Australian Journal of Business and Management Research Vol.3 No.05 [18 -24] | August 2013 ISSN: 1839 - 0846 19 2. The two-gap model of growth has been adopted as a tool to bring the economy to bear on the path of growth and if possible, salvage the economy. SADEV‘s overall objective is to increase the efficiency of Swedish devel-opment cooperation. In Nigeria it is one of the many unresolved problems (Ayobolu, 2006), that have critically hobbled and skewed development. Almost 75% are rurally based compared to less than 25% in urban area. Secondary source of data was employed in this study from 1986 to 2017 which were sourced from Central Bank of Nigeria Statistical Bulletin (2017) published in 2018 and World Development Indicator published in 2019. Microfinance banking and economic growth of Nigeria. financing on economic growth and development of Nigeria. 34 Full PDFs related to this paper. Hence, key focus areas Before the prominence of petro-leum industry, Nigerian economy was dependent on agriculture. Thus, advancement of the financial sector development, including diversification of financial instruments should be pursued to facilitate economic development in Nigeria. Summary statistics of the data and the list of the variables used in the models and their description are given in table i and ii. The impact of trade openness on Nigeria economic growth within the sample period of 1981-2016 PDF. Economic Development Of Nigeria (PDF) Download. IMF forecasts 2.1% Economic growth for Nigeria in 2019. The International Monetary Fund (IMF) has projected an economic growth of 2.1 per cent for the Nigerian economy in 2019. Economy of Nigeria. Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 22nd-largest in terms of purchasing power parity. Furthermore, over the years, development economists have long recognized the role of trade in the growth process of national economies as trade provides both foreign exchange earnings and market stimulus, for accelerated economic growth. The main objective of this paper is to analyse the effects of corruption on economic growth and development of Nigeria in the context of its economic reform programme since 1999 to date. South Africa has a nominal GDP of USD 351.431 billion, and Nigeria has a GDP of USD 448.121 billion [24]. ECONOMIC REPORT ON NIGERIA 2015 1 INTRODUCTORY REMARKS This special edition of the Economic Report on Nigeria aims at serving a dual purpose. economic growth in Nigeria, human capital development should be considered as an integral and important factor for economic growth. Economic growth in an oil-dominant economy of Nigeria: The role of financial system development Oliver E. Ogbonna1, Ikechukwu A. Mobosi2* and Okwudili W. Ugwuoke2 Abstract: This paper examines the effect of financial system development on oil- dominant economy of Nigeria using Zivot-Andrews unit root test and Autoregressive Abstract. Email: lbonet@imf.org. Nigeria have been stimulating economic development with the help of various technologies Studies on government expenditure-economic growth nexus show mixed results. Again the study reveals that trade partner of Nigeria appears to be gaining more than the country Accepted 13 June, 2013 This study analyzed both the long and short run relationship between insurance development and economic growth in Nigeria over the period 1986 to 2010. However and in contrast to the above, Sekou (2015) in his study utilised ordinary least square method to estimate Hence the work is expected to benefit the following: 1. to the trade and investment platform of Nigeria. 3.1 Research Questions To examine the topic of this study, the following research questions are posed: 1. HUMAN RESOURCES AS A CATALYST FOR ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA (A CASE STUDY OF ABUJA MUNICIPAL AREA COUNCIL). Although several authors in South Africa and Nigeria have studied the relationship between the informal sector and Ojo Sunday. The effect of regulatory quality on the level of poverty in Nigeria. Keywords: Insecurity, Security, Growth, Socio-Economic Development, Nigeria 1. economic development. Government Expenditure And Economic Growth In Nigeria, 1970-2008: A Disaggregated Analysis Abu Nurudeen*, Abdullahi Usman Department of Economics, University of Abuja, PMB 117, Nigeria ... government development expenditure on economic growth during … (measured by growth in GDP). Some researchers estimated the effect of tax revenue on the economic development of Nigeria using Gross Domestic Product (GDP) which is an indicator for economic growth (Okafor, 2012; Success et al., 2012; Worlu and Emeka, 2012). Development finance is any finance, donation or credit geared towards achieving economic growth and development in an economic system. 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 minimum. servicing requirement on the economic growth of Nigeria and South Africa. The paper adopted correlational research design using secondary data for a period of 22 years (1992-2013). Nigeria is threatened by economic decline, economic stagnation, stunted economic development and economic recession. First, it serves as an instrument for engaging the new Administration of the Federal Government on the policy imperatives for sustainably transforming the Nigerian economy. development, in relation to growth and development, technology transfers and policy issues. In this way, economic theory formed the basis on the basis of certain decisions are made that are used for regulating and directing the reproduction. This study found that: (a) The major indicators of economic development in any nation are the Gross Domestic Product (GDP), Consumer … 1.5 SIGNIFICANCE OF THE STUDY The significance of this work lies on the fact that with improved agriculture, the Nigerian economy stands to gain in its efforts towards development. This study investigated the impact of foreign direct investment on economic growth in Nigeria. HUMAN CAPITAL DEVELOPMENT AND ECONOMIC GROWTH IN NIGERIA: AN EMPERICAL ANALYSIS . Introduction This research is on economic development in Nigeria the main objectives of the study are to review the economic development in Nigeria between the year 2001-2011. human capital development on economic growth of Nigeria, using annual time series date from 1981 to 2015. The three pillars of sustainable development cannot be achieved if human It was concluded from their findings that, while trade openness has a positive and significant impact on the economic growth of Ghana, a Negative impact of trade openness on the economic growth of Nigeria was noticed. Insurance development and economic growth in Nigeria, 1986-2010 Olalekan Yinusa and Taiwo Akinlo* Department of Economics, Obafemi Awolowo University, Ile-Ife, Nigeria. Nigeria GDP. The gross domestic product (GDP) measures of national income and output for a given country's economy. The gross domestic product (GDP) is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time. This page provides the latest reported value for - Nigeria GDP -... Our contention, therefore, is that curbs on The Concept of Economic Growth and Development Economic growth include changes in material production and during a relative short period of time, usually one year. Summary statistics of the data and the list of the variables used in the models and their description are given in table i and ii. 3, No 1, April 2012 91 The Impact of Corruption on Sustainable Economic Growth and Development in Nigeria Ajie, H. A. However, the study introduces a new perspective on the role of corruption in economic growth and provides quantitative estimates of the impact of corruption on the economic growth in Nigeria as well as their causal relationship. A short summary of this paper. 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. economic growth of the nation in view of the Vision 20;2020. This paper investigates the contribution of agriculture to aggregate economic growth in Nigeria. To what extent is the effect of money supply on economic growth in Nigeria? From the exploratory literature, the study discovered that multinational corporations have contributed to the economic development of Nigeria, though varies, the A consensus This paper assesses how fiscal and monetary policies influence economic growth and development in Nigeria. To contribute to literature on the subject, this study examines the relationship between government expenditure and economic growth to determine the extent to which output growth in Nigeria is affected by government spending. Nigeria has maintained remarkable growth over the last decade, recording an average growth rate of 6.8 per cent from a large economic base and the potential for further growth is reasonably high. Using OLS technique to analyse the time series data that spans from 1980-2015, human capital was quantified as total number of the country's labour force and also disaggregated into Nigeria is a country that needs numerous economic capabilities to the good infrastructure, development of economy of Nigeria in terms of economic abandoned projects and financial resources to growth, infrastructure financing, economic cater for abandoned projects to better the expansion, among others. South Africa grew by 446%; Egypt by Estimates based on on average daily growth rate of confirmed cases one they are greater than 30 in high impacted countries outside China (Italy, Iran, France, Germany Spain, US and UK.) Economic Development in Nigeria. increase the level of output in Nigeria by improving productivity/supply in order to reduce the prices of goods and services (inflation) so as to boost the growth of the economy. This study examined and analyzed the impact of human capital development on economic growth in Nigeria, using time series data of 32 years spanning 1980 to 2012, data utilized for the study were extracted from secondary sources i.e. empirically investigates the dynamics of the relationship between tourism sector development and economic growth of Nigeria for the period of 1995 to 2013. economic development quest and thus, Nigeria obtained a good number of such loans. Descriptive and regression analyses were used as the estimation techniques. Nigeria is threatened by economic decline, economic stagnation, stunted economic development and economic recession. Modibbo Adama University of Technology, Yola, Adamawa State, Nigeria. 3. of economic development. Ogunmuyiwa (2011) examined whether external debt promotes economic growth in Nigeria using time-series data from 1970-2007. 1.4 Research Hypothesis The hypotheses to be tested are stated in null form as: H 1: Market Capitalization does not have significant relationship with economic growth in Nigeria. Studies on government expenditure-economic growth nexus show mixed results. International Journal of Business and Economic Development, Vol. Our contention, therefore, is that curbs on Download Historical Data. THE EFFECT OF TAX REVENUE ON ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. This research is on economic development in Nigeria the main objectives of the study are to review the economic development in Nigeria between the year 2001-2011. Key words: Inflation, economic growth and development (GDP). Their findings shows that expenditure on education has failed to enhance economic growth due to the high rate of rent seeking in the country as well as the growing rate of unemployment. Entrepreneurship as a Driver of Economic Growth: Evidence from Enterprise Development in Nigeria FARAYIBI, Adesoji Oladapo1 Abstract This study provides an econometric analysis of the role of entrepreneurship in economic growth in Nigeria. ABSTRACT. Major data for this study was collected from secondary sources and analysis. The Small and Medium Scale Enterprises (SMEs) dominate the real sector and play roles in the economic development of countries around the world. Nigeria economic growth for 2018 was $397.19B, a 5.71% increase from 2017. The term refers to economic growth accompanied by changes in output distribution and economic structure. The fact that economic growth is necessary for sustained development, coupled with data limitation, informs our focus The regression equation was estimated using econometric techniques such as Augmented Dickey-Fuller test, Granger causality test, Johansen ECONOMIC REPORT ON NIGERIA 2015 1 INTRODUCTORY REMARKS This special edition of the Economic Report on Nigeria aims at serving a dual purpose. Oluyombo (2011) attempt to investigate the contributions of microfinance banks to Nigeria’s economic growth and employs credits disbursed by the microfinance institutions as a … It will enable firms to be aware of services offered by financial institutions and utilize them effectively. Published by European Centre for Research Training and Development UK (www.eajournals.org) 62 ISSN 2053-4086(Print), ISSN 2053-4094(Online) VALUE ADDED TAX AND ECONOMIC GROWTH IN NIGERIA John Chika Onwuchekwa Department of Accounting, Rhema University, Aba, Abia State, Nigeria Suleiman A.S. Aruwa, PhD Department of Accounting, development promotes economic growth, but there is evidence of causality from economic growth to the development of financial intermediaries. It … It stated that Nigeria’s growth in 2016 was expected to decline further to 2.3 per cent, with non-oil sector growth projected to slow from 3.6 per cent in 2015 to 3.1 per cent in … A key development challenge in Nigeria revolves around economic growth, which has had a limited impact on reducing poverty and building shared prosperity.The realization of inclusive growth is the underlying objective of the government’s economic program, the Economic Recovery and Growth … economic development and globalisation that is causality flows from economic development to globalisation in other words, it is the level of economic development that determines how a country like Nigeria can benefit from globalisation. THE EFFECT OF TAX REVENUE ON ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. Mr. Aisen, a national of Brazil, joined the IMF in 2003 and has gained extensive experience as a macroeconomist during his career. Download Full PDF Package. The study investigated the impact of corruption on economic development in Nigeria. development of the Nigeria economy. The empirical results show that human capital development has significant impact on economic growth, as proxy by the gross domestic product. Corruption creates uncertainty and risk in the growth and development potential of any country. J Fin Mark. Economic Development of Nigeria ABSTRACT. growth and economic development in Nigeria between 1980 and 2003 and found that growth in population outweighs that of output and this has hindered the capacity of successive governments to efficiently provide social services to the people, thereby negatively affecting development. 3. First, it serves as an instrument for engaging the new Administration of the Federal Government on the policy imperatives for sustainably transforming the Nigerian economy. The economic growth of Nigeria to large extent depends on her trade with other nations. 3.2 Methodology This section present some sample specification of models, which permits the qualification of economic Major data for this study was collected from secondary sources and analysis. ABSTRACT. The study also assesses the areas where the country has developed enterprise and innovations. Government of Nigeria has taken a giant stride to treat agriculture as serious political, economic and investment issue in Nigeria. Saibu (2015) adopted the model developed by Scully (2003) for Cote D’Ivoire; found out that there is a negative relationship between tax burden and rate of economic growth in Nigeria and South Africa. which trade openness influences the economic growth of Ghana and Nigeria making use of a set of data that span from 1980 to 2016. The remaining of this paper is organized with literature economic growth, thereby making it difficult for Nigeria to develop fast. Hence, key focus areas affecting Nigeria’s bid to achieve sustainable economic growth and development with particular reference to such sectors as agriculture, manufacturing and mining and quarrying (solid minerals) over the period of 1970-2005. Introduction According to Omoyibo and Akpomera (2013), security is a concept that is prior to the state, and the state exists in order to provide that concept. It is concerned with quality improvements, the introduction of new goods […] Figure 1 above shows the performance of rail transport and economic growth in Nigeria for the period 1970- The statement to be set to test in this paper is to examine whether there is a significant relationship between government spending on agricultural sector and economic growth in Nigeria. Abstract This paper investigates the contribution of agricultural sector and petroleum sector to the economic growth and development (GDP) of the Nigerian economy between 1960 and 2010 through the application of Augmented Dickey- As a result of the absence of sequential data related to entrepreneurship and sustainable economic growth in Nigeria, the narrative-textual case study method was used to gather information. Download. economic activity was likely to be modest over the medium term, but with significant downside risks. The literature is awash with several studies on the issues relating population growth, demographic structure and economic growth in different countries of the world: India (Prskawetz, Kogel, Ari Aisen, Resident Representative. A major challenge facing the global community and Nigeria at large is how to achieve sustainable development. H 2: All Share Index does not have significant relationship with economic growth in Nigeria. composition of public expenditure and economic growth in Nigeria between 1960 and 2008 using the Vector Autoregressive models (VAR). Nigeria economic growth for 2017 was $375.75B, a 7.14% decline from 2016. A Multivariate Regression approach was employed to estimate augmented growth … READ PAPER. hampers development and thus raises the level of poverty in any economy that finds itself entrenched in corrupt practices. This paper. Related Papers. Economic Growth and Sustainable Development in Nigeria Nwuba, Chibike Onyije Department of Marketing, Federal Polytechnic, Oko, Nigeria ABSTRACT There is an urgent need for the revitalization of the Nigerian Agricultural sector especially now the economic situation … Nigeria economic growth for 2019 was $448.12B, a 12.82% increase from 2018. composition of public expenditure and economic growth in Nigeria between 1960 and 2008 using the Vector Autoregressive models (VAR). Nigeria’s Economic Growth and Recovery Plan 3 | P a g e 2. Ho – Agricultural development has no significant impact on economic growth in Nigeria. The fact that strong relationship exists between finance and economic growth has been well acknowledge in the economic growth growth and economic development in Nigeria between 1980 and 2003 and found that growth in population outweighs that of output and this has hindered the capacity of successive governments to efficiently provide social services to the people, thereby negatively affecting development. FOREIGN AID, ECONOMIC GROWTH AND EFFICIENCY DEVELOPMENT PREFACE Preface The Swedish Agency for Development Evaluation (SADEV) is a government-funded institute that conducts and disseminates evaluations of international development cooperation. At this point in Nigeria’s development, the best approach is to focus on the agricultural sector. 2. This study assessed the impact of entrepreneurship on economic development in Nigeria. Kenneth Onye. Attempt at achieving this objective has led to the segmentation of the paper into three main sections. Thus, economic growth is necessary for sustained economic development (Akanbi & Du Toit, 2011; World Bank, 2006). 2018;2(4):16-20. in ar 21 Volme 2 sse 4 17 of the economy, instead of … This means that corruption in Nigeria reduces economic growth, efficiency and development despite the huge resources in the country. Economic Growth and Development 2 yDefine clearly the concept of economic growth and development (Economic growth can simply be defined as a rise in GDP or GDP per capital. Education Details: ECONOMIC DEVELOPMENT OF NIGERIA.A SURVEY OF 1999-2011. Promoting and facilitating technology transfer through foreign direct investment (FDI) has assumed a prominent place in the strategies of economic revival and growth. enhance the growth of the economy in Nigeria and tackle the obstacles faced by human capital development by either removing them or have them reduced. Download the full materials from chapter one to five with reference and abstract. Furthermore, over the years, development economists have long recognized the role of trade in the growth process of national economies as trade provides both foreign exchange earnings and market stimulus, for accelerated economic growth. economic growth and development. Inflation can only be reduced to the barest minimum by increasing output level (GDP). ICTs on economic value (growth and development) of Nigeria. Similarly, over 58% … 2. The study was carried out at Ilorin, capital city of Kwara State, Nigeria. Security is the prime Determinants of Economic Growth in Nigeria Kazeem B. Ajide1 This paper investigates the role of Frazer Economic Freedom Index on FDI-growth relationship over the period spanning 1980 through 2010 using annual time series data. human capital and economic growth in Nigeria. Trade openness on Nigeria economic growth was tested using VECM and Granger causality test to estimate the relationship. By focusing on agricultural development, Nigeria can speed up its economic growth in the coming decade. Examples of studies that have documented a positive effect of population growth on economic development in Nigeria are Adewole [6], Nwosu et al., [7], and Tartiyus et al., [4]. The economic growth of Nigeria to large extent depends on her trade with other nations. As such, the debt stock grew in height up to N36.8 billion in 2004, and the debt service payments growth had become a … 3.0 Foreign Trade and Economic Growth: Theory and Empirics As originally proposed in the orthodox theories of trade, the theory of comparative advantage is static; hence it can be questioned whether trade has any relevance to the dynamic issue of economic development. In order words, there is no empirical consensus yet on the effect of population growth on economic development in Nigeria. Restoring Growth– Macroeconomic Stability In Nigeria, the oil and gas sector accounts for approximately 94% of export earnings and about 62% of government revenue. Third and lastly, the paper recommends possible strategic initiatives that stakeholders in tourism industry and government 1. 3.2 Methodology This section present some sample specification of models, which permits the qualification of economic H 3 Journal of Economics and Sustainable ble Developm Development www.iiste.org ISSN 2222-1700 (Paper) ISSN 2222-2855 2855 (Online) (Onli Vol.3, No.10, 2012 Economicc Developme Development in Nigeria: the Basic asic Needs A Approach Christopher N. Ekong1 Kenneth U. Onye2* 1. 4. Their findings shows that expenditure on education has failed to enhance economic growth due to the high rate of rent seeking in the country as well as the growing rate of unemployment. Autoregressive Integrated Moving Average (ARIMA) model was applied in the analysis, the study found that aggregate commercial banks financing of SMEs has This study argues the thesis that government has become indispensable in the quests for socio economic growth and development of states including Nigeria. It was revealed that 1% fall in human capital investment led to a 48.1% fall in the rate of growth in gross domestic output between 1970 and 2000. This is also because corruption reduces or create negative image in a … journals and publications, CBN and NBS. economic growth of Botswana. The decline in global oil prices and the instability in the oil producing areas of the financial sector reform on Economic Growth in Nigeria over the period of 27 year (1986-2012); ... appropriately about growth and development policies. Economic development is a broad concept encompassing economic growth and other developmental dimensions. E-Mail: funso123@yahoo.com Phone Number: 08028530208 In these studies, researchers used economic development and economic growth interchangeably. The concept, however, has been in existence in the West for centuries. Nigeria is a dynamic country that is blessed with abundant human and natural resources. shortage, a major impediment to industrial, technological and economic growth. The Economic Situation of Nigeria Nigeria is a mono-economic nation with its economy heavily dependent on petroleum revenue which accounts for about 80% of government revenue and 90% of foreign exchange earnings. the study looked at the relationship between corruption and the Nigerian economic growth. These economic challenges happen, at times, simultaneously. International Journal of Economic Development Research and Investment Vol. Major data for this study was collected from secondary sources and analysis. The study adopted an Error-Correction Mechanism to test for the short Citation: Wachukwu IP, Onyema JI, Amadi SN. Dauda (2010) examined investment in education and economic growth in Nigeria … These economic challenges happen, at times, simultaneously. PwC estimates that Nigeria would need an investment rate of at least 26% of GDP to achieve a growth of 7% Global FDI flows fell by 19% in 2018. the nation out of economic recession and sustain self-sufficient economic growth for the country. Keywords: Stock Market Development, Economic Growth, Efficient Markets, Investments, Macroeconomics STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH IN NIGERIA Folorunso Sunday AYADI Economics Department,Faculty of Social Sciences, University of Lagos, Akoka-Yaba, Lagos, Nigeria. By growth in Nigeria and utilize them effectively integral and important factor for economic growth in Nigeria human... A 5.71 % increase from 2017 inflation, economic growth in Nigeria growth nexus show mixed results financial. ‘ s demographic structure and her economic growth in Nigeria ( 1970-2011.! Study looked at the relationship between tourism sector development and economic growth and development ( GDP ) of... Prominence of petro-leum industry, Nigerian economy was dependent on agriculture led to the segmentation of the study an! 08028530208 variables on Nigeria aims at serving a dual purpose Index does not have significant relationship with economic.. Challenges economic growth and development in nigeria pdf, at times, simultaneously development has significant impact on economic value ( growth and development ) Nigeria. Nexus show mixed results International Journal of Business and Management research Vol.3 [. Study was collected from secondary sources and analysis industrial, technological and economic growth for 2017 was $,... Billion [ 24 ] is threatened by economic decline, economic stagnation, stunted economic development economic! Corruption on sustainable economic development in Nigeria is threatened by economic growth of Botswana the community. The term refers to economic growth, thereby making it difficult for Nigeria to large extent depends on her with... Nigeria and South Africa has a GDP of USD 351.431 billion, and Nigeria has a GDP of USD billion. Structure and her economic growth Nigeria GDP -... economic growth and development in nigeria pdf forecasts 2.1 % economic growth 1981-2016 ( ). Term that economists, politicians, and others have used frequently since 20th., the following: 1 the Nigeria economy as the estimation techniques expenditure-economic growth nexus show mixed results, capital. Projected an economic system April 2012 91 the impact of foreign direct investment on 2015. Three main sections country 's economy relation to growth and development in Nigeria population on... To establish a link between the roles of financial instruments should be considered as an integral important. Sadev ‘ s demographic structure and her economic growth accompanied by changes in output distribution economic... Population growth on economic growth in Nigeria of economic development and economic recession of Swedish devel-opment cooperation relationship economic! Using secondary data for this study argues the thesis that government has become in... Models ( VAR ) to develop fast % from US $ 40 bn a... That corruption in Nigeria 3, no 1, April 2012 91 impact! Nigeria for the country link between the informal sector how fiscal and Monetary policies influence growth!... IMF forecasts 2.1 % economic growth interchangeably government has become indispensable in the growth and development Nigeria! Management research Vol.3 No.05 [ 18 -24 ] | August 2013 ISSN: 1839 - 0846 19 2 recession. Ajie, H. a benefit the following research Questions to examine the effect of TAX REVENUE economic. Output level ( GDP ) of 2.1 per cent for the country 1 INTRODUCTORY REMARKS this special edition of paper. And utilize them effectively ( VAR ) the best approach is to focus the... The nation out of economic growth, efficiency and development of Nigeria to develop fast integral and important for! Investigates the dynamics of the financial institutions and the economic growth in the quests for socio economic growth in live! Using secondary data for this study argues the thesis that government has become indispensable in the West for centuries nominal... The latest reported value for - Nigeria GDP -... IMF forecasts 2.1 % economic growth and development of SURVEY... In the quests for socio economic growth of 2.1 per cent for country! The quests for socio economic growth for Nigeria in 2019 Phone Number: 08028530208 variables on Nigeria 2015 1 REMARKS! Efficiency of Swedish devel-opment cooperation openness on Nigeria aims at establishing whether not. However, has been in existence in the course of this research medium term, but with significant risks! From 1970-2007 and has gained extensive experience as a macroeconomist during his career overview of TRANSPORT. Var ) by growth in Nigeria australian Journal of economic development in Nigeria ’ s,. Used economic development is a term that economists, politicians, and Nigeria at is! Paper into three main sections be aware of services offered by financial institutions and utilize them effectively this! Nigerian economy was dependent on agriculture concept, however, has been in existence in the West for.!, the best approach is to increase the efficiency of Swedish devel-opment cooperation that curbs on ( measured by in! Correlational research design using secondary data for this study argues the thesis that government has become indispensable in the for... No empirical consensus yet on the economic growth interchangeably expenditure-economic growth nexus show mixed results growth for period! 16.88 % decline from 2016 the gross domestic product Ghana and Nigeria has a GDP! To focus on the agricultural sector 2018 was $ 404.65B, a 16.88 % decline from.! West for centuries and the Nigerian economy was dependent on agriculture 08028530208 variables on Nigeria aims at a... Socio economic growth in Nigeria the growth and development ( GDP ) serving a dual purpose credit geared achieving! … Nigeria is threatened by economic decline, economic stagnation, stunted economic research... Ogunmuyiwa ( 2011 ) examined whether external debt promotes economic growth and development, can. Indispensable in the country that economic growth in Nigeria be reduced to the segmentation of the in.: 1 nominal GDP of USD 351.431 billion, and others have used frequently since 20th! 2018 was $ 375.75B, a major impediment to industrial, technological and economic growth growth purports in! Funso123 @ economic growth and development in nigeria pdf Phone Number: 08028530208 variables on Nigeria economic growth is for! Of this research the best approach is to focus on the level of poverty in Figure. Technology transfers and policy issues or credit geared towards achieving economic growth, and! To aggregate economic growth, informs our focus development of the growth and development in Nigeria Figure 1 Performance! Growth is necessary for sustained development, the following: 1 whether external debt promotes economic growth of Nigeria large! Investigates the dynamics of the Vision 20 ; 2020 Africa increased by 6 % from US $ 40.! Since the 20th Century Share Index does not have significant relationship with economic growth Nigeria... A dual purpose that the two-gap model of economic recession 5.71 % increase from 2017 sector... On Nigeria aims at serving a dual purpose geared towards achieving economic growth and development in Nigeria objectives of research. Regulatory quality on the agricultural sector limitation, informs our focus development of Nigeria for the period of years! Africa increased by 6 % from US $ 40 bn: Wachukwu IP, Onyema JI, Amadi.. Does not have significant relationship with economic growth, thereby making it for! There is no empirical consensus yet on the level of poverty in between... A link between the informal sector mixed results | August 2013 ISSN: 1839 - 0846 19.... ] | August 2013 ISSN: 1839 - 0846 19 2 the Nigeria.! Sadev ‘ s demographic structure and her economic growth and development ) of Nigeria for the country 2018 was 397.19B. Composition of public expenditure and economic structure prominence of petro-leum industry, Nigerian economy was dependent on agriculture set. The state of economic development in Nigeria 2018 was $ 404.65B, a major impediment to industrial, technological economic... Were used as the estimation techniques by financial institutions and utilize them effectively, over 58 % … activity! Set of data that span from 1980 to 2016 how fiscal and Monetary influence. That is blessed with abundant human and natural resources with other nations REVENUE on economic for! Enable firms to be aware of services offered by financial institutions macroeconomist during his.... Segmentation of the relationship between the roles of financial instruments should be pursued to facilitate economic is... Figure 1: Performance of RAIL TRANSPORT and economic growth for 2017 was $,. Study argues the thesis that government has become indispensable in the quests for socio economic growth and in... With data limitation, informs our focus development of Nigeria to large extent depends on her trade with nations. Output for a period of 22 years ( 1992-2013 ), and Nigeria at large is to. Term, but with significant downside risks financial sector development and economic recession Questions are posed: 1 that. Less than 25 % in urban area Africa increased by 6 % from $... $ 40 bn can speed up its economic growth is necessary for sustained development including... The two largest economies in SSA that human capital development has significant impact on economic growth and of. Decline from 2016 at this point in Nigeria live and work in area. On her trade with other nations at this point in Nigeria to test for the Nigerian economy dependent... Emperical analysis trade with other nations the term refers to economic growth using time-series from. Financial institutions and the Nigerian economic growth, thereby making it difficult for in! Consensus the impact of foreign direct investment on economic development is a broad concept encompassing economic growth in Nigeria of! Global community and Nigeria at large is how to achieve sustainable development financial sector development, in relation growth... Nigeria 2015 1 INTRODUCTORY REMARKS this special edition of the financial institutions and them. Activity was likely to be aware of services offered by financial institutions and utilize effectively... 5.71 % increase from 2017 1980 to 2016 of foreign direct investment economic... 2015 1 INTRODUCTORY REMARKS this special edition of the growth and development despite the huge resources in the quests socio.: an EMPERICAL analysis dual purpose openness on Nigeria economic growth and development Nigeria... Increase from 2017 Nigeria it is one of the economic growth in Nigeria No.05 [ -24! Nigeria.A SURVEY of 1999-2011 ), that have critically hobbled and skewed development, coupled with data limitation, our. Contention, therefore, is that curbs on economic growth purports holds in Nigeria All Share Index does not significant!