian economy. From the result of the study conducted within the period 1970 to 2015, using a battery of contemporary econometric approach involving unit root test, co-integration test and error correction model it was found that factors such as Gross Domestic Savings (GDS), Gross Fixed Capital Formation (GFCF), Labour Force (LAF) and Savings Facility (SF) are the main drivers of economic growth in Nigeria. Furthermore, evidence from the investment model shows that Real Gross Domestic Product and Gross Domestic Savings (GDS) are the two drivers of Investment in Nigeria. This means that if there is proper capital accumulation in the form of savings, investment would be great and sustainable. The multiplier effect is on the well-being of the people through increased capital and output. The study recommended among others that; the government through the Central Bank of Nigeria (CBN) should ensure the reduction of reserve requirements of commercial banks in order to make available adequate funds in form of loans and advances for investment which will boost economic growth. Government should always maintain a good political atmosphere that is devoid of political upheavals because insecurity in the country has contributed immensely to the discouragement of the people from the cultivation of banking habit. More so, foreign direct investment will be discouraged in an environment ravaged with rancor. Banks should be encouraged to establish branches in the rural areas to discourage the rural dwellers from saving in their local saving boxes. This will bridge the gap between savings and investment. The government of Nigeria has a role to play by making policies that would encourage the spread of banks. This would be done by upgrading the standard of the Nigerian banking sector.   Labour force has been revealed to be a positive growth stimulant in the study. Thus, government and the private sector should ensure that there is realistic and practical curriculum development in schools that will evolve a more productive labour force. Finally, the Governor of the apex bank (CBN) and monetary policy committee should liaise with the necessary operators to ensure that there are realistic interest and inflation rates that will stimulate economic activities and bring about the requisite economic growth in Nigeria.

Keywords: Co-integration, Investment, Nigeria, Savings, economic growth


As the entire world globalizes in economic and business sense with massive flow of investments across countries, the resultant effect is the multiplicity of regional and other categories of agreements as parts of arrangements to benchmark equalization among world trade stakeholders. Unfortunately, the existence of multilateral trade agreements have not in any way imparted positively particularly on the developing countries, due to the fact that most of these agreements are enmeshed in problems such as inherent contradictions, insincerity, and unenforceability of agreements. Other problems include selfish agenda or narrow mindset of major parties based on winner/loses mindset; and the inability of the entire world trade agreement configurations to promote world justice. This situation has given rise to increased global uneven income distributions, heightened economic stagnation and excruciating poverty. Using Africa as a case study, the paper examines the impacts of multilateral trade agreements in Africa region. It observes that the arrangement has failed to facilitate economic order and developments in Africa region. It concludes by suggesting establishment of a United Nations Global Business Regulatory Agency (UNGBRA) to streamline all agreements, promote policies that ensure ethical trading, global justice and equalization for sustainable developments in international trade system

Keywords: Africa. Sustainable Development, Investment, Trade Agreements, WTO


The study examined the impact of foreign private investment on Nigeria economic growth between 1980 and 2010. The empirical analysis was based on multiple regression technique. Economic growth was proxied by Gross Domestic Product and the result showed that foreign private investment, gross fixed capital formation and net export are positively related with economic growth while inflation rate has a negative relationship with economic growth. Hence increased inflow of foreign private investment into the country enhances economic growth in Nigeria. It is recommended that government should therefore strive to provide a conducive environment for foreign private investment in Nigeria through appropriate fiscal, monetary and general economic policies and stable macroeconomic environment.

Keywords: Foreign Private Investment and Inflation rate, Investment, economic growth

Returns from Investment in Technical and Professional Education with Reference to J.N.V. University, Jodhpur (Rajasthan) India (Published)

Angus Maddison (Former Member of OECD) in his article “What is Education For” published in Lloyds Bank Review describes the major purpose of education as to provide opportunities for self-fulfilment and personal development – a more complex process with humans than with animals because of the vast stock of knowledge we have accumulated. Access to this heritage is a basic human right which should yield satisfaction throughout life. “Education is designed to produce existing knowledge in new minds and to make these minds more receptive and more capable of absorbing, transforming, creating and using knowledge, Research and Development, meanwhile, is designed to produce new knowledge. This crucial segment of the knowledge industry sustains a two-way link between successful investment, which permits the faster growth of GNP, and GNP growth, which permits more investment in knowledge production” (Burke, Willam 1966). That education adds to the productivity and earning power of the individual and can raise a nation’s level of GNP has long been recognised. However, implications of treating investment in human capital, analogues to that in physical capital is the story of past fifty years. The basis of the argument is the empirical evidences. According to Brookings institutions’ Edward Denison, knowledge investment accounted for about 40 per cent of the 2.9 per cent annual rate of growth in the 1929-1957 period. Denison further estimates that the education of the labour force was responsible for 23 per cent of the growth in real national income in that period. The calculus of cost and benefits from investment in education of thirsty countries have shown education to have been a worthwhile investment and results have shown that further expansion of educational facilities is warranted in most countries, except at postgraduate level (Psacharopoulos , 1973). The ‘Chicago School’ of economists has been the first in developing a theory of human capital. These economists estimated the variations in earnings by education-standard as a measure of its economic benefit and they have used earnings and costs of education to calculate private and social rates of return from investment in education.

Keywords: : Human Capital, Investment, Private and Social Returns, Returns

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