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Economic theory argues that foreign direct investment (FDI) and external debt are expected to enhance economic growth in any given economy. Consequently, this study (i) investigated the relationship between foreign direct investment, external debt servicing, and economic growth in Nigeria; (ii) investigated how foreign direct investment and external debt impact Nigeria's economic growth; and (iii) analyzed the direction of causality among the three macroeconomic variables. Descriptive statistics, time series autoregressive distributive lag, and robust Granger causality tests were adopted as the estimating techniques. The results showed that from 2011 to 2022, Nigeria's FDI continued to decline, Nigeria's external debt servicing continued to grow on an upward trajectory, and the growth of the GDP has been meandering. ARDL analysis results confirmed that the lag of FDI and current exchange rate exert positive effects on current economic growth in Nigeria, with a 1% increase in FDI, current external debt, and current exchange rate increasing growth by 1.49%, 1.58%, and 0.02%, respectively. Results from the Granger causality showed that FDI and external debt do Granger cause GDP in Nigeria. Policymakers should focus on prudent debt management practices and strive to reduce domestic debt levels. [ABSTRACT FROM AUTHOR]

Within the global economic environment, the common pursuit of sustainable growth, infrastructure development, and poverty reduction prevails. However, the Nigerian government has encountered significant hurdles in its efforts to attain macroeconomic stability and the necessary conditions for economic prosperity. Consequently, the government has turned to external sources, primarily through debt acquisition, as a solution. This reliance on external debt is rooted in Nigeria’s struggle to effectively address the savings-investment gap, a challenge driven by various factors, including limited domestic savings, insufficient foreign exchange earnings, poor productivity levels, and inadequate tax revenues. Despite the visible increase in Nigeria’s external debt in recent times, noticeable improvements in macroeconomic indicators have remained elusive, raising questions about the effective allocation of these borrowed resources. In response to this discord, this study delves into the complex interaction between external debt and macroeconomic variables within the Nigerian economy. By employing a thorough analysis using the symmetric - Granger (1981) causality framework, covering the period from 1986 to 2020. Except for economic growth, which shows a causal relationship with external debt, the results showed no causal relationship between external debt and investment, economic growth, or exchange rate. Consequently, these results emphasize the importance for the government to explore alternative means of obtaining funds, rather than relying extensively on external debt, especially when pursuing projects with productive objectives. [ABSTRACT FROM AUTHOR]

Over the past four decades, increasing forecast emphasis has come to be placed on the potential importance of different sectors and their contribution to the sustainable growth of the Nigerian economy. A more common strand of research is existing studies that consider the resource curse hypothesis to show empirically, the actual relationship between natural resources and economic growth. However, these studies have looked at various resource endowment especially oil and metals, with just a few focusing on the non-oil export sector. A preliminary graphical study of the contribution of the non-oil sector to Nigeria's GDP shows that over time, the linkage of non-oil export to the economic growth has been low (less than 20%). Hence, this study will analyze the long-run relationship and also the importance of both oil and non-oil exportation and their impact to sustainable economic growth. The model introduced in this article uses the time series data for non-oil export, oil export, alongside other macroeconomic variables on gross domestic product (GDP). In order to adequately investigate the long-run relationship, statistical forecast was adopted to project the data for future years and thereafter econometric method was adopted to validate the projected data and analyze the direction of causality between the sectors (oil and non-oil) export and economic growth. The result reveals the possible short and long run interaction amidst sectors' export and economic growth, based on the different tests conducted, in order to recommend policies aimed at boosting the level and significance of the sectors' export. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Business Administration & Social Studies is the property of Aves Yayincilik Ltd. STI and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The study comprehensively analyzed the nexus between economic growth, health expenditures, education, and the environment in Nigeria, using data obtained from Central bank of Nigeria and World Bank. By utilizing a robust dataset spanning from 1981 to 2021, the study employed autoregressive distributed lag (ARDL) approach to uncover intricate relationships. Results, both short-run and long-run analyses, reveal that health and education spending, and gross fixed capital formation positively correlated with economic growth. Conversely, the findings demonstrated that population growth and carbon dioxide emissions (CO2) exerted detrimental effects on economic growth due to the negative impact on the health of the working population. Additionally, the inverted U-shaped relationship between the macroeconomic footprint and income confirms the validity of Nigeria's Environmental Kuznets Curve (EKC) phenomenon. Lastly, the findings of this study hold important policy implications, emphasizing the need for technological advancements and innovative solutions to address the challenges associated with economic growth, health expenditures, education, and the environment in Nigeria. Policy measures promoting birth control through contraception and family planning should be embraced to effectively manage the country's rapidly growing population. [ABSTRACT FROM AUTHOR]

This research investigated the influence of control of corruption on the economic growth of Nigeria spanning from 1996 to 2022. The Autoregressive Regressive Distributed Lagged Model was employed for data analysis. The study found that control of corruption has weak positive influence on economic growth in Nigeria in the long run but a strong negative influence on economic growth in the short-run. The dual nature of the influence of corruption control on economic growth in Nigeria—weakly positive in the long run and strongly negative in the short run—can be rationalized by considering the gradual nature of institutional change. The study recommends the empowering of anti-corruption agencies like the Independent Corrupt Practices Commission (ICPC) and enforcing strict sanctions to influence cultural and moral change, while creating additional agencies, promoting transparent leaders, and fostering public discourse. [ABSTRACT FROM AUTHOR]

The study deployed two multivariate linear models in estimating the nexus of economic growth, technological development and in-country utilization of natural gas, using annual time series data on five variables - real gross domestic product per capita (RGDPC), natural gas consumption (NGC), technological development (TECH), trade openness (TOP), and industrialization (IND) - from 1986 to 2019. Using the method of error correction modeling (ECM), it is observed that technological development, gas consumption, trade openness, and industrialization have growth-stimulating effects on economic activities in Nigeria. The study further revealed that technological development, trade openness, and level of industrialization positively influenced natural gas consumption in Nigeria during the period. Based on our findings, we sustain the argument that (i) gas utilization and technological development are strong predictors of economic growth, and (ii) technological development greatly determines the level of natural gas consumption in the economy. We therefore recommend design and implementation of policies that promote research and development so as to ramp up technological innovation and development initiatives towards achievement of planned economic growth. In addition, improvements in technological development and convergence of global economies due to liberalization policies demands commensurate infrastructural expansion of natural gas production to reduce or eliminate possible mismatch between production and consumption of natural gas profiles. [ABSTRACT FROM AUTHOR]

Objective: The study examines the bane of legal tender redesign policies on economic growth in Nigeria. Approach: It employed a causal-comparative research design for the study. The data were collected for ten (10) years, spanning from 2013 to 2022, with quarterly observations specifically chosen to capture the recent challenges posed to the Nigerian economy during the period of redesigning the legal tender. The data was sourced from the National Bureau of Statistics (2023) report. The statistical method used included normality testing, descriptive statistics, and OLS regression analysis to test the research hypotheses. Data analysis was conducted using E-views 10.0 statistical software. Results: The finding revealed that Kolmogorov-Smirnov and Shapiro-Wilk tests indicated a normal distribution, except for the inflation rate and GDP. The study's findings led to the rejection of all hypotheses, including INFR (t: 0.368060; p=0.7150>0.05), CPS (t: -0.696308; p=0.4907>0.05), and COB (t: 1.972444; p=0.0563=0.05). Implication: As a result, the study concludes that the redesign of legal tender is only one aspect of economic policy. Value: This suggests that redesigning legal tender notes with key national celebrations or anniversaries to boost feelings of patriotism and unity encourages positive mawkishness that promotes economic growth. [ABSTRACT FROM AUTHOR]

High levels of illiteracy, a shortage of skilled labour, and low marginal productivity have collectively created a detrimental impact on various aspects of Nigeria's economic landscape. These issues have resulted in a decline in real income, savings and capital formation. Despite the government's efforts to achieve a minimum adult literacy rate of 65% and promote skill acquisition and knowledge development as pillars for a dynamic economy, these persistent challenges continue to cast a shadow over the economy. In response to these pressing concerns, this study investigates the relationship between investment in education and economic growth in Nigeria between 1980 and 2021 utilizing Autoregressive Distributed Lag bound models. The study reveals that a consistent sustained investment in education is foundational elements for driving Nigeria's future economic growth. Education, with its capacity to enhance human capital, productivity, and innovative capabilities, emerges as a pivotal factor in the journey toward economic prosperity. In light of this, the study emphasizes the critical importance of effective governance in the domain of education. It advocates for a rigorous and vigilant approach by the government in monitoring and evaluating the outcomes of education policies and initiatives. This level of scrutiny is imperative to ensure their efficacy and alignment with the overarching objective of fostering economic growth. [ABSTRACT FROM AUTHOR]

Given the perception that financial inclusion is a critical tool for the eradication of income inequality, this paper investigates its impact on income inequality in Nigeria via three financial variables: depth, access and stability. The study adopts the Autoregressive Distributed Lag (ARDL) methodology on selected variables from 1981 to 2021. The study found that in the short run, financial stability shows a negative impact which is not statistically significant on inequality, while financial depth has a statistically significant (10%) positive effect. Also, standard of living has a statistically significant (1%) negative impact on inequality while economic growth reveals a statistically significant (1%) positive effect. However, in the long run, financial stability shows a positive and insignificant effect on inequality whereas both financial access and economic growth have positive and significant effect. Also, while financial depth has negative and insignificant effects on inequality, standard of living has a negative but significant effect. This study recommend that financial inclusion should focus mainly on the financially excluded while the government should create incentives for private financial institutions to extend their services and activities towards the rural dwellers and those who are likely to benefit more from their services. [ABSTRACT FROM AUTHOR]

Copyright of International Research Journal of Business Studies is the property of Prasetiya Mulya Publishing, Universitas Prasetiya Mulya and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study investigates the impact of conflict and insecurity on foreign direct investment (FDI) inflows and socio-economic development in Nigeria from 1983 to 2013. It explores the dynamics between Nigeria's economic growth, marked by becoming Africa's largest economy in 2014, and the challenges posed by decades of conflicts, using the theoretical framework of Conflict Theory. The research employs an ARDL bounds testing approach to analyze the relationships between FDI and key economic indicators, concluding that trade openness significantly attracts FDI, while conflict notably deters it. Despite the negative impact of conflict, the positive role of a larger GDP on FDI affirms the Size-of-Market Hypothesis, suggesting that Nigeria's market size continues to appeal to foreign investors. The study's findings have implications for policy, emphasizing the need for economic liberalization, political stability, and conflict resolution to foster a conducive investment environment. It highlights the necessity for investors to assess political risks and suggests further research into additional factors influencing FDI. Overall, the study underscores the importance of stability and growth-oriented policies for enhancing FDI inflows, contributing to the discourse on economic development in emerging economies. [ABSTRACT FROM AUTHOR]

One of the primary policy issues over the years in the context of the Nigerian economy has been how to enhance the performance of the non-oil export sector of the economy in order to diversify the country's export base and contribute more to GDP (gross domestic product). Rather than a lack of policy initiatives, the noticeably abysmal performance of Nigerian non-oil exports has been increasingly attributed to poor policy implementation. However, the question of whether such poor implementation is due to the quality of institutional settings, particularly in a developing economy such as Nigeria, has been largely unexplored. To the best of our knowledge, none of the previous studies deemed it necessary to control for the role of institutional quality in the non-oil export-growth nexus from the perspective of the Nigerian economy. To bridge this important gap in the literature, we hypothesize that institutional qualities matter in the relationship between economic growth and non-oil exports. Motivated by a desire to diversify Nigeria's economy away from its reliance on oil exports, this study re-examines the export-led growth hypothesis from the standpoint of non-oil exports while accounting for the role of institutional qualities. We employ the ARDL estimation technique as the best econometric model for the study given its suitability for variables of mixed order of integration in terms of the series' stationarity. More so, the ARDL technique enables us to simultaneously capture both the short-run and long-run dynamics of the nexus. Empirically, we show results that suggest that improved institutional qualities have the potential to boost the positive effects of non-oil exports on economic growth. We also find that the extent to which institutional quality matters for enhancing the effects of non-oil exports on economic growth depends on the institutional quality indicators chosen. On the whole, we expand on the export-led growth hypothesis by considering the role of institutional characteristics and conclude that improving institutional qualities should be prioritized in the path to Nigerian economic diversification. [ABSTRACT FROM AUTHOR]

This study assessed the moderating effects of security threats on investment-economic growth nexus in Nigeria from 1986 to 2021 using the Vector Error Correction Model approach. Domestic investment and FDI were found to have a positive impact on Nigeria's long-term economic growth. The study also found that security threats have a strong negative effect on economic growth in Nigeria, and that the presence of security threats significantly reduced the positive influence of investment on economic growth in Nigeria. Thus, the marginal effects of investment when there are security threats in Nigeria was worsened. The study therefore emphasized that security threats significantly hinder the positive contributions of domestic and foreign investments to economic growth, especially foreign direct investment. Therefore, the study recommends that Nigerian government should enhance security measures to combat political instability, terrorism, and social unrest in order to create a more favourable business environment and encourage both domestic and foreign investment. [ABSTRACT FROM AUTHOR]

The importance of health to a nation and its citizens cannot be over-emphasised. Better health contributes to human capital development and enhances labour productivity, all of which promote economic growth. Reducing under-five mortality remains one of Nigeria's major challenges in the health sector and the country has achieved little in her fight against corruption. Despite the co-existence of corruption and high under-five mortality in Nigeria, empirical research on the connection between these two undesirables is minimal. We evaluate the longterm response of under-five mortality to corruption in Nigeria by using an Augmented ARDL (AARDL) method to analyse quarterly data for the 2000-2021 period. There is an evidence of a long-term relationship between corruption and under-five mortality alongside control variables including health expenditure, income growth and rural population, based on cointegration tests. The empirical results confirm that improving corruption control lowers long-term under-five mortality. Furthermore, greater openness to trade and higher spending on public health reduce long-term under-five mortality, while a growing rural population contributes to it. Thus, we recommend measures that lower corruption to reduce long-term under-five mortality in Nigeria. [ABSTRACT FROM AUTHOR]

This study seeks to address pertinent economic and environmental issues associated with natural gas flaring, especially for the world's leading natural gas flaring economies (i.e. Russia, Iraq, Iran, the United States, Algeria, Venezuela, and Nigeria). By applying relevant empirical panel and country-specific approaches, the study found that fuel energy export positively impacts economic growth with elasticity of ~ 0.22 to ~ 0.24 for the panel examination. It is further revealed that environmental quality in the panel is hampered by increase in economic growth, gas flaring, fuel energy export, and urbanization. Moreover, for the country-wise inference, government quality desirably moderates economic and environmental aspects of gas flaring in Venezuela and Nigeria, and in Russia and Iran respectively. However, government quality moderates gas flaring to cause economic downturn in the USA. Additionally, economic growth increased with increase in urbanisation (in Iraq and the USA), gas flaring (in Iran and the USA), government quality (only in the USA), and fuel energy export (only in Algeria) while economic growth downturn is due to increase urbanisation in Russia and the USA, increase in fuel energy export in the USA, and increase in government quality in Russia. Meanwhile, environmental quality is worsened through intense carbon dioxide emission from increased urbanisation activity (in Iraq, Iran, Algeria, and Nigeria), increased fuel energy export (in Nigeria), increased natural gas flaring (in Algeria and Nigeria), increased GDP (in Russia, Iran, USA, Algeria, and Venezuela), and high government quality (in Iran). Interestingly, the result revealed that increase in GDP (in Nigeria), increase in urbanisation (in the USA), and increase in gas flaring (in Algeria and Nigeria) dampens environmental quality. Importantly, this study offers policy insight into sustainable approaches in natural gas production, government effectiveness, and regulatory quality. [ABSTRACT FROM AUTHOR]

The low level of domestic capital formation experienced in most developing economies coupled with the desire for sustainable economic growth has necessitated the need to seek assistance in the form of foreign direct investment (FDI) to bridge the savings-investment gap. This study, therefore, examined the impact of FDI and domestic capital formation on the economic growth of Nigeria. Data were sourced from CBN statistical bulletin from 1986-2021 using Autoregressive distributed lag coupled with Granger causality tests. The result showed that domestic capital formation has an insignificant positive impact on economic growth while FDI revealed an insignificant negative relationship. Exchange rate, interest rate, and inflation rate showed an insignificant negative relationship with the economic growth of Nigeria. It was therefore recommended that governments at various levels should create an enabling environment conducive to domestic capital formation and investment process bearing in mind the stability of macroeconomic variables in the country. More so, Nigerian government should look inward, rely less on foreign direct investment and develop the country's infrastructure facility to aid investment. [ABSTRACT FROM AUTHOR]

Economic growth characterizes the quantitative changes that occur in economic variables and attributed to overall increase in production per capital. This study examined the economic impact of exchange rate, foreign direct investment, inflation rate and the trade balance on Nigeria GDP over the period of 1970-2022. The dynamic causal association among the selected macroeconomic variables and economic growth in Nigeria was evaluated via the implementation of vector error correction model (VECM) procedures and impulse response functions. The VECM estimates and the impulse response shows that the response of GDP to inflation and exchange rates is positive while the response of GDP to a one period shock to the trade balance yields a marginal negative depreciation. The result justifies that the place of Exchange rate, Inflation and Trade Balance to Nigeria economic growth cannot be overstated. The results of the work suggest that to promote stable and sustainable economic growth, policy makers should lay more emphasis on encouraging stable and reasonable exchange rate. Also, the work recommends that to promote economic growth and keep inflation low in Nigeria, Anti-inflationary policies should be accompanied to attract foreign investors and frustrate capital fleeing from the country. [ABSTRACT FROM AUTHOR]

The manufacturing sector plays a strategic role as a major contributor to economic growth and development. However, the harsh business environment in Nigeria has constrained learning and capability building in the Nigerian manufacturing sector. The present state of the manufacturing sector underscores the need for firm-level learning and strategic policy actions. This paper utilized data from the Enterprise Survey Panel covering the periods 2007, 2009, and 2014/2015 to investigate firm learning and productivity in the Nigerian manufacturing sector. Case study illustrations were also undertaken to further provide insights into the links between learning variables and the productivity of selected firms in the sector. Data were analyzed using descriptive statistics; dynamic panel model (DPM) via ordinary least squares (OLS) and General Method of Moments (GMM) techniques. The results of the estimation show there is a positive and significant relationship between export participation lagged by one period (t-1) and the current firm performance. A one-period lag of the learning variables, namely: skills and training increased the productivity of firms. The case study illustrations revealed that major learning capabilities include customer feedback; through employees, staff training/seminars/workshops, and supplier feedback. The paper provides evidence to conjecture that the STI mode of learning, which involves formal research and development (R&D) in firms is not deep enough, and that domestic firms have less productivity relative to firms with some proportion of foreign ownership. Also, some of the constraints to learning and productivity are an unstable regulatory environment, poor infrastructure and high cost of doing business. The paper recommends both formal and informal modes/mechanisms of learning are important to ensure improved productivity of manufacturing firms in Nigeria Also, learning opportunities may differ within and across manufacturing subsectors. Industry regulators or agencies should organize to provide a forum for firms and relevant stakeholders to regularly interact on learning experiences to learn from each other and collaborate to address obstacles to productivity. [ABSTRACT FROM AUTHOR]

This study examines the impact of corruption on economic growth in Nigeria from 1986 to 2019. The study used the Johansen cointegration test and vector error correction tests for the data analysis. The study shows that increases in the level of corrupt practices significantly inhibit economic growth in Nigeria in the long run but are insignificant in the short run at the 5% level of significance. The study further reveals that there is a weak transmission effect of corruption on economic growth in Nigeria through household consumption, foreign direct investment, domestic investment, government spending, export and import of goods and services in Nigeria. The study recommends that in fighting corruption, Nigeria requires good and virtuous leaders who are honest with integrity, discipline and trustworthiness, the creation of employment, and the upgrading of Nigeria police among others and that the Nigerian government should advance the use of anti-corruption agencies such as the Independent Corrupt Practices Commission to properly investigate corrupt practices and to apportion appropriate sanctions, strengthen its institutions, and intensify efforts to create more agencies beside the Economic and Financial Crimes Commission and Independent Corrupt Practices Commission to address cases of corrupt practices in the economy. [ABSTRACT FROM AUTHOR]

This study looks at the impact of non-oil revenue on Nigerian economic growth from 1981 to 2021. This study adopts endogenous growth model as its theoretical framework. The augmented Dickey Fuller test was used to determine whether each variable was stationary; the results showed that mining revenue is stationary at level, indicating that the series is integrated of order 0 i.e (I(0)), whereas real gross domestic product, agricultural revenue, manufacturing revenue and values added tax revenue are stationary at first difference, indicating that the series is integrated of order 1 (I(1)). Sequel to the result of the unit root test which showed that there is mixed level of stationary among the variables, the study employs ARDL estimation technique which is the technique that accommodates variables with mixed level of stationary. The result found that mining revenue, agricultural revenue, manufacturing revenue and values added tax revenue all contributes positively to economic growth of Nigeria. Based on these findings, Nigerian government should further develop the non-oil sector for it to generate more revenue which will spur economic growth, also the federal government of Nigeria needs to redouble its efforts to ensure the diversification of the nation's productive sector. [ABSTRACT FROM AUTHOR]

Numerous studies have tested the validity of the export-led growth hypothesis, yet, fewer studies have considered the disaggregated exports into oil and non-oil exports-growth nexus and also test whether oil and non-oil exports cause economic growth in the literature. Therefore, this study tests the validity of the export-led growth hypothesis in Nigeria's oil and non-oil exports over the study period of 1970 to 2021. In line with the specific objectives of this study, autoregressive distributed lag (ARDL) and Granger causality tests were employed to estimate the short-run and long-run export-growth relationship as well as test the validity of the export-led growth hypothesis respectively. Annual secondary data was employed for this study. Results of this study found that oil exports and non-oil exports have negative and positive significant effects on economic growth in the short run and long run at 1% and 10% respectively. Furthermore, the findings revealed that the export-led growth hypothesis (ELGH) is not valid because the unidirectional causal relationship between oil and non-exports to economic growth was not statistically significant in Nigeria. Lastly, the study recommends the need to intensify the exports drive policies to improve and strengthen the oil exports and non-oil export sectors that will cause economic growth in the country, Nigeria. [ABSTRACT FROM AUTHOR]

The maritime industry is significant to the growth and development of nations. The relationship between shipping trade and economic growth in Nigeria is acknowledged in the literature. Still, the need to emphasise the role of shipping import and export volume and exchange rate volatility in Nigeria's economic growth remains. The economic growth and development level that a maritime nation will derive from its ocean depends on its import and export volumes in the face of exchange rate volatility. Using the Vector Error Correction Model, this study analyses the effect of shipping trade on economic growth in Nigeria from 1970 to 2020. The study examines the effect of seaport imports, exports, and real exchange rates on GDP to determine if Nigeria's economic growth is sustainable, that is if the current pattern of shipping imports and exports for economic growth will not hamper future economic development. The cointegration test established a short- and long-term causality from import, export and exchange rates to GDP. The result showed that Nigeria's economic growth is import-dependent and that, in the long run, import and exchange rates significantly affect GDP. The study further indicates that the present export volume does not significantly contribute to GDP growth. The results imply that building an economic system on an import-dominated trade system is not sustainable for future development. The study recommended strategic initiatives to maintain the economic growth rate while promoting export through local production. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Business Science (JOBS) / İşletme Bilimi Dergisi (JOBS) is the property of Journal of Business Science / Isletme Bilimi Dergisi (JOBS) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study explores the mediating role of stock market volatility in the economic growth and environmental degradation nexus in Nigeria using data covering period from 1984 until 2020. The study uses Nonlinear Autoregressive Distributed Lag (NARDL) and a nonparametric asymmetric causality model. While the Wald test in model 1 reveals evidence of weak long-run asymmetric nexus between CO2 and economic growth however, findings in model 2 indicates that stock market volatility (SMV) exerts a strong asymmetric effect in growth-CO2 relation in the long-run. The result of nonlinear model validates the inverted U-shaped growth-degradation nexus consistent with EKC hypothesis. The finding in model 1 reveals that investment exerts a strong impact on CO2 in both the short-run and long-run. On the other hand, the results in model 2 show that the positive component of economic growth has a positive and significant impact on CO2 in Nigeria. However, the negative component of economic growth has a negative impact on CO2. Moreover, the dynamic causality model reveals: (i) a feedback causality between CO2 and the negative component of GDP; and (ii) a unidirectional causality flowing from CO2 to the positive component of GDP. Similarly, result of nonlinear causality test reveals a feedback causality between CO2 and GDP. The implication of the finding suggests that while asymmetric properties of economic growth must be controlled in efforts of promoting environmental sustainability, the stock market has a dedicated role to play in widening access to funds for green investment in Nigeria and other developing economies. [ABSTRACT FROM AUTHOR]

This research investigated the nexus between public spending on infrastructural development and economic growth: evidence from Nigeria. As a matter of urgency, there is a need for the Nigerian government to invest in infrastructure for sustainable economic growth since infrastructural development touches all human fields of endeavors in one way or another. Notably, despite the country's pole position in the economic ranking in Africa, Nigeria's infrastructural state still falls short, which has led to negative economic growth in recent years. Therefore, it is pertinent in this study to unravel the causes and the missing gaps between increasing fiscal spending on infrastructure and slow economic growth in Nigeria. Interestingly, Autoregressive Distributed Lags and cointegration techniques were adopted to investigate whether there are long interactions between economic advancement and public funding of social amenities in the case of Nigeria. Furthermore, post-estimation tests were carried out to ascertain the validity of the models adopted in the study. The investigations from the study showed that short and long-run nexus subsists between government investment in infrastructure and economic growth in Nigeria. Hence, to address the problems underpinning this research, the study recommended that a proactive policy framework be used to promote economic growth via a redesigned fiscal framework in Nigeria. Also, protective laws and acts to safeguard the existing infrastructures should be wellpronounced and adopted by policymakers to expand the productive life span of social goods. [ABSTRACT FROM AUTHOR]

This study investigated the relationship between insurance and economic growth in Nigeria for the period 1998-2020. This study employed autoregressive distributed lag model (ARDL) estimation techniques in analyzing the data. Real Gross domestic product (RGDP) was used as proxy for economic growth while gross insurance premium (GIP), life insurance premium (LIP), non-life insurance premium (NLIP), human capital (HCAP), physical capital (PCAP), total insurance investment (TINV) and trade openness (OPEN) were used as proxies for insurance sector predictive variables. The result of the ARDL estimate revealed that the first lag of real gross domestic product (RGDP), non-life insurance premium (NLIP) and human capital (HCAP) were positively and statistically significant in explaining the variation in economic growth in Nigeria both in the shortrun and longrun. It is therefore recommended that Nigeria as a nation in seeking the welfare of its citizens must as a matter of priority, need to strengthen, build and develop a stable and vibrant insurance industry to foster all round economic growth and development. More, policies and programmes aimed at improving the quality of human capital such education, health entrepreneurial and skill acquisition should be pursued vigorously in Nigeria. [ABSTRACT FROM AUTHOR]

As the competitiveness of the banking sector has a direct effect on the steady state growth rate, through a process of well-functioning educational system, it is expected that capital market sector responds positively to steady economic growth. This is a puzzle that this study identified and put into empirical test. Data on financial market intermediation (as measured by market capitalization, money supply, credit to the private sector, and total reserve) and economic growth (as measured by Real GDP) were obtained from a secondary sources, namely the Central Bank of Nigeria Statistical Bulletin (2017), National Bureau of Statistics (2017) and World Bank Development Index. The study therefore applied stationarity tests (Augmented Dickey Fuller and Phillip Perron) and structural vector autoregressive (SVAR) as analytical techniques in a bid to examine the effects of financial market intermediation on economic growth in Nigeria over a thirty-seven (37)-year period, from 1981 to 2017. Based on the evidence of statistical result, it was established that the estimated parameters attained stationarity at first difference, that is, I(1), the result further expressed that market capitalization has a positive and significant effect on economic growth (z=26.62778; p0.05); money supply has a positive and significant effect on economic growth (z=4.914683; p0.05); credit to the private sector has an inverse and significant effect on economic growth (z=2.707756; p0.05); and lastly, the result disclosed that total reserve has a negative and significant effect on economic growth in Nigeria (z=12.63565; p0.05). According to the study, financial market intermediation has a significant impact on economic growth in Nigeria and can be used to predict economic growth in the Nigerian economy as in other developing economies of the world. The policy implication in the study is that governments need to intensify effort to ensure appropriate policy mix for harmony and proper coordination of economic policies and greater attention directed to money supply that is, greater emphasis should be on the improvement of monetary policies, instruments and institutions in Nigeria to ensure effective and efficient monetary system. The study also implies that government need to strengthen capital market the more in order to remain competitive. [ABSTRACT FROM AUTHOR]

Population growth and more recently, the Covid-19 pandemic, have increased the number of severely food insecure people in sub-Saharan Africa. Food security is one of the most prominent tasks facing the global environment especially in Asia and Africa. With the increase in the population, drought, floods, disease outbreaks, poor farm network systems, water poverty, weak political and economic institutions, selfish leadership and economic challenges in Africa, the food security crisis appears to be an important issue that will require strategic and urgent attention. There is no doubt that traditional ways of farming are not sustainable in Africa because the land available for agriculture reduces as the population increases over time. Investment in new technologies is one of the strategies to improve farm yields and livestock outputs, and reduces the risk and negative effects of weather. The role of agripreneurship, in this context, towards ensuring food security cannot be underestimated. This study is quantitative research which analyses the historical and current time series data in order to predict the future event using inferential statistics. This study investigates the relationship between food security (FST), agricultural research and technology innovation (RTI) and economic growth (GDP) in Nigeria between 1980 and 2018. The study utilizes cointegration and causality tests to determine the long run relationship among the variables and their causal directions so as to know which variable caused the others. Understanding this relationship among the variables and causal direction are vital to making appropriate suggestions for policy makers. The results of the Johansen cointegration test reveals an existence of a long run relationship between the three series (FST, RTI, GDP). The results of vector error correction model indicate a short run causality from GDP to FST and RTI, respectively. Furthermore, the results of long run causality show two-way causality between FST and RTI, one-way causality from GDP to FST and RTI without feedback. This implies that when the economic activities improve in Nigeria in the short run, this engenders agricultural technology innovation deployment in the country which facilitates food security in the long run, while food security also facilitates agricultural technology innovation. The two-way causality between RTI and FST established in this study implies that increase in agricultural research investment would improve food security and vice versa. Thus, government and other private players such as agripreneurs in agricultural sector should intensify their spending in agricultural research on the one hand, and government should also provide appropriate incentives to motivate private stakeholders for agricultural R&D investment on the other hand. [ABSTRACT FROM AUTHOR]

This study aims to explore the effect of the Yuan-Naira and Dollar-Naira exchange rates on economic growth in Nigeria. The study covers the period 2010Q1-2021Q4 quarterly data. Using the Vector Autoregressive method, the study finds the following: (1) innovations to the dollar-naira exchange rate causes a cyclical response in economic growth rate across the forecast horizon. The effect of the innovation did not fizzle out within the forecast horizon; (2) there is more cyclicality in economic growth than in the dollar-naira exchange rate. The effect of shock to the yuan-naira exchange rate dies faster than that of the dollar-naira exchange rate; (3) in the first quarter, about 2 percent of the forecast error in RGDP is explained by the dollar-naira exchange rate; (4) in the first quarter, about 0.8 percent of the forecast error in RGDP is explained by the yuan-naira exchange rate. The policy implication of the is that Nigeria should prioritize the stability of the dollar-naira exchange rate given that the dollar-naira exchange rate has more effects on the country's economic growth. [ABSTRACT FROM AUTHOR]

The sustainable development goal is a match towards revamping the economy of nations. Nigeria embarks on the journey of economic redemption. It is expected that, as with the sustainable development goals, national governments will develop their own action plans that emphasize or deemphasize various goals depending on the local situation. Be that as it may, a country like Nigeria needs literate citizens, citizens who are ready to commit themselves to the use of libraries, access relevant information and digest this information for the benefit of all and to ensure a steady economic growth hence, the need to promote the reading culture of the citizens through the use of libraries and access to information. The growth of libraries in evolving information and cultural environment is essential, as key stakeholders providing access to information, education and research, and social participation. If access to information and libraries are not included, it is more than a missed opportunity. It is incumbent on the government to take the libraries seriously and fund them to provide public access, information and skills if it must make its mark in the golden frame of sustainable development of the economy. [ABSTRACT FROM AUTHOR]

Why some nations are wealthier than others are one of the most contentious and enigmatic questions in international development economics. This has necessitated plausible explanations for the reasons behind Africa's poor development record over the past 50 years. Among other factors, fragility arising from different conflicts in African countries has been ranked as a key factor that undermines the development of the continent. Nigeria found itself in this set due to growing conflicts in different parts of the country. Consequently, fragility worsened the country's development due to the huge associated economic and social costs. More so, conflict-affected countries are characterized by the worst socio-economic outcomes. Hence, existing studies have been preoccupied with the understanding of the relationship between fragility and economic growth as well as fragility and poverty. To provide evidence in the context of Nigeria, this paper, therefore, empirically investigated the fragility-growth nexus, as well as the fragility-poverty nexus, in a sample of 36 states and the Federal Capital Territory (FCT) in Nigeria. We further considered the macroeconomic and socio-political relationships in fragile and non-fragile states of Nigeria. Using data covering the period between 2011 and 2015, both the static approach (Ordinary Least Squares, Fixed Effect, and Random Effect) and the dynamic approach (Difference and System Generalized Method of Moments) were explored to provide answers to some key questions in the study. The results showed that the neoclassical and socio-political approaches complement each other. Specifically, fragility significantly weakened economic growth and further worsened poverty levels among the states. This suggests that conflict-related fragility creates an unstable environment that discourages economic activities and aggravates hunger among the population. More so, the results indicated that only debt enhances economic growth while income reduces poverty in both fragile and non-fragile states. Hence, conflict resolution is crucial to addressing conflicts in different parts of the country. Also, the country needs to explore various strategies (security infrastructure, and human capital) to overcome fragility, enhance economic growth, and combat poverty. [ABSTRACT FROM AUTHOR]

The study examined the effect of developing human capital on Nigeria's economic growth. Contextual analysis served as the main information source for this study, in addition to various documentary and electronic sources. The human capital theory is the foundation of this study. The study concludes that there is a clear and evident link between the development of human capital and economic growth in Nigeria and makes several recommendations, including encouraging private sector investment in health and education to increase their involvement in the delivery of human capital services to the populace. This assumes that government spending on the health sector is ineffective in addressing health challenges without private investment in health. Also, an increase in the welfare programs for health care workers in order to lower the misery index in Nigeria and prevent a mass flight of doctors and other health professionals from the country's shores is important as this would improve the quality of life for Nigerians. [ABSTRACT FROM AUTHOR]

Agropreneurship is a powerful tool for shaping today's economic development. This article focuses on how governments, academics, and policymakers on agropreneurship programs can prepare both existing and potential agropreneurs to continue contributing to the economic growth and development of the country. This paper draws out the key findings of existing literature relating to the growing field of agropreneurship by critically and constructively reviewing literature that examines issues and perspectives on agropreneurship and the agricultural sector within the Nigeria context, especially with careful analysis of historical data and current data. The review is in line with the need to create sustainable development through agropreneurship initiatives: in an economy presently facing a high rate of unemployment, extreme poverty, poor earnings from foreign exchange, and insufficiency of food items, this article argues for the need to adopt an overarching agriculture value chain to ensure a rapid industrial and economic development across Nigeria. Therefore, an integrative framework for effective agropreneurship practice in Nigeria is proposed to build the capacity of the Nigerian agricultural system, which has a multiplier effect on both the socioeconomic and industrial advancement of the country because of its multifunctional nature. Specific recommendations for the capacity of the Nigerian agricultural system through agropreneurship initiatives are offered. [ABSTRACT FROM AUTHOR]

Background: Transfer pricing manipulation diminishes revenue generation by the host countries. The results of the investigations in the literature show divergence to the extent of the impact of transfer pricing on economic growth in both the low- and high-tax countries, especially as this type of investigation is still scanty in the literature. Aim: The study examines the effect of transfer pricing manipulation on economic growth in Nigeria. Setting: Multi-national companies in Nigeria. Methods: The auto-regressive distributed lag (ARDL) approach was applied to data from Nigeria between 1986 and 2019. Results: The findings reveal an insignificant relationship between economic growth and explanatory variables such as transfer pricing manipulation, unemployment rate, government revenue and trade openness. The result also shows a significant negative relationship between the exchange rate and economic growth. Conclusion: The study recommends that the government should implement proper monitoring of multinational companies to check their day-to-day transaction activities. This may help the government to generate more revenue, and serves as an avenue to create more employment opportunities. Contribution: In this study an important aspect is indicated in that multinational companies often misuse revenue to gain undeserved profits, rendering unnecessary costs to market and rendering other companies less competitive, as well as exploiting buyers and consumers. This is an important loophole that law- and policymakers as well as governments should pay attention to and act against. [ABSTRACT FROM AUTHOR]

In Africa, socio-economic inclusion is often predicated on the degree of access to finance that individuals have to consummate economic activities. This study is centered on this interlink with a focus on Nigeria and South Africa. From the 17 years of data (2004–2020) sourced from the Emissions Database for Global Atmospheric Research (EDGAR), International Monetary Fund (IMF) financial statistics, and the World Bank Development Indicator, the study attempted to empirically validate the existence or absence of a long-run significance of the variables used. Result confirmed that proximity to bank branches and access to credit by the private sector are vital ingredients of sustainable economic growth in both countries, while automated teller machine does not. Thus, this concluding evidence provides an avenue for expansionary policy drive for concerned authorities. [ABSTRACT FROM AUTHOR]

Improving the rate of growth of real Gross Domestic Product (RGDP) has continued to be the most important policy of many countries, especially, the developing ones. Given the importance of ensuring economic growth in reducing poverty and ensuring improved welfare, it is imperative to identify its various determinants. Studies have identified the various determinants of economic growth, however, sustained economic growth continues to be a misery in Nigeria. This present study aims to determine the impact of monetary policy on economic growth in Nigeria. The study examined monetary policy on economic growth in Nigeria. In doing this, the study employed a time series data between the periods of 1990-2020. The methodology used involved examining the stationary nature of the data using Augmented Dickey-Fuller test and an ARDL bond test for examining the presence of long run relationship among the variables of the study. The short run regression conducted using ARDL regression method showed that monetary policy is an important determinant of economic growth in Nigeria. The two indicators of monetary policy used (Monetary Policy Rate, MPR and Money Growth Rate, M2) exert a significant impact on economic growth in Nigeria. Based on the findings, this study concludes that monetary policy significantly affects economic growth in Nigeria. It is recommended that policy makers in Nigeria should improve the monetary policy in such a way to increase the economic growth in Nigeria. [ABSTRACT FROM AUTHOR]

Owing to the continuous increase in the volume of remittances inflow to Nigeria and the seeming synergy between capital market and economic growth, this study examines the role of remittances in fostering sustainability of the Nigeria capital market for the period 1981 to 2020. The study used Auto-Regressive Distributed Lag (ARDL) modeling approach to co-integration analysis and based on relevant theory, the model was estimated. Estimates showed that remittances significantly and positively impact capital market in the long run. The result also shows that the capital market adjusts speedily to the tune of 64 percent towards convergence in any displacement. Other diagnostics analyses conducted, such as the causality test, affirmed the existence of unidirectional causality running from remittances to the capital market. CUSUM and CUSUMQ tests attest to the stability of the model, which makes it amenable for policy prediction. The findings bring the policy implications and recommendations to the fore. [ABSTRACT FROM AUTHOR]

This study empirically assessed the impact of capital market operations on Nigeria's economic growth from 1999 to 2021. The study was carried out to demonstrate the importance of effective capital market operation in the country's economic growth. The study used Ordinary Least Squares (OLS) methods to empirically examine the effect of market capitalization, total new issues, and transaction value on GDP. We tested and validated the hypothesis that capital market operations have a significant impact on Nigeria's economic growth. As a result, the study recommended that the government step up efforts to create a conducive business environment that would allow domestic and foreign investors to invest in the Nigerian capital market, thereby accelerating the country's economic growth. [ABSTRACT FROM AUTHOR]

Agro-allied industries rely on agriculture for raw materials in order to produce finished goods that are helpful to livestock and people. The study examined the impact of agro allied small and medium scale business on economic growth of Nigeria between 1976 and 2020. The data was sourced from CBN Statistical Bulletin and analysed using econometric techniques such as ordinary least square, error correction model etc with the aid of EViews software. The Regression result showed that a positive and significant relationship exist between agro allied SMEs has a significant impact on real gross domestic product (R2 =0.586, Adjusted R2 = 0.577, p value= 0.02). The study concluded that agro allied small and medium scale business has moderate positive impact on economic growth of Nigeria. This study therefore recommends that the emphasis should be on modern technology to improve agro allied business to make economy more functional, relevant and growth driven. [ABSTRACT FROM AUTHOR]

Background: Worldwide environmental pollution has called for overwhelming concern of researchers and stakeholders in the last twenty years because of the menace it unlashes on man's life. The aim of this research work is to ascertain the causation among economic advancement, Carbon emission, energy consumption and taxation. The study focused on the Nigerian economic and the period under review is thirty-three (33) years. Methods: Test was performed to explain the accurate transmission among the dependent and the independent variables. This study employed Granger estimation to ascertain the direction of the connection amongst the variables. Result: Results revealed that tax has unidirectional connection with economic advancement. The result also showed that Carbon emission has unidirectional relationship with economic growth. The result further revealed that energy consumption has a unidirectional association with taxation. This study suggests that economic growth does not affect energy consumption, taxation and carbon emission. This study recommended that for future study, intending researchers should use fuel consumption to proxy energy consumption. The study also recommended that the Nigerian government should increase tax paid by oil companies in order to curtail their excesses and generate more revenue. [ABSTRACT FROM AUTHOR]

The aim of this study is to examine the direction of causality among economic growth, unemployment and poverty in Nigeria. In the recent times, the cases of youth unemployment have been on the increase in developing countries, especially in Nigeria. This is due to the fact that the youth population is rising at an alarming rate comparing to the rate at which economic growth is expanding. Meanwhile, there is little or no empirical evidence to establish a meaningful impact of economic growth on youth employment and poverty in Nigeria. Against this backdrop, this study examined a causal relationship been between economic growth, unemployment and poverty in Nigeria between 1990 and 2019. Consequently, the findings that emerged in this could be summarized as follows. There was no directional causality between youth unemployment and economic growth in Nigeria Similarly, no evidence to support the direction of causality between economic growth and poverty in Nigeria. However, unidirectional causality runs from poverty to youth unemployment in Nigeria. This implies that youth unemployment in Nigeria was largely motivated by high level of poverty in the country. In the light of the above findings, this study therefore makes the following recommendations for the policymakers in Nigeria that any time these policymakers want to address the problem of youth unemployment in the country, policy that will reduce poverty level should be embarked upon. Also, policy that stimulates economic growth should be encouraged in Nigeria. [ABSTRACT FROM AUTHOR]

The study investigates asymmetric impact of government expenditure on the economic growth of Nigeria using secondary data that spans through 1981 through 2018. In capturing the asymmetric impact, the study adopted the Non-Linear Auto-regressive Distributed Lag (NARDL) model. Government expenditure components (recurrent and capital expenditure) were decomposed to positive and negative changes due to government review. From the result, it was confirmed that in the short-run, both positive and negative changes in recurrent and capital expenditure had a significant positive impact on economic growth in Nigeria at different time lag. In the long-run, positive changes in recurrent expenditure have a negative impact on economic growth, while negative changes have a positive significant impact on economic growth in Nigeria. Positive changes in capital expenditure have a positive impact on economic growth, while negative changes has a negative 5% significant impact on economic growth. It was concluded from the findings that government expenditure plans has a significant impact on the economic growth of Nigeria in the short-run and long-run. Therefore, it is recommended that government should rebalance its plans between capital and recurrent expenditure to enhance its growth target. [ABSTRACT FROM AUTHOR]

Understanding the scope of elite transformation towards good governance in developing countries' polities is no doubt fastidious amid attendant context fluidity, institutional instabilities, and literature paucity. Nigeria's post-colonial polity has witnessed various structural changes, especially in political regime and economic resources. Since the 1999 transition to democracy, no regime breakdown occurred. Curiously, the Nigerian polity has been experiencing spasmodic ethnic clashes, the onslaught of the menacing Boko Haram terror group, the economy disruptive Niger Delta insurgencies, and acute youth discontent with protests often countered with violence by state security agents. Moreover, social infrastructure provision for economic growth and development remains extensively precarious or non-existent. Most vexingly, systematic knowledge about the transformability of the policy decisive and often-critiqued political elite is deficient or sparsely jumbled. Much has been extolled about governance per se, yet context-relative and data-oriented knowledge remain scanty. To what extent is the Nigerian political executive elite composition transforming towards good governance since 1999? The article focuses on the Nigerian political elite transformability through good governance lenses and practices. It draws from relevant elite theories and governance approaches that underscore the methodology. It contends that the political elite innovation remains stagnant, despite relevant structural changes. The findings reveal insignificant elite dynamics towards good governance. [ABSTRACT FROM AUTHOR]

Even though remittances constitute the second-largest source of foreign exchange for Nigeria, with a $24 billion inflow in 2018, its impact on economic growth remains unclear. This study, therefore, examined the short-run and long-run impact of remittances on the economic growth of Nigeria using the vector error correction model. Utilizing World Bank data covering 1990–2018, the empirical analysis revealed that remittances hurt economic growth in the short run while having no impact on economic growth in the long run. Our parameter estimates indicate that a 1% increase in remittances would result in a 0.9% decrease in the gross domestic product growth rate in the short run. One policy implication of this study is that Nigeria needs to devise policies and interventions that minimize the emigration of skilled professionals rather than depending on remittances that do not offset the losses to the economy due to brain drain. [ABSTRACT FROM AUTHOR]

The current study investigates the causal relations between CO2 emissions and the growth of Nigeria's economy, a topic of significant interest for the relevant authorities that has yet to be comprehensively examined. We test both the nonlinear and time-varying nature of the variables' relationships to provide effective and applicable policies. Unlike the linear method's lack of causal evidence, both nonlinear and time-varying Granger causality tests indicate the presence of dual causation between the variables. This suggests that appropriate and cost-effective environmental policies need to be adopted in Nigeria to prevent sustainable economic growth from being jeopardized while addressing environmental concerns. In this regard, it is recommended that clean energy resources make a greater contribution to the country's energy paradigm as a viable solution. This will lead to higher energy efficiency, which will help the country to maintain the economy's growth level in the ideal zone and mitigate environmental challenges. [ABSTRACT FROM AUTHOR]

This paper investigates the moderating role institutional quality plays in foreign direct investment led growth hypothesis in Nigeria from 1984 to 2018 using autoregressive distributed lag estimation technique. Specifically, the study contributes to the literature by using seven different institutional indicators to moderate the effect of foreign direct investment on economic growth. The findings reveal that foreign direct investment has no direct (positive) effect on economic growth in Nigeria. However, the interactive effect of institutional indicators with foreign direct investment has significant impact on economic growth in most of the models. This implies that institutions serve as important absorptive capacity that needs to be strengthened for the country to benefit maximally from the growth effect of foreign direct investment. This study therefore concludes that good institutional quality matters for foreign direct investment and growth in Nigeria. [ABSTRACT FROM AUTHOR]

This paper analyzed the impact of federal government agricultural financing on economic growth in Nigeria. The study utilized the time series data which was extracted from the Central Bank of Nigeria statistical bulletin. The properties of the variables were tested using the Augmented Dickey-Fuller unit root test. A Single equation cointegration test confirmed no cointegration and a short-run vector autoregressive model was used to analyze the data, after which the diagnostic test was carried out to confirm the normality of the series. The study revealed that federal government agricultural financing has a negative contribution to economic growth in Nigeria and was statistically insignificant. Agricultural Credit Guarantee Scheme Funds had a positive but not statistically significant contribution to economic growth and there was no causal relationship among the variables. The study concluded that federal government agricultural financing has no significant impact on economic growth in Nigeria. Therefore, the study recommended that federal government should increase funding to the agricultural sector to be able to impact positively on the economic growth of Nigeria. [ABSTRACT FROM AUTHOR]

This study examines the effect of trade policy on Nigeria economic growth and used annual data that spanned from 1983 to 2018. The Augmented Dickey-Fuller test revealed that the variables employed have mixed order of integration (i(0),i(1)). Thereafter, An Autoregressive Distributed Lag (ARDL) technique was employed because it suits the outcome of the pre estimation test. A cointegration test among the variables is conducted using the ARDL bound test technique. The ARDL estimates show that adjusted trade ratio impacted positively on GDP both in the short and long run and price based variables impacted positively on GDP both in the short and long run. We computed impulse response function for the estimated ARDL model to confirm the accuracy of Bound testing result. Interestingly, the finding remained robust when the potential effect of the trade policy is accounted for using IRF. The IRF show dynamically that GDP responded positively to trade policy at a higher horizon contrary to the short run estimate thereby given more credibility to the result of the ARDL which was been transformed to IRF. The dynamic responses allow us to find out that GDP responded positively and negatively to trade policy but the accumulated (long run) effect is positive. The study conclude that adjusted trade ratio is procyclical while price based mechanism is countercyclical in Nigeria during the scope of study. The study suggests that the policy makers should adopt policies that can promote innovations and shut out any form of black market premium that can cause distortions. [ABSTRACT FROM AUTHOR]

Entrepreneurship education has been embraced by almost all the developed countries so it is important to develop the spirit and culture of entrepreneurship education also in the developing countries. Entrepreneurship education is the type of education that shapes people's mindset and also provides the skills and knowledge that one requires to develop an entrepreneurial culture. Entrepreneurship education should be available to all university students regardless of their courses through the provision of its information resources in the library and information centres for economic growth. [ABSTRACT FROM AUTHOR]