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An inquiry into the impact of external and domestic borrowings is considered timely for Nigeria, given the growing public debt profile amid deteriorating human capital development. Using data from 1990 to 2021, the study estimates the effects of domestic and external debts on Nigeria's human capital development. The study employed the fully modified ordinary least squares and canonical cointegration regression as the main estimation technique and the robustness check, respectively. The study discovered that domestic and external debt, economic growth and debt servicing exert positive and significant influence on human capital development in Nigeria while environmental pollution has an inverse and significant impact on human capital development in Nigeria. Premised on the outcomes, policy suggestions aimed at enhancing human capital development in Nigeria have been put forward. [ABSTRACT FROM AUTHOR]

This study examines whether knowledge causes economic growth in Africa's two leading economies, Nigeria and South Africa. Using the Vector Autoregressive and Vector Error Correction approaches, the findings show cointegration among the variables. The speed of convergence of the variables to their long‐term mean values is relatively higher for South Africa than for Nigeria. In the short run, it is observed that knowledge unidirectionally Granger causes growth for Nigeria, whereas bidirectional causality is observed for South Africa. The higher correlation between knowledge and growth in South Africa reflects the success of greater investment in education. Nigeria must increase investment in education and modern infrastructure to converge to South Africa's growth trajectory. Moreover, for Nigeria, (1) knowledge unidirectionally Granger cause growth, (2) evidence of bidirectional causality flow is apparent between trade, the economic incentive, and growth, and (3) health unidirectionally Granger cause knowledge. As for South Africa (1) there is bidirectional causality between knowledge, trade openness, and growth, whereas investment and economic incentive, unidirectionally Granger causes growth, (2) investment, trade openness, and health unidirectionally Granger cause knowledge, and (3) economic incentive unidirectionally Granger cause trade openness. In conclusion, this paper argues that a transformed education system can provide the knowledge base essential for promoting and sustaining economic growth. [ABSTRACT FROM AUTHOR]

This study examines the dynamic effects of external debt stocks on real economic growth in Nigeria—incorporating debt services, interest rate, inflation, and capital formation. The study utilizes annual time series from 1981 to 2017 employing the dynamic autoregressive distributed lag (ARDL) cointegration bounds test methodology. Empirical findings indicated that external debt stocks and debt services have a significant effect on real economic growth both in the short and long run. The result of the pairwise conditional Granger causality gives a short run procyclical bidirectional nexus between capital formation and economic growth. Thus, external debt stocks affect real GDP via the channels of accumulated debts, debt services, and macroeconomic variable fluctuations in the long run. Result obtained supports the objective of the Nigerian Debt Management Office in optimally managing the nation's external debt. [ABSTRACT FROM AUTHOR]

The contribution of different agricultural subsectors to economic growth in Nigeria is investigated and further suggests policy implications for investing in each of these subsectors. To this end, Johansen cointegration test and Gregory–Hansen test for cointegration with regime shift, vector error correction model (VECM), dynamic ordinary least squares (DOLS), fully modified ordinary least squares (FMOLS), Granger causality, and frequency domain causality test are employed for data from 1981 to 2016. This paper further highlights the long and causal dynamics between the selected agricultural subsector, namely forestry, crop production, fishery and livestock, and economic growth. Findings from time and frequency domain causality tests indicate a one‐way causality running from various subsectors of agriculture to economic growth in Nigeria, meaning how various subsectors of agriculture are important for predicting economic growth. In addition, there is 54% speed of adjustment from the error correction model, suggesting a need for diversification of the economy into the agricultural sector as a means for sustainable economic growth in the face of the continuous plunge in the global oil price. In the long‐run, the effect of forestry, crop production, and fishery on economic growth is statistically significant and positive. These outcomes have inherent policy implication(s), which are elucidated in the concluding section. [ABSTRACT FROM AUTHOR]

The study explores the link between electricity consumption, urbanization, and economic growth in Nigeria from 1971 to 2014. The bounds test and the Bayer and Hanck (Journal of Time Series Analysis, 2013, 34(1), 83–95) cointegration tests affirm cointegrating relationship. Electricity consumption increases economic growth in both time periods, while the impact of urbanization appears to inhibit growth. The fully modified OLS, dynamic OLS, and the canonical cointegrating regression confirm the robustness of the findings. The vector error correction model Granger causality test supports the neutrality hypothesis in the short run and the feedback hypothesis among the variables in the long run. Therefore, policies to ensure efficient electricity supply, curb rapid urbanization, and promote sustainable economic growth were suggested. [ABSTRACT FROM AUTHOR]