This study therefore examines the major economic growth determinants as well as the direction of causality that exists between economic growth and some selected economic growth indicators in nigeria, employing the johansen cointegration and granger causality tests. Nigeria made some farreaching commitments in the tourism and travelrelated ser vices subsector in the general agreement on trade in services gats signed at the end of the multilateral trade negotiations of the uruguay 0und. This research work focuses on the effect of money and capital market on financial development and economic. Inflation and economic growth in nigeria the main purpose of this study is to ascertain the existence or not of a relationship between inflation and economic growth in nigeria.
Inflation and economic growth in nigeria omoke journal. The paradox of economic growth without development in nigeria. Wash your hands regularly for 20 seconds, with soap and running water or alcoholbased hand rub cover your nose and mouth with a disposable tissue or flexed elbow when you cough or sneeze avoid close contact 1 meter or 3 feet. The roles and challenges of small and medium entreprises. Nigeria african economic outlook african development bank. Again the study reveals that trade partner of nigeria appears to be gaining more than the country. Sustainable development the main goal of development is to satisfy human needs and aspirations. Taxation and economic growth in nigeria onakoya, adegbemi babatunde1 afintinni, oluwatobi ibukun2 1,2department of economics, banking and finance, babcock university, ilishan remo, nigeria abstract over several decades, taxation has been taken as a veritable medium of engineering the growth or performance of an economy. Local government administration in nigeria and community. Pdf economic growth and development in nigeria in the.
Nigeria to diversify her economy to curb unemployment and stabilise her economy for sustainable national d evelopment. Achieving sustainable economic development in nigeria. Economic diversification, stability, sustainability, development 1. Development strategy for nigeria moses akpobasah at a 2day nigeria meeting organized by the overseas development institute, london, 1617 june 2004 contact. The paper adopted correlational research design using secondary data for a period of 22 years 199220. According to onoh 2007 and central bank of nigeria 2011 nigeria has used these instruments at different stages of the countrys development. Pdf introduction insecurity can be termed as the manifestation of fear and absence of economic or physical protection for persons, buildings. The role of taxation in economic development is same for all the countries. The development of science education in nigeria as opined by itua 2011 is a welcome idea because this critical sector holds the key to the rapid transformation of the country, nigeria. Hence, it is a complex problem to answer about the measuring of economic development. It contributes to economic growth and development as well as a major employer to majority of the people of subsaharan africa including nigeria, especially those in the rural areas. Subsaharan africa region fdi indicators south east asia 35 no. Economic diversification for sustainable development in.
The building and construction sector has been relevant in the development of the nigerian economy. This study a nalyses the impact of non oil tax revenue on economic growth from 1993 to 2012 in nigeria. 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. The extent to which tourism contributes to economic development has been a major source of controversy in the tourism literature. Theres currently no vaccine to prevent coronavirus disease covid19. Being the text of a paper presented at the 4th annual national conference of the social studies association of nigeria sosan. The study was carried out at ilorin, capital city of kwara state, nigeria. National interest and national development the term national interest is characterized with inconsistency. Effects of exchange rate movements on economic growth in nigeria. The paper adopts a simple endogenous growth model to evaluate the short and longrun impact of gross fixed capital formation, human capital formation, savings and population growth rate on economic growth in nigeria. Ho1 tax revenue has no significant positive impact on economic development of nigeria using hdi. Nigeria s recent economic pol icy has favoured the development of clusters and use of special economic zones sez s to drive growth in several key sectors and their value chains. The organisation projects a population of 203 million in 2025 and 279 million in 2050, when nigeria is expected to have the worlds 6th largest population. Nigeria overview international development, poverty.
It outlines government revenue and expenditure for a given fiscal year. You can protect yourself and help prevent spreading the virus to others if you. This study on the paradox of economic growth without development seeks to investigate and determine the abnormalities associated with economic growth and development in nigeria. The methodology employed in this study is the cointegration and granger causality test. Sincee the international interna yardstick for measuring the wellbeing of nations then the was the growth of per capita income, itt was necessary necessa to concentrate on a measure that would increase rease the gdp. The nation is made up of people of diverse cultures and religions. Problems of economic development in nigeria and solutions. International journal of economic development research and investment, vol. Globalization and nigerian economic development yusuf abdulraheem. Entrepreneurship and economic development in nigeria. Globalization and nigerian economic development yusuf. Generally, economic development is a process of change over a long period of time. Based on determining implication of globalization on economic development, recommendations on the development of. Infrastructure development and economic growth nexus in nigeria.
Nigeria is also a member of the british commonwealth of nations. At the end of the war the 2nd national development plan focused on the development of the 3rs objectives of reconstruction, re development and reconciliation. Tourism is as of the largest economic sector, generates employment and foster growth in many countries. National interest and national development in nigeria. Fasttracking sustainable economic growth and development in. Pdf effect of business on economic development in nigeria.
Nevertheless, the niger delta development commission nddc was created to coordinate economic and social development in the oilproducing region. Economic growth and development of nigeria economics essay. This study assessed the impact of entrepreneurship on economic development in nigeria. Colonialism is a major feature of the economic history of nigeria. The myth of growth and development is so entrenched that the. Since the mid1980s there has been an increased commitment of government to entrepreneurship development especially after the introduction of. Its fortynine years of independence actually are rolling by daily in search of development. This is as we know the basic resource of generation govt. She is endowed with many natural resources scattered in different parts. Housing is a major component of the building and construction sector. However, the results emanating from these studies have been inconclusive.
April 2011 184 impact assessment of the role of nigerian stock exchange on the economic development of nigeria okoh lucky department of business administration, delta state polytechnic, ozoro, nigeria. Nigeria becomes africas largest economy get the data. Students work in groups to identify the differences in development and the issues and challenges this brings for nigeria. Role of transportation in the economic development of nigeria. Role of transportation in the economic development of nigeria by oguike, matthew. In recent years, all her efforts to grow the economy, nigerias rate of economic growth has remained very volatile and sluggish.
Though there are several criteria or principles to measure the economic development, yet none provides a satisfactory and universally acceptable index of economic development. A mutual correlation exists between infrastructural development and economic growth in nigeria. 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. Nigeria abstract the small and medium scale enterprises smes dominate the real sector and play roles in the economic development of countries around the world.
Capital accumulation and economic growth in nigeria. Financial development and economic growth nexus in nigeria. Department of business administration, faculty of management sciences, nnamdi azikiwe university, awka. Effect of external debt on economic growth and development of nigeria ajayi, lawrence boboye. A series of unfortunate political and economic events have stalled nigerian growth. Thus the concepts of globalization and development as well as some components of nigeria development and the impact of globalisation on the world economy are critically examined. However, it is a known fact across the globe that for a country to attain growth and development, its economy has to be diversified. Publication date 1963 publisher kansas state university. What is the role of taxation in the economic development. Nigeria has been ruled by poor leaders over time from the onset. To achieve this research objective, relevant secondary data were used from the 2012 statistical bulletin of the central bank of nigeria cbn.
Strategies for achieving sustainable development in nigeria. Economic report on nigeria 2015 1 introductory remarks this special edition of the economic report on nigeria aims at serving a dual purpose. People do hide under the cover of national interest to project and protect their own individual or group interest. Economic diversification for sustainable development in nigeria. Measurement of economic development economics discussion. Nigeria is permanently hunted by the spectre of development. It targets the growth of nigerias gross domestic product, gdp, by 2. Furthermore, the country continues to face massive developmental challenges, which include the need to reduce. Many saw nigeria, with 15% of africas population, as an emerging economy. Abstract the quest for sustainable development is not feasible without alleviating poverty drastically. As noted by kissick et al 2006, housing is a key input in economic, social, and civic development.
Strategies for achieving sustainable development in. Nigeria has diplomatic relations with countries in europe, africa, america and asia. D department of banking and finance faculty of management sciences ekiti state university ado ekiti, nigeria abstract. Nigeria made some farreaching commitments in the tourism and travelrelated ser vices subsector in the general agreement on trade in services gats signed at the end. In a situation such as this, national interest does have a negative contribution to national development. National development plans in nigeria we have had series of development plans in nigeria. A synopsis of the linear programming and inputoutput models asserts a preference for the linear programming optimizing model due to the heterogeneous development pattern in the country coupled with gaps between the achievements visa.
Nigerian socioeconomic development covenant university. However, with tourism still at its infancy, nigeria stands to benefit from diversifying the nations economy through tourism. Unemployment in nigeria is a major problem both economically and socially. Unemployment in nigeria has resulted in more and more people who do not have purchasing power. Introduction nigeria is the most populated african nation with a population of about 160 million. One of the major problems which nigeria is facing today is poor leadership. D department of banking and finance faculty of management sciences ekiti state university ado ekiti, nigeria oke, michael ojo. It is consistent with the sustainable development goals, sdgs, as it. In recent years, all her efforts to grow the economy, nigeria s rate of economic growth has remained very volatile and sluggish. Nigeria has overtaken south africa as the continents largest economy after it overhauled its gross domestic product data for the first time in more than two decades official figures for 20. Reflections on the national economic empowerment and development strategy needs 20032007 article pdf available may 2009 with 39,049 reads how we measure. This paper sets out to examine if the revitalization of tvet as it is being currently done by the policy makers is adequate to achieve economic development so as to enable the country realize her goal of becoming one of the 20 economically developed economy in the world by year 2020. Policy development facility phase ii pdf ii is a flexible, rapidresponse facility set up to support champions of change in implementing economic and social policies that help reduce poverty in nigeria.
Infrastructure development and economic growth nexus in. Based on quarterly series for the period 1986 to 2010, the paper examines the possible direct and indirect relationship between exchange rates and gdp growth. The role of government in entrepreneurship development in nigeria became significant only after the nigeria civil war 196770. Monoeconomy needs to give way to the productive development of various. What is the role of taxation in the economic development of. Nigeria s transportation infrastructure is a major constraint to economic development since transportation infrastructures continue to remain in bad shape.
Rural development in nigeria has been at the core of public policies over the past ten decades beginning from the colonial up to the postindependence arrangements. The paper canvassed the need for synergy and collaborative approach to community development and reform initiatives anchored on theory to practice policy inclination. The political, economic and social dynamics of nigeria. Pdf the study examines the effect of the businesses in nigeria on the economic development of the country. Britain eventually gained control of nigerian administration. Predicting the effects of economic diversification on. Pdf economic growth and development in nigeria in the 21st. Globalization and nigerian economic development by yusuf abdulraheem department of curriculum studies and educational technology university of ilorin, ilorin. Diversification of nigeria economy through agricultural. The overall composition of the national, regional and local economies. Atan2 this study investigates the effect of exchange rate movements on real output growth in nigeria.
The effect of tax revenue on the economic development of nigeria is not significantly different from its impact on economic growth using gdp as a measure. There have been several studies that have investigated the relationship that exist between infrastructure development and economic growth. Early economic development ent policies in nigeria had focused on growth. Challenges to economic growth in nigeria michael amati jose ardavin jeanette fershtman 14 may 2004. While nigeria has made some progress in socioeconomic terms in recent years, its human capital development remains weak due to underinvestment and the country ranked 152 of 157 countries in the world bank s 2018 human capital index. After independence, the nigerian economy seemed very promising. Nigeria, a mono economy country, generates eighty percent of the nations foreign exchange and remains heavily dependent on crude oil.
Development and welfare for nigeria which was introduced in 1946 by the colonial government 19451956 sequel to a circular from the secretary of state for colonies to all british colonies, directing the setting up of a central development board onah, 2010. Oil price volatility continues to influence nigerias growth performance. Economic development in nigeria, although has been rocked back and forth by various political, sociocultural, financial and infrastructural setbacks, the economic development of a country like nigeria cant be said to have totally been where it used to be, or to have back tracked as some people insinuate. Agriculture is an important sector in the developing world. Economic development nigeria product, growth, economic. Nigerias recent economic pol icy has favoured the development of clusters and use of special economic zones sez s to drive growth in several key sectors and their value chains. Less consumption has led to lower production and economic. Effects of exchange rate movements on economic growth in.
Transport in nigeria has also suffered a lot of setbacks due to poor management and maintenance. Autoregressive integrated moving average arima model was applied in the analysis, the study found that aggregate commercial banks financing of smes has. Also, most of the typically scanty empirical attempts have been, in the main, conducted at the crosscountry levels, thus, making it quite difficult to extrapolating to countryspecific cases. Nigeria and other developing economies use monetary policy as expected means of promoting desired economic goals.
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