Umoh introduction this article overviews the growth and development of the nigerian economy from inde pendence to present times. The quest for economic growth and development compelled nigeria to acquire external debt. Zakaree chinyere iluno department of economics, nigerian defence academy pmb 2109 kaduna email of corresponding author. Saibu 2015 adopted the model developed by scully 2003 for cote divoire. The pas study is addrert thi ssing among the four parts is the skills development for the informal sector in nigeria which has informed the choice of assessing skills development of the sector in the work. The trend between inflation and economic growth in nigeria the facts and figures obtained from the imf world economic outlook report 2011 revealed that the nigerias gdp tends to be low when the inflation rates are high apart from a few years of the 80s. Pdf financial development and economic growth in nigeria. The structure of the nigerian economy is typical of an underdeveloped country. An overview of the nigerian economic growth and development.
In order words, there is no empirical consensus yet on the effect of population growth on economic development in nigeria. Economic diversification for sustainable development in. Pdf economic growth and development in nigeria in the 21st. Agricultural production and economic growth in nigeria.
Ajide1 this paper investigates the role of frazer economic freedom index on fdigrowth relationship over the period spanning 1980 through 2010 using annual time series data. Nigeria has maintained remarkable growth over the last decade, recording an average growth rate of 6. This page provides nigeria gdp annual growth rate actual values, historical data, forecast, chart, statistics, economic. Impact of unemployment on nigeria economic growth 19812017 pdf. Introduction the relationship between stock market development and economic growth has been a debatable issue in finance and economics. Stock market development, economic growth, co integration, granger causality, nigeria jel classification. Economic growth and development in nigeria in the 21st century. Pdf achieving inclusive economic growth and development in. However and in contrast to the above, sekou 2015 in his study utilised ordinary least square method to estimate. The study investigated the impact of external debt on economic growth in nigeria for the period 19802012. Economic growth and development in nigeria journal of business. It is against this background that this paper examines the impact of globalization on economic growth in nigeria. Assessment of the contribution of commercial banks to.
The impact of microfinance banks on economic growth in. Lending activities and economic development in nigeria an. Economic growth is a fundamental requisite to economic development. Further, the study reveals that governance, legalsecurity as well as political institutions all negatively impact economic growthdevelopment. The study also found that microfinance banks financing in the area of transportation and commerce, manufacturing and food processing and other activities have significantly impacted on economic growth and development of nigeria during the period. No systemic framework has emerged to guide policy and practice. Nigerias agricultural, manufacturing and mining and quarrying sectors have played a continuous and. Nigeria s agricultural, manufacturing and mining and quarrying sectors have played a continuous and. Financial intermediation development and economic growth. The country has a publication of 140 million according to the 2006 census figures and high amongst the oil.
Oluyombo 2011 attempt to investigate the contributions of microfinance banks to nigerias economic growth and employs credits disbursed by the microfinance institutions as a. Pdf the nigerian economy has witnessed consistent average annual growth rate of 7. Macroeconomic determinants of economic growth in nigeria. The paper finds out that there are several reasons for defence spending which nigerian governments over the years. Fiscal federalism and nigeria economic development.
The overall objective of the paper is to investigate the impact of human capital development on economic growth in nigeria during the period 1970 to 2008. Investment, gdp growth, and the size of gdp are all strongly interdependent. The provision and development of infrastructures have been the subject of much theoretical analysis and empirical studies. The impact of unemployment on economic growth includes. It measures all the aspects which include people in a country become wealthier, healthier, better educated, and have greater access to good quality housing. Oil gdp growth is stable, while manufacturing production is expected to slow. Effect of financial intermediation on economic development. Over half of the gross domestic product gdp is accounted for by the primary.
The study used government capital expenditure as a proxy for infrastructure development. It contributes to economic growth and development as well as a major employer to. The study set out to test for both a long run and causal relationship between external debt and economic growth in nigeria. Manpower problems and economic development in nigeria, edited by. Industrial development and growth in nigeria brookings institution. Before the prominence of petroleum industry, nigerian economy was dependent on agriculture. Economic growth vs economic development best 7 differences. Financial sector development and economic growth in nigeria adelakun, o. The inclusive growth and development report 2017 v over the past several years, a worldwide consensus has emerged on the need for a more sociallyinclusive approach to generating economic growth. Growth and development of the nigerian economy, edited by carl k. Government spending on infrastructure and economic growth.
Specifically, the study intends to examine whether the activities of the money market do really have an impact on economic growth and development in nigeria. Department of economics joseph ayo babalola university, ikeji arakeji, osun state, nigeria email. Stock market development and economic growth in nigeria. Regional development a nations comparative status in its region of the world will impact its ability to develop. This paper examines the impact of infrastructural development on economic growth and poverty in nigeria. Institutions a nation must be perceived as being politically stable before it can hope to increase investment in its economy education. Infrastructural development and economic growth in nigeria. A alani2 abstract the study examined the contribution of different measures of human capital development to economic growth in nigeria. The assumption that there is a uniquely correct or at least a uniquely appropriate definition of economic growth, openly invites a very fundamental type of criticism. Agriculture, which employs about 70 percent of the population, accounts for only 22 percent of. This paper examines the short run, long run and the causal relationship between financial development and economic growth in nigeria from 1975 to 2008.
This informs why in nigeria growth continuously dominates the main policy thrust of government s development objectives. It used data from nigeria and adopted the growth account model which specifies the growth of gdp as a function. Nzotta 2004 observed that, interest rates, credit ceiling and sectoral allocation have been found useful to ensure efficiency in resource allocation. Agriculture is an important sector in the developing world. Apart from the revenue function it performs for the government, it is also used to assist the national government to achieve the countrys macroeconomic objectives in the. To achieve the purpose of this research, we estimated the real. Specifically, the paper examines the impact of trade openness, financial integration and foreign direct investment on economic growth in nigeria. Financial development and economic growth nexus in nigeria. Development strategy for nigeria moses akpobasah at a 2day nigeria meeting organized by the overseas development institute, london, 1617 june 2004 contact. A multivariate regression approach was employed to. This paper will examine specifically, the extent to which variations in nigeria debt structure contributed to the nations economic growth. It depends on implementing the economic recovery and growth plan 201720, which emphasizes economic diversification.
Impact of unemployment on economic growth of nigeria. Population growth and economic development in nigeria. Study on skills development for the informal sector of the. Air transportation development and economic growth in nigeria. Economic development is the process focusing on both qualitative and quantitative growth of the economy. This paper empirically investigated the impact of financial development on economic growth in nigeria during the period 1986 2012. However, inclusive growth and development remain primarily an aspiration.
The study focused on the contributions of commercial banks to economic growth of nigeria. Economic growth and development of nigeria economics essay. Nigeria is a dynamic country that is blessed with abundant human and natural resources. Entrepreneurship and economic development in nigeria. The downsizing aspect of privatization is an important one since bad government policies and government corruption can play a large, negative role in economic growth easterly. The paper examines the effects of defence spending on economic growth in nigeria. Applying the granger causality co integrations framework, this study finds statistical evidence that efficient tax reforms are necessary conditions.
Time series data on external debt stock and external debt service was used to capture external debt burden. But under different conditions, similar rates of growth can have very different effects on poverty, the employment prospects of the poor and broader indicators of human development. The impact of tax policy on economic growth in nigeria s. The central bank of nigerias recent decree that banks hold loandeposit ratios of 60% bodes well for increasing lending to the real sector. This obvious gap is what the present study seeks to fill as it tests the hypothesis that. The study measures fiscal federalism in terms of internally generated revenue of states and allocations to the federal, states and local governments and nigeria economic development to key development indexes such as per capita income, literacy rate and infant mortality rate. Iheanacho 2016 investigated the contribution of government expenditure in nigeria and found a negative and significant longterm relationship between economic growth and recurrent expenditure. The impact of tax policy on economic growth in nigeria. The essence of the study in to determine the components of government expenditure that enhance growth and development, identify those that do not, and recommend those that should be cut or reduced to the barest. Air transportation development and economic growth in nigeria abraham alexander anfofum saheed, s. Examples of studies that have documented a positive effect of population growth on economic development in nigeria are adewole 6, nwosu et al. This study in line with has tried to evaluate infrastructural development and economic growth of nigeria, using simultaneous analysis.
Strong economic growth therefore advances human development, which, in turn, promotes economic growth. The contribution of taxation to any economy globally cannot be overemphasized. Consequently, this study is on the impact of commercial banks credit to the. The fall in oil prices had exposed the hollowness of the unsustainable economic growth model. The economic situation of nigeria nigeria is a monoeconomic nation with its economy heavily dependent on petroleum revenue which accounts for about 80% of government revenue and 90% of foreign exchange earnings. Growth was petering out and the country was facing stag.
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