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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]

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]

Banks' profitability is vital component of economic growth, its significance extends from' sustainability of banks to macroeconomic stabilization. Thus, this study assessed the effect of banks' specific factors and macroeconomic variables on the profitability of microfinance banks (MFBs) in Nigeria from 2012-2021. The purposive sampling technique was employed to select 15 licensed MFBs from the South West region of Nigeria. This study employed return on assets (ROA) as an indicator of profitability. [ABSTRACT FROM AUTHOR]

The threshold of external debt service toward economic growth is a continuously debatable topic among researchers globally. The issue is widely debated, particularly in highly indebted developing countries such as Nigeria. This paper investigates the impact of external debt service on the economic growth of Nigeria from 1985 to 2021. Using the Ordinary Least Squares (OLS) estimation technique, the result indicates that debt service hampers the growth of the Nigerian economy. This implies that the external debt service burden drains the country's income, which should have been channeled to increase future production. The finding also shows that the stock of external debt promotes economic growth. It is hereby recommended that proper management of the external debt stocks by governments in more productive sectors could bring further growth. [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]

This study aims to reinvestigate the long run relationship between credit market development and economic growth in Nigeria covering the years between 1981 and 2016 by applying recently developed econometric techniques. In addition to measures of credit market development indicators of domestic credit to the private sector and broad money, trade openness, foreign direct investment and urbanization are also included in estimations to overcome the omitted variable problem. The measure for economic growth used is real gross domestic product. To the best of our knowledge, no study has been conducted before, examining these relationships with all these listed indicators. Therefore, this study proposes to close this gap in the literature. To capture the long run effects, we used ARDL, Fully Modified Ordinary Least Squares, and Dynamic Ordinary Least Squares estimator approaches. Findings uncover that (a) a long run equilibrium relationship exists between credit market development and economic growth, (b) economic policy makers are required to seek after developing the credit market with the main intention of guaranteeing that banks and other money related establishments are enabled and empowered to give the essential funds to the beneficial part of the economy which are urban and private sectors. [ABSTRACT FROM AUTHOR]

The study investigates the effect of stock market volatility on economic growth in Nigeria, accounting for the moderating role globalization (economic, social and political globalization) from 1981 to 2018. Applying the recently developed unit root with structural breaks by Lee and Strazicich test, the Bayer–Hancks and Johansen cointegration tests, the results show that all the variables (real gross domestic product, stock market returns and globalization index) are integrated of order one, and are also cointegrated, suggesting evidence of long‐run relationship. Further, the results of the GARCH(1,1) model indicate that the effect of shocks to SMR volatility are very likely to be permanent than temporary. Regarding the nexus between stock market return and economic growth, the study reveals a positive, inelastic but statistically insignificant effect of stock market returns on economic growth in Nigeria. Also, globalization has a positive, elastic and statistically significant effect on economic growth in Nigeria. The study therefore, recommends collaborations on policy measures that would stabilize and reposition the stock market to continue playing its critical role of galvanizing funds for investment and stimulating economic growth and as well strengthens globalization related policies to achieve economic growth. [ABSTRACT FROM AUTHOR]

The study investigated the link between governmental debt and economic growth in Nigeria over a 34-year period (1987-2020). The survey examined the effect of external debt, domestic debt service payments, interest rates, and government spending on economic growth as measured by real GDP. The study used the least square econometric technique to determine the relationship between public debt variables and economic growth in Nigeria. Data on real gross domestic product, external debt, domestic debt service payment, interest rate, and government expenditure were gathered from the CBN statistical bulletin (2020). External debt and domestic debt service payments have a negative and substantial influence on economic growth, interest rates have a positive and insignificant effect on economic growth, and government expenditure has a positive and significant effect on economic growth, according to the study. The study indicated that Nigeria's public debt had a negative link with economic growth based on the findings. As a result, debt office management is attempting to put in place mechanisms to ensure that loans are used for the purposes for which they were acquired and channeled towards productive uses, and sourcing external debts should be viewed as a means of long-term development rather than a means of solving short-term problems. [ABSTRACT FROM AUTHOR]

The study covered four (4) selected financial deepening estimators as it affects the economy as a whole. To carry out the study, data were sourced through Statistical Bulletin 2018 and World Bank Development Indicators (2018) from 2003 to 2018. Group of low-income countries have continued to find the need for adequate financial deepening in a bid to enhance their economic growth. Though they are operating a modern type of economy, yet they are mostly mono-economy, relying more on either oil or agricultural products and heavily depending on oil. Hence, Nigeria is a small open economy. In analyzing the data obtained, linear regression analysis was used through SPSS 22.0. The study formulated four (4) hypotheses and the findings showed that the ratio of money supply, credit ratio in private sector, savings ratio and investment have impact significantly on Gross Domestic Product in Nigeria because the p-value t-statistics are 0.0481, 0.027, 0.046 and.000 respectively are all less than 5% significant level. The study, therefore, identified the nexus by concluding that financial deepening has significant impact on Nigeria's economic growth. This study recommends that government policies should be geared towards increased money supply and well-organized capital market that can improve general economic efficacy. [ABSTRACT FROM AUTHOR]

The real sector which involves production of goods and services used in the economy has been the engine of economic transformation over the years. Since independence in 1960 Nigeria overall economic performance has not been encouraging. Despite the availability of large amount of foreign exchange mainly from its crude oil and huge expenditure, economic growth has been insignificant and the incidence of poverty has increased. This study identified few sectors that contributed most to economic growth in Nigeria. Ten years data (2009-2018) on contributions of real sector to Gross Domestic Product (GDP) were used for the study and Pareto analysis was used to analyse the data. The study reveal that to achieve 80% economic growth in Nigeria government should give preference to service, agriculture and industry sectors in formulation of policies for economic growth. [ABSTRACT FROM AUTHOR]

This study investigated the connection between external reserve and economic growth in Nigeria. It covered the period of 1986 to 2018. Data were soured from Central Bank of Nigerian Statistical Bulletin (2018). The techniques adopted for analysis were Augmented Dickey-Fuller Unit Root, Philip Perron Unit Root, Autoregressive Distributed Lag (ARDL) and Granger Causality techniques. Base on Bound Co-integration test result it was found that external reserve, exchange rate, trade openness and inflation rate had long run relationship with real gross domestic product. The ARDL result indicated that external reserve and exchange rate positively influenced economic growth while trade openness and inflation rate were found to exert negative effect on economic growth. The causality result indicated that external reserve had bidirectional causality with economic growth in Nigeria. The implication of these findings is that the policy of holding and managing reserves will enhance liquidity position of a nation, serve as cushion during economic crisis, prevent exchange instability and provide long term resources for investment in infrastructural facilities which are growth inducing in the long run. [ABSTRACT FROM AUTHOR]

This study investigates how Agriculture, External debt, Importation and Exportation affects the economic growth of Nigeria over the period of 1979-2019 using an annual time series data. A structural vector autoregressive model was used in determining the short and long run pattern. Result from the study shows that there exists a positive relationship between agriculture and the Real Gross Domestic Product on the Nigerian economy. Importation has a positive relationship at the initial period while on the long period exhibit a negative relationship with RGDP. External debt also experienced a negative relationship at the initial period while on the long run exhibit a negative relationship with RGDP. The result from the structural variance decomposition shows that agriculture and importation contribute more variability to RGDP in Nigeria. The study however recommends that the government should come up with a policy that focus on the alternative source of its revenue by focusing more on agriculture and encourage export and strict laws on import diversification in the area of agriculture, agro-investment, and agro-allied industries, oil allied industries which would help improve Real GDP growth in Nigerian economy. [ABSTRACT FROM AUTHOR]