This paper sets out to investigate the impact of Oil Wealth on economic growth of a monocultural ... more This paper sets out to investigate the impact of Oil Wealth on economic growth of a monocultural economy-Nigeria from 1980 to 2012. The operational methodology adopted is the multiple regression analysis with the application of OLS econometric technique. The result derived shows that the manufacturing sector and interest rate contributed negatively to economic growth while the agricultural and oil sectors contributed positively to economic growth. However based on comparative analysis, the agricultural sector contributed more to GDP than the oil sector. This paper recommends that the Federal Government of Nigeria (FGN) should aggressively pursue the policy of revenue base diversification and massive investment as well as unalloyed commitment to the real sectors of agriculture, manufacturing, infrastructure, tourism and others as the key to protect the economy from imminent collapse. Secondly, another way out of the mono-economy is for the government to use petroleum resources to drive industrialization because it is through this that value can be added to various raw materials which will help stop importation of home made goods. Finally, government should boost investment in infrastructure, guarantee security of lives and property, support the proper functioning of the regulatory and other financial institutions required to make the economy function very well. These will no doubt cause the "hanging" economic growth in Nigeria to trickle down to the masses.
The study examined the impact of government social spending on poverty reduction in Nigeria for t... more The study examined the impact of government social spending on poverty reduction in Nigeria for the period 1981-2020 with time series data obtained from the Central Bank of Nigeria Statistical Bulletin. Poverty (household consumption expenditure) was specified as a function of social capital Spending, social recurrent Spending, Inflation rate, and Unemployment. The Augmented Dickey-Fuller unit root test shows that all the time series data were stationary at first difference (I(1)). The result of the Johansen cointegration proves evidence of long run relationship among the variables. The result of the Fully Modified OLS indicates that: government capital spending on social goods and services has significant impact on poverty reduction in Nigeria; government recurrent spending on social goods and services has significant impact on poverty reduction in Nigeria. The Granger causality result shows that there is a uni-directional causality relationship running from government capital spen...
The primary aim of the paper was to identify the impacts and adaptation options of climate variab... more The primary aim of the paper was to identify the impacts and adaptation options of climate variability and change on agricultural production in Limpopo province. The following objectives were identified: to understand the impacts of climate variability and change on agricultural production in Limpopo province ; to assess the impacts of climate variability and change on agricultural production in Limpopo province and to identify adaptation measures that reduces the impacts of climate variability and change on agricultural production in Limpopo province. A representative sample of 300 farmers aged 16-65+ years (46 percent males and 54 percent females) participated in the study. The study involved Sekhukhune and Capricorn districts, with 56 percent farmers in Capricorn and 44 percent in Sekhukhune district. The following 11 local municipalities were visited:
Financial Crimes are criminal activities carried out by individuals or criminal organizations to ... more Financial Crimes are criminal activities carried out by individuals or criminal organizations to provide economic benefits through illegal methods. Financial crimes which have become a very important issue in recent years all over the world cause big harm to the economy and society. Income from financial crimes corresponds to a very large proportion of global GDP. Regulatory bodies constantly develop new tactics to combat financial crimes. With the development of technology, criminals develop new tactics. The most common financial crimes faced today are terrorist financing, money laundering, corruption and fraud. This review articles lay down various types of financial crimes, its manifestation in Nigeria, its effect on the economy and all the regulatory body that will help enhance proper monitory accountability in the country. Not left out is the need for proper orientation for all the citizens in the country.
This study examined the impact of government health expenditure on infant mortality rate for the ... more This study examined the impact of government health expenditure on infant mortality rate for the period 1981-2018. A linear model which specified infant mortality rate as a function of government expenditure and per capita income was formulated. Time series data was obtained from the Central Bank of Nigeria Statistical Bulletin. The Augmented Dickey-Fuller and Phillip Peron Unit root test and Johansen Cointegration techniques were used for the preliminary tests. The time series data were all stationary at first difference, and the existence of cointegration was confirmed. The Vector error correction modeling technique was used to estimate the parameters of the linear model. The result reveals that government expenditure on health has a positive and significant impact on infant mortality in Nigeria in the long run (t = 5.87913). It also found that per capita income has a negative and significant impact on capital expenditure in Nigeria over the period under study (t = 2.53173). The s...
Much progress has been made in recent decades in connecting the people of the world to reliable s... more Much progress has been made in recent decades in connecting the people of the world to reliable supplies of electricity, but some regions remain particularly under-served. Intermittent electricity is electrical energy that is not continuously available due to external factors that cannot be controlled, produced by electricity generating sources that vary in their conditions on a fairly short time scale. The shortage of power supply will seriously affect the healthy development of the economy and can cause large economic losses. To justify intervention by development agencies and governments to improve electricity access and reliability, it is desirable to know that this intervention would have a causal effect on economic growth, poverty, and other development indicators of interest.
The adoption of e-commerce by Small and medium scale enterprises in Nigeria is crucial because it... more The adoption of e-commerce by Small and medium scale enterprises in Nigeria is crucial because it has the potential to increase the revenue of the economy, create new markets for both small and larger businesses and open up channels to serve and interact with consumers. There is no doubt that the country has many technological, legal, infrastructural and financial problems hampering the ample adoption of e-commerce by SMEs in the country, however, addressing these challenges can increase the popularity of e-commerce by removing the problems faced by the users. As drivers of SMEs, e-commerce has the ability to facilitate rapid market changes with notable impact on export and domestic markets. E-commerce can enhance the need to compete more effectively in both local and international sectors, while enabling globalization of the production and supply of goods and services – as well as the need to integrate small enterprises more effectively into the supply chains of larger businesses. ...
Entrepreneurship is important, as it has the ability to improve standards of living and create we... more Entrepreneurship is important, as it has the ability to improve standards of living and create wealth, not only for the entrepreneurs but also for related businesses. Entrepreneurs also help drive change with innovation, where new and improved products enable new markets to be developed. Helping small businesses start and thrive is a win-win situation for the government. Local businesses help support the tax base through business taxes and through the wages provided to employees. The possibility of workforce expansion and economic growth prompts municipalities, counties, states and the federal government to offer various forms of assistance, such as grants, research opportunities, beneficial legislation and worker training programs. To find out what services are available in your area, contact your state and local economic development offices and ask about business incentives in your area.
Cybercrime refers to those criminal acts such as identity theft and bank frauds facilitated throu... more Cybercrime refers to those criminal acts such as identity theft and bank frauds facilitated through the use of the internet. This paper examined the effect of cybercrime on Nigeria‟s commercial banking system. The paper adopted the library research method as secondary data sourced from articles, journals, periodicals and publications were used. Anchored on the risks society theory, the paper argued that the evolution of Information and Communication Technology has brought about unintended consequences such as criminal activities, spamming, credit card frauds, ATM frauds, phishing, identity theft and other related cyber crimes. Accordingly, the paper observed that widespread cybercrime has negative impact on online banking system as it results in huge financial losses, threatens profitability, and tarnishes the image of the country on a global scale, which often dissuades foreign investors from investing in the country. Based on this, the paper recommended among others, the need for ...
Tourism is one of the primary drivers of economic growth and job creation in emerging economies t... more Tourism is one of the primary drivers of economic growth and job creation in emerging economies throughout the world. Africa‟s unique history and natural wonders are gaining attention amid the local and global increase in cultural, heritage, and development tourism. Based on analyses of various countries‟ governance and business environments, it is clear that numerous African countries present tremendous promise to become or remain vibrant hosts for tourists, investors, and entrepreneurs, which can drive employment for low-skilled workers and economic inclusion for women and youth. A recent World Bank study classified African countries into four performance categories: “pre-emergent,” “potential,” “emerging,” and “consolidating” tourism destinations. The performance of countries was based on indicators such as the ease of doing business; the competitiveness in terms of tourism regulation, infrastructure, and resources; the tourism receipts per longhaul arrivals; the international ar...
Government, factor owners and investors share an intersecting objective, which is to boost income... more Government, factor owners and investors share an intersecting objective, which is to boost income, notwithstanding its implications on the macroeconomy of Nigeria. More recently is the government drive to raise tax income, accompanied by the labour union agitation for a 110% rise in federal minimum wage in Nigeria. In line with the United Nations sustainable development goal 9, which is to build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation, this study evaluates the macroeconomic implication of raising income in order to achieve this goal in Nigeria. This study makes significant innovation in the unique adoption of minimum wage on labour productivity ratio, tax burden and capital utilization ratio to explain the variations in productivity and output growth in Nigeria. Over the 33 year period, minimum wage increase has caused an average of 12.33% significant reduction in labour productivity, 4.59% decline in capital productivity a...
This study examined the impact of power generation capacity on economic growth in Nigeria from 19... more This study examined the impact of power generation capacity on economic growth in Nigeria from 1980 - 2015. In the model specified, Real Gross Domestic Product is a function of Power generation capacity in Kilowatt, Gross capital formation and Unemployment. With the aid of econometric techniques employed (co integration test, vector error correction mechanism and granger causality); the following results were found; a stable long run relationship exist between the dependent and explanatory variables in the model as supported by the presence of two co integrating equations. This means that the result of this finding can be relied upon in taking long run policy decision. In the VECM equation result presented , the t-statistics for PGCKWH is 0.003106 while its P-value is [0.2659]. The t-statistics for GCF is 1.109381 while its P-value is [0.5843]. The VECM result also showed a t – statistics of - 4652.801 with p value of 0.0297, indicating an insignificant relationship with RGDP. This...
Finding a recipe that unlocks rapid growth and job creation should be the priority of emerging ec... more Finding a recipe that unlocks rapid growth and job creation should be the priority of emerging economies. Several theories of growth, employment and wage determination were efficient for certain economies at different periods, but not for other emerging economies like Nigeria. This study presents the Labour-Entrepreneurship Substitution mechanism as an idealistic model of growth, employment and wage determination. It is uniquely designed to accumulate capital, substitute labour for entrepreneurship as prospective supply of labour grows beyond its initial level, boost employment and output via new investments. Error correction mechanism of Autoregressive least square technique was used to measure the influence of labour-entrepreneurship substitution rate on the ‘new investment', and the t-statistics, adopting Benferron's multiple comparison adjusted probabilities was further used to measure the significance of the ‘new investment' in determining gross domestic product in ...
The paper focuses primarily on the causes, consequences and impacts of climate change in the Nige... more The paper focuses primarily on the causes, consequences and impacts of climate change in the Nigerian agricultural sector. The paper found out that notwithstanding the existence of modern agricultural technologies, climate change which occurs with different weather varieties hamper productivity levels of both crops and animals in recent time in the country. Although there are information about the negative impacts of climate change in the country, much of these information are not on the doorsteps of the rural agricultural producers due to minimal existence of adequate trained change agents. As Nigeria is currently experiencing increasing incidence of disease, declining agricultural productivity, increasing number of heat waves, unreliable weather patterns, declining rainfall in already desert-prone areas, these gave ways to paradigm shift in the agricultural sector especially in the rural communities. Due to these increasing decline in production of agricultural produce which is co...
International Journal of Scientific and Research Publications (IJSRP)
Globalization as a whole, and economic globalization in particular is a key challenge to public h... more Globalization as a whole, and economic globalization in particular is a key challenge to public health outcomes, especially in developing countries. The paper examined the effects of economic globalization on health outcomes in Nigeria. Specifically, it showed the drivers of health outcomes in Nigeria. The paper covered the period of 1970-2020 and the vector error correction model (VECM) approach was utilized on data sourced from Central Bank of Nigeria Statistical Bulletin of various years and the World Bank Development Indicator (WDI, 2019) database. The result showed that health infrastructure, foreign aid, population growth, access to sanitation were significantly and negatively related to health outcomes while real gross domestic product(GDP) and index of globalization were positively and significantly related to health outcome, such that 1% increase in health infrastructure brought about 17% decrease in infant mortality rate and 1% increase in foreign aid brought about 7% decrease in infant mortality rate. It further showed that 1% increase in population growth rate brought about 4.64% decrease in infant mortality rate and 1% increase in access to sanitation brought about 1.12% decrease in infant mortality rate. The implications of these results on the relationship between economic globalization and health outcomes were discussed. The paper concludes that globalization may not have address health outcomes in Nigeria via extant factors including micro and macro issues. Therefore, a genuinely health-centered process of globalization can be achieved only by ensuring that the interest of developing countries, Nigeria inclusive and vulnerable populations are fully represented in global decision-making processes.
The International Journal of Humanities & Social Studies, Oct 31, 2019
Introduction Human capital development is a complex process involving multiple interactions among... more Introduction Human capital development is a complex process involving multiple interactions among different components. Health and education provide such basic interactions among other human capital development components. Health is central to well-being, and education is essential for a satisfying and rewarding life (Bloom, 2005; Todaro& Smith, 2011). As Bloom and Canning (2000; 2003) have observed, healthier individuals affect the economy in four ways; for example, they might be more productive at work and so earn higher incomes. Health is closely linked to economic growth and sustainable development. According to World Health Organization (WHO), increasing life expectancy at birth by 10% will increase the economic growth rate by 0.35% a year. Similarly, ill health is a heavy financial burden. As reported by the Commission on Macroeconomics and Health (2001), 50% of the growth differential between the rich and poor economies is due to ill-health and life expectancy. The African Population and Health Research Centre (APHRC, 2017) outlined the most common cause of maternal death in Nigeria to include heavy bleeding following delivery (hemorrhage) which account for 23% of all maternal death, followed by infections following childbirth(sepsis) at 17%. The Report of the Centre also included abortions performed in Nigeria. The abortions performed in Nigeria are clandestine and unsafe, terminated by either person lacking the necessary skills or in an environment lacking the minimum medical standard or both. The abortion rate in Nigeria, at 33 per 1000 women aged 15 and 49 years, is higher than sub-Saharan Africa's average of 31 per 1000 women. It is natural to believe that a productive development strategy would be to raise the schooling level of the population. For an economy, education can increase the human capital in the labour force, which increases labour productivity and thus leads to a higher level of equilibrium in output. In Nigeria, education is majorly affected by poor funding. Precisely, the Federal Government spending on education is below 10 percent of its overall budget. Budgetary allocation to the Federal Ministry of Education, relative to its total budget size, has fallen from a 2015 high of 12.46% to a
Cobb-Douglas production function Economic growth Keynesian growth model Real business cycle model... more Cobb-Douglas production function Economic growth Keynesian growth model Real business cycle model Error correction model Vector error correction model Choosing the most suited growth theory in determining output in Nigeria has been a problem for researchers and policy maker. They have been faced with the question of what drive growth of the Nigerian economy: output derived from supply of capital (savings), or output derived from aggregate demand (spending) or due to shock to technology? This study empirically examined the relative effectiveness of the Cobb-Douglas Production function, the Real Business Cycle model and the Keynesian model to determine growth drivers of the Nigerian economy. Error correction model and vector error correction model was used to examine the relative effectiveness of the three growth models in determining output in Nigeria. The result of the study showed that only the coefficient of technology significantly determined economic growth in Nigeria using the Cobb-Douglas production function. Capital and labour significantly determined gross domestic product in Nigeria in the third year, adopting the vector error correction for the Real Business Cycle model. The Keynesian model proved most significant as all explanatory variables, such a consumption expenditure, investment, government spending and balance of payment were significant determinants of Nigerian economic growth. The explanatory variables jointly contributed the most (58.43%) to the variation in the gross domestic product of Nigeria. Real gross domestic product had positive autonomous growth in the Keynesian model but negative autonomous growth using the other two models. Technology input in production should be boosted by increasing government expenditure in education/ enhanced skill acquisition and the employment of more graduates in the productive sectors of the economy. Researchers and policy makers should henceforth adopt the Keynesian growth model as the most suited for the Nigerian economy. Contribution/ Originality: The study originates new formula for estimating technological input in production by estimating its input in labour and capital. 1. INTRODUCTION The cause of economic growth is an intensely argued issue as it concerns two schools of thought; the Keynesian/Institutionalist School and the Orthodox (or Neoclassical) School (Waller, 2000). Waller posits that both schools differ fundamentally in views on the way growth is brought about and in the way it is sustained. Their major deviation is on the saving-investment relation.
One of the major purposes of the demand for foreign aid is to alleviate poverty. What is not clea... more One of the major purposes of the demand for foreign aid is to alleviate poverty. What is not clear, however, is whether the substantial foreign aid inflow to Nigeria in recent times has yielded the desired goal of poverty reduction. This work examined the impact of foreign aid on poverty reduction in Nigeria for the period 1981 to 2017. The objectives are to determine the impact of foreign aid on poverty reduction in Nigeria and to ascertain the direction of causality relationship between foreign aid and poverty reduction in Nigeria over the period of the study. Annual time series secondary data on: Poverty Reduction, Foreign Aid, Foreign Remittances, Inflation and Trade Openness, sourced from Central Bank of Nigeria (CBN) Statistical Bulletin 2017 online edition and the World Bank Development Indicator (WDI), were the variables used. Poverty Reduction is the dependent variable; others are the independent variables in the model. The study employed standard econometric method, involv...
This paper sets out to investigate the impact of Oil Wealth on economic growth of a monocultural ... more This paper sets out to investigate the impact of Oil Wealth on economic growth of a monocultural economy-Nigeria from 1980 to 2012. The operational methodology adopted is the multiple regression analysis with the application of OLS econometric technique. The result derived shows that the manufacturing sector and interest rate contributed negatively to economic growth while the agricultural and oil sectors contributed positively to economic growth. However based on comparative analysis, the agricultural sector contributed more to GDP than the oil sector. This paper recommends that the Federal Government of Nigeria (FGN) should aggressively pursue the policy of revenue base diversification and massive investment as well as unalloyed commitment to the real sectors of agriculture, manufacturing, infrastructure, tourism and others as the key to protect the economy from imminent collapse. Secondly, another way out of the mono-economy is for the government to use petroleum resources to drive industrialization because it is through this that value can be added to various raw materials which will help stop importation of home made goods. Finally, government should boost investment in infrastructure, guarantee security of lives and property, support the proper functioning of the regulatory and other financial institutions required to make the economy function very well. These will no doubt cause the "hanging" economic growth in Nigeria to trickle down to the masses.
The study examined the impact of government social spending on poverty reduction in Nigeria for t... more The study examined the impact of government social spending on poverty reduction in Nigeria for the period 1981-2020 with time series data obtained from the Central Bank of Nigeria Statistical Bulletin. Poverty (household consumption expenditure) was specified as a function of social capital Spending, social recurrent Spending, Inflation rate, and Unemployment. The Augmented Dickey-Fuller unit root test shows that all the time series data were stationary at first difference (I(1)). The result of the Johansen cointegration proves evidence of long run relationship among the variables. The result of the Fully Modified OLS indicates that: government capital spending on social goods and services has significant impact on poverty reduction in Nigeria; government recurrent spending on social goods and services has significant impact on poverty reduction in Nigeria. The Granger causality result shows that there is a uni-directional causality relationship running from government capital spen...
The primary aim of the paper was to identify the impacts and adaptation options of climate variab... more The primary aim of the paper was to identify the impacts and adaptation options of climate variability and change on agricultural production in Limpopo province. The following objectives were identified: to understand the impacts of climate variability and change on agricultural production in Limpopo province ; to assess the impacts of climate variability and change on agricultural production in Limpopo province and to identify adaptation measures that reduces the impacts of climate variability and change on agricultural production in Limpopo province. A representative sample of 300 farmers aged 16-65+ years (46 percent males and 54 percent females) participated in the study. The study involved Sekhukhune and Capricorn districts, with 56 percent farmers in Capricorn and 44 percent in Sekhukhune district. The following 11 local municipalities were visited:
Financial Crimes are criminal activities carried out by individuals or criminal organizations to ... more Financial Crimes are criminal activities carried out by individuals or criminal organizations to provide economic benefits through illegal methods. Financial crimes which have become a very important issue in recent years all over the world cause big harm to the economy and society. Income from financial crimes corresponds to a very large proportion of global GDP. Regulatory bodies constantly develop new tactics to combat financial crimes. With the development of technology, criminals develop new tactics. The most common financial crimes faced today are terrorist financing, money laundering, corruption and fraud. This review articles lay down various types of financial crimes, its manifestation in Nigeria, its effect on the economy and all the regulatory body that will help enhance proper monitory accountability in the country. Not left out is the need for proper orientation for all the citizens in the country.
This study examined the impact of government health expenditure on infant mortality rate for the ... more This study examined the impact of government health expenditure on infant mortality rate for the period 1981-2018. A linear model which specified infant mortality rate as a function of government expenditure and per capita income was formulated. Time series data was obtained from the Central Bank of Nigeria Statistical Bulletin. The Augmented Dickey-Fuller and Phillip Peron Unit root test and Johansen Cointegration techniques were used for the preliminary tests. The time series data were all stationary at first difference, and the existence of cointegration was confirmed. The Vector error correction modeling technique was used to estimate the parameters of the linear model. The result reveals that government expenditure on health has a positive and significant impact on infant mortality in Nigeria in the long run (t = 5.87913). It also found that per capita income has a negative and significant impact on capital expenditure in Nigeria over the period under study (t = 2.53173). The s...
Much progress has been made in recent decades in connecting the people of the world to reliable s... more Much progress has been made in recent decades in connecting the people of the world to reliable supplies of electricity, but some regions remain particularly under-served. Intermittent electricity is electrical energy that is not continuously available due to external factors that cannot be controlled, produced by electricity generating sources that vary in their conditions on a fairly short time scale. The shortage of power supply will seriously affect the healthy development of the economy and can cause large economic losses. To justify intervention by development agencies and governments to improve electricity access and reliability, it is desirable to know that this intervention would have a causal effect on economic growth, poverty, and other development indicators of interest.
The adoption of e-commerce by Small and medium scale enterprises in Nigeria is crucial because it... more The adoption of e-commerce by Small and medium scale enterprises in Nigeria is crucial because it has the potential to increase the revenue of the economy, create new markets for both small and larger businesses and open up channels to serve and interact with consumers. There is no doubt that the country has many technological, legal, infrastructural and financial problems hampering the ample adoption of e-commerce by SMEs in the country, however, addressing these challenges can increase the popularity of e-commerce by removing the problems faced by the users. As drivers of SMEs, e-commerce has the ability to facilitate rapid market changes with notable impact on export and domestic markets. E-commerce can enhance the need to compete more effectively in both local and international sectors, while enabling globalization of the production and supply of goods and services – as well as the need to integrate small enterprises more effectively into the supply chains of larger businesses. ...
Entrepreneurship is important, as it has the ability to improve standards of living and create we... more Entrepreneurship is important, as it has the ability to improve standards of living and create wealth, not only for the entrepreneurs but also for related businesses. Entrepreneurs also help drive change with innovation, where new and improved products enable new markets to be developed. Helping small businesses start and thrive is a win-win situation for the government. Local businesses help support the tax base through business taxes and through the wages provided to employees. The possibility of workforce expansion and economic growth prompts municipalities, counties, states and the federal government to offer various forms of assistance, such as grants, research opportunities, beneficial legislation and worker training programs. To find out what services are available in your area, contact your state and local economic development offices and ask about business incentives in your area.
Cybercrime refers to those criminal acts such as identity theft and bank frauds facilitated throu... more Cybercrime refers to those criminal acts such as identity theft and bank frauds facilitated through the use of the internet. This paper examined the effect of cybercrime on Nigeria‟s commercial banking system. The paper adopted the library research method as secondary data sourced from articles, journals, periodicals and publications were used. Anchored on the risks society theory, the paper argued that the evolution of Information and Communication Technology has brought about unintended consequences such as criminal activities, spamming, credit card frauds, ATM frauds, phishing, identity theft and other related cyber crimes. Accordingly, the paper observed that widespread cybercrime has negative impact on online banking system as it results in huge financial losses, threatens profitability, and tarnishes the image of the country on a global scale, which often dissuades foreign investors from investing in the country. Based on this, the paper recommended among others, the need for ...
Tourism is one of the primary drivers of economic growth and job creation in emerging economies t... more Tourism is one of the primary drivers of economic growth and job creation in emerging economies throughout the world. Africa‟s unique history and natural wonders are gaining attention amid the local and global increase in cultural, heritage, and development tourism. Based on analyses of various countries‟ governance and business environments, it is clear that numerous African countries present tremendous promise to become or remain vibrant hosts for tourists, investors, and entrepreneurs, which can drive employment for low-skilled workers and economic inclusion for women and youth. A recent World Bank study classified African countries into four performance categories: “pre-emergent,” “potential,” “emerging,” and “consolidating” tourism destinations. The performance of countries was based on indicators such as the ease of doing business; the competitiveness in terms of tourism regulation, infrastructure, and resources; the tourism receipts per longhaul arrivals; the international ar...
Government, factor owners and investors share an intersecting objective, which is to boost income... more Government, factor owners and investors share an intersecting objective, which is to boost income, notwithstanding its implications on the macroeconomy of Nigeria. More recently is the government drive to raise tax income, accompanied by the labour union agitation for a 110% rise in federal minimum wage in Nigeria. In line with the United Nations sustainable development goal 9, which is to build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation, this study evaluates the macroeconomic implication of raising income in order to achieve this goal in Nigeria. This study makes significant innovation in the unique adoption of minimum wage on labour productivity ratio, tax burden and capital utilization ratio to explain the variations in productivity and output growth in Nigeria. Over the 33 year period, minimum wage increase has caused an average of 12.33% significant reduction in labour productivity, 4.59% decline in capital productivity a...
This study examined the impact of power generation capacity on economic growth in Nigeria from 19... more This study examined the impact of power generation capacity on economic growth in Nigeria from 1980 - 2015. In the model specified, Real Gross Domestic Product is a function of Power generation capacity in Kilowatt, Gross capital formation and Unemployment. With the aid of econometric techniques employed (co integration test, vector error correction mechanism and granger causality); the following results were found; a stable long run relationship exist between the dependent and explanatory variables in the model as supported by the presence of two co integrating equations. This means that the result of this finding can be relied upon in taking long run policy decision. In the VECM equation result presented , the t-statistics for PGCKWH is 0.003106 while its P-value is [0.2659]. The t-statistics for GCF is 1.109381 while its P-value is [0.5843]. The VECM result also showed a t – statistics of - 4652.801 with p value of 0.0297, indicating an insignificant relationship with RGDP. This...
Finding a recipe that unlocks rapid growth and job creation should be the priority of emerging ec... more Finding a recipe that unlocks rapid growth and job creation should be the priority of emerging economies. Several theories of growth, employment and wage determination were efficient for certain economies at different periods, but not for other emerging economies like Nigeria. This study presents the Labour-Entrepreneurship Substitution mechanism as an idealistic model of growth, employment and wage determination. It is uniquely designed to accumulate capital, substitute labour for entrepreneurship as prospective supply of labour grows beyond its initial level, boost employment and output via new investments. Error correction mechanism of Autoregressive least square technique was used to measure the influence of labour-entrepreneurship substitution rate on the ‘new investment', and the t-statistics, adopting Benferron's multiple comparison adjusted probabilities was further used to measure the significance of the ‘new investment' in determining gross domestic product in ...
The paper focuses primarily on the causes, consequences and impacts of climate change in the Nige... more The paper focuses primarily on the causes, consequences and impacts of climate change in the Nigerian agricultural sector. The paper found out that notwithstanding the existence of modern agricultural technologies, climate change which occurs with different weather varieties hamper productivity levels of both crops and animals in recent time in the country. Although there are information about the negative impacts of climate change in the country, much of these information are not on the doorsteps of the rural agricultural producers due to minimal existence of adequate trained change agents. As Nigeria is currently experiencing increasing incidence of disease, declining agricultural productivity, increasing number of heat waves, unreliable weather patterns, declining rainfall in already desert-prone areas, these gave ways to paradigm shift in the agricultural sector especially in the rural communities. Due to these increasing decline in production of agricultural produce which is co...
International Journal of Scientific and Research Publications (IJSRP)
Globalization as a whole, and economic globalization in particular is a key challenge to public h... more Globalization as a whole, and economic globalization in particular is a key challenge to public health outcomes, especially in developing countries. The paper examined the effects of economic globalization on health outcomes in Nigeria. Specifically, it showed the drivers of health outcomes in Nigeria. The paper covered the period of 1970-2020 and the vector error correction model (VECM) approach was utilized on data sourced from Central Bank of Nigeria Statistical Bulletin of various years and the World Bank Development Indicator (WDI, 2019) database. The result showed that health infrastructure, foreign aid, population growth, access to sanitation were significantly and negatively related to health outcomes while real gross domestic product(GDP) and index of globalization were positively and significantly related to health outcome, such that 1% increase in health infrastructure brought about 17% decrease in infant mortality rate and 1% increase in foreign aid brought about 7% decrease in infant mortality rate. It further showed that 1% increase in population growth rate brought about 4.64% decrease in infant mortality rate and 1% increase in access to sanitation brought about 1.12% decrease in infant mortality rate. The implications of these results on the relationship between economic globalization and health outcomes were discussed. The paper concludes that globalization may not have address health outcomes in Nigeria via extant factors including micro and macro issues. Therefore, a genuinely health-centered process of globalization can be achieved only by ensuring that the interest of developing countries, Nigeria inclusive and vulnerable populations are fully represented in global decision-making processes.
The International Journal of Humanities & Social Studies, Oct 31, 2019
Introduction Human capital development is a complex process involving multiple interactions among... more Introduction Human capital development is a complex process involving multiple interactions among different components. Health and education provide such basic interactions among other human capital development components. Health is central to well-being, and education is essential for a satisfying and rewarding life (Bloom, 2005; Todaro& Smith, 2011). As Bloom and Canning (2000; 2003) have observed, healthier individuals affect the economy in four ways; for example, they might be more productive at work and so earn higher incomes. Health is closely linked to economic growth and sustainable development. According to World Health Organization (WHO), increasing life expectancy at birth by 10% will increase the economic growth rate by 0.35% a year. Similarly, ill health is a heavy financial burden. As reported by the Commission on Macroeconomics and Health (2001), 50% of the growth differential between the rich and poor economies is due to ill-health and life expectancy. The African Population and Health Research Centre (APHRC, 2017) outlined the most common cause of maternal death in Nigeria to include heavy bleeding following delivery (hemorrhage) which account for 23% of all maternal death, followed by infections following childbirth(sepsis) at 17%. The Report of the Centre also included abortions performed in Nigeria. The abortions performed in Nigeria are clandestine and unsafe, terminated by either person lacking the necessary skills or in an environment lacking the minimum medical standard or both. The abortion rate in Nigeria, at 33 per 1000 women aged 15 and 49 years, is higher than sub-Saharan Africa's average of 31 per 1000 women. It is natural to believe that a productive development strategy would be to raise the schooling level of the population. For an economy, education can increase the human capital in the labour force, which increases labour productivity and thus leads to a higher level of equilibrium in output. In Nigeria, education is majorly affected by poor funding. Precisely, the Federal Government spending on education is below 10 percent of its overall budget. Budgetary allocation to the Federal Ministry of Education, relative to its total budget size, has fallen from a 2015 high of 12.46% to a
Cobb-Douglas production function Economic growth Keynesian growth model Real business cycle model... more Cobb-Douglas production function Economic growth Keynesian growth model Real business cycle model Error correction model Vector error correction model Choosing the most suited growth theory in determining output in Nigeria has been a problem for researchers and policy maker. They have been faced with the question of what drive growth of the Nigerian economy: output derived from supply of capital (savings), or output derived from aggregate demand (spending) or due to shock to technology? This study empirically examined the relative effectiveness of the Cobb-Douglas Production function, the Real Business Cycle model and the Keynesian model to determine growth drivers of the Nigerian economy. Error correction model and vector error correction model was used to examine the relative effectiveness of the three growth models in determining output in Nigeria. The result of the study showed that only the coefficient of technology significantly determined economic growth in Nigeria using the Cobb-Douglas production function. Capital and labour significantly determined gross domestic product in Nigeria in the third year, adopting the vector error correction for the Real Business Cycle model. The Keynesian model proved most significant as all explanatory variables, such a consumption expenditure, investment, government spending and balance of payment were significant determinants of Nigerian economic growth. The explanatory variables jointly contributed the most (58.43%) to the variation in the gross domestic product of Nigeria. Real gross domestic product had positive autonomous growth in the Keynesian model but negative autonomous growth using the other two models. Technology input in production should be boosted by increasing government expenditure in education/ enhanced skill acquisition and the employment of more graduates in the productive sectors of the economy. Researchers and policy makers should henceforth adopt the Keynesian growth model as the most suited for the Nigerian economy. Contribution/ Originality: The study originates new formula for estimating technological input in production by estimating its input in labour and capital. 1. INTRODUCTION The cause of economic growth is an intensely argued issue as it concerns two schools of thought; the Keynesian/Institutionalist School and the Orthodox (or Neoclassical) School (Waller, 2000). Waller posits that both schools differ fundamentally in views on the way growth is brought about and in the way it is sustained. Their major deviation is on the saving-investment relation.
One of the major purposes of the demand for foreign aid is to alleviate poverty. What is not clea... more One of the major purposes of the demand for foreign aid is to alleviate poverty. What is not clear, however, is whether the substantial foreign aid inflow to Nigeria in recent times has yielded the desired goal of poverty reduction. This work examined the impact of foreign aid on poverty reduction in Nigeria for the period 1981 to 2017. The objectives are to determine the impact of foreign aid on poverty reduction in Nigeria and to ascertain the direction of causality relationship between foreign aid and poverty reduction in Nigeria over the period of the study. Annual time series secondary data on: Poverty Reduction, Foreign Aid, Foreign Remittances, Inflation and Trade Openness, sourced from Central Bank of Nigeria (CBN) Statistical Bulletin 2017 online edition and the World Bank Development Indicator (WDI), were the variables used. Poverty Reduction is the dependent variable; others are the independent variables in the model. The study employed standard econometric method, involv...
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