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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 seeks to examine the pass‐through effect of monetary policy tools on economic growth in Nigeria using quarterly time series data from Q12008 to Q42018. The study employed Augmented Dickey Fuller's unit root test, lag selection criteria, and impulse response function under Toda‐Yamamoto approach to examine the pass‐through effect of monetary policy tools on economic growth. The summary of the results is that, the dynamism in monetary policy tools through money supply remains inconsistent and the changes (either increase/decrease) in these elements could dampen down availability of credit to core private sectors thus hampering growth and development. This study therefore recommends; that monetary authority takes proactive measures to ensure sound and robust commercial banks that can facilitates substantial funds to core private sector to boost productivity of the economy. This can be achieve through close monitoring of banks and ensuring full implementations of indirect monetary policy tools. [ABSTRACT FROM AUTHOR]

This study investigated the effect of oil price shock (OPS), exchange rate volatility (EXRV), and non‐oil export (NOX) on economic growth in Nigeria using quarterly time‐series data from 1981Q1 to 2018Q4. Structural vector autoregressive methodology was adopted to identify the effect; Zivot‐Andrews unit root test and Johansen cointegration were first applied to established stationarity properties and long‐run relationships of the variables. The study found that OPS, EXRV, and NOX had a significant negative effect on economic growth in Nigeria. The study recommended reviving of oil refineries; diversification of the economy; and deliberate policy to promote NOX. [ABSTRACT FROM AUTHOR]

This paper investigates the relationship among income inequality, carbon emissions rate, and economic growth in Burkina Faso and Nigeria in the period 1980–2016. Using the ARDL bounds approach to ascertain the short‐ and long‐run dynamics of the variables, the paper examined whether or not income inequality, poverty, and growth affected environmental quality in both countries. Findings indicated a U‐shaped inverted connection between environmental degradation and income growth in Nigeria while the U‐shaped relationship was found in Burkina Faso. The relationship between income inequality and environmental degradation in both countries was positive while government expenditure and poverty were found to increasing carbon emissions in the long‐run, only in Nigeria. The short‐run results showed that income inequality reduced carbon dioxide emissions in Nigeria and had significant and adverse effects in Burkina Faso. Consequently, policymakers must pay equal attention to income inequality and poverty alleviation on the one hand and cleaning the environment and economic growth on the other hand. [ABSTRACT FROM AUTHOR]

The need for economic development has preoccupied policymakers over the years. Especially the global south such as Nigeria, which is plagued with infrastructural deficit and less foreign direct investment and financial development attraction. This has drawn the attention of stakeholders and government officials for exploration of alternative routes for sustainable development, which is in line with the United Nations Sustainable Development Goals‐8 (UNSDG's). Thus, the current study focuses on the FDI‐led economic growth hypothesis if it holds or not for the case of Nigeria. The present study is distinct from previous studies in terms of scope by incorporation of more covariates, which has seemed to have been overlooked in the FDI argument. To this end, the current study re‐investigates the connection between FDI, financial development, total labour force, gross capital formation, and economic growth using Nigeria as a representation for Africa and Sub‐Saharan states specifically. Annual time‐series data from 1970 to 2018 is adopted for the econometrics analysis. Our study interest variables are foreign direct investment, economic expansion (GDP). The present study inculcates two additional financial development indicators; from the banking, and financial sectors. Using a battery of unit root and stationarity tests the study explores the stationarity properties of the outlined variables. Subsequently, the novel and recent robust Bayer and Hanck (2013) combined cointegration test in conjunction with Pesaran's ARDL bounds test was used to investigate the equilibrium relationship and regression analysis. While the Toda‐Yamamoto Granger causality was used to detect the direction of causality analysis among the variables. Empirical investigation traces a long‐run equilibrium relationship among the variables over the sampled period. Furthermore, empirical results show that FDI influences GDP, which suggests that FDI influences economic growth which is indicative of policymakers. Similarly, empirical outcomes establish a significant relationship between GDP and Financial Development from banking‐sector which is also corroborated in the causality results as an indirect causality is seen running from GCF to the financial sector. These outcomes suggest that FDI and Financial development are good predictors for sustainable economic growth in Nigeria. All aforementioned results have its inherent policy implications which are elucidated in the concluding remark of this study. [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 empirical evidence on the nexus between monetary policy and economic growth remains ambiguous with mixed and differing results, depending on the country's characteristics, the choice of monetary policy variables employed, and recently, the place of financial inclusion in monetary policy formulation and transmission mechanism. This study explores the nexus between monetary policy and economic growth in Nigeria while accounting for the roles of interest rate, money supply, and financial inclusion over a base period of 2004q1 to 2020q4 and a projected period of 30 quarters. Using the dynamic simulation autoregressive distributed lag (ARDL) model, the study finds that in the short run, only the effect of money supply on economic growth is statistically significant. However, in the long run, interest rate, money supply, and financial inclusion have statistically significant effects on economic growth. The results are supported by the plots of the dynamic simulated ARDL, where economic growth response is predicted at various time periods after forcing a ±1% change (positive and negative shocks) in interest rate, money supply, and financial inclusion. We, therefore, recommend among other things an aggressive financial inclusion strategy with clearly defined deliverables and timelines to reduce the percentage of persons excluded from the formal financial system. [ABSTRACT FROM AUTHOR]

Following the fact that above average contribution to the Nigerian economic growth come from petroleum industry and agriculture which are dominated by multinational companies, the author undertakes the task to unveil the level of emission from these sectors. The current paper adopts FDI and agricultural sector as among the vital indicators in determining the position of Nigeria in climate change. This study builds on the ecological footprint in accounting for environmental performance of Nigeria. Basic contribution of this paper is in its two‐stage analyses of ARDL regression and causality with both ecological based and growth based models. This unveils both the economic and ecological footprint implication to the environment. The findings of this paper are: a positive (elasticity) relationship between economic growth (GDP) and ecological footprint is established in both the short run and long run. Negative and significant relationship is uncovered between FDI and ecological footprint. Negative association between agricultural sector and ecological footprint in both long run and sort run. The relationship that exist between these variables (energy use and population) and ecological footprint are positive which means unfavorable implication to the environmental performance. Moreover, the findings according to Granger causality are: a uni‐directional causality passing from economic growth to ecological footprint, from energy use to ecological footprint, and also from population to ecological footprint. Also, a one‐way transmission is established amongst economic growth and energy use, and between economic growth and population. This is in conformity with the expectations of the author, and has established a nexus among the selected variables (population and energy transmitting to economic growth, while economic growth and energy transmitting to ecological footprint). With these findings especially from FDI and agriculture, the authorities of the country are expected to build a sustainable policy framework in promoting, regulating and sustaining the trend with mindset of maintaining a healthy environment. [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]

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 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 current health pandemic that has plagued the global of which the global south‐Nigeria is not insulated from is the premise for this empirical investigation. The present study relies on recent annual time‐series data to conceptualize the hypothesized claim via Pesaran's Autoregressive distributed lag techniques. Empirical findings from the bounds test traces the long‐run relationship between public health expenditure and economic growth over the study span. However, unlike previous studies, we introduce life expectancy and death rates in the model framework. Although health expenditure is not significant, empirical results show that a 1% increase in life expectancy and death rate increases and decreases economic growth by 3.85 and 1.84%, respectively. This suggests the need for Health Policymakers in Nigeria to implement active strategies that reduce the death rate, which is a blueprint for active engagement in the face of a global pandemic such as COVID‐19. [ABSTRACT FROM AUTHOR]

The mixed empirical findings from the previous studies that examined the impact of oil revenue on economic growth in oil‐rich countries have raised a lot of questions as to why oil revenue has not produced the expected growth effect in some of those countries. One of the factors responsible for such a phenomenon is the poor institutional quality that characterises some of these countries. Given this, this study investigates the role of institutional quality in oil revenue‐economic growth nexus in Nigeria over the period of 1984–2018. Using ARDL as an estimation method, our results show that, irrespective of the choice of oil revenue and economic growth variables, oil revenue is still indispensable to economic growth in the short run and the long run. However, interacting each of the institutional quality variables with real oil revenue and oil rents yields mixed empirical findings. Although some of the interacting variables produce positive effects on economic growth in both runs, the positive effect of some become insignificant and even turn negative in the robustness analysis. With the interaction of overall institutional quality index with oil revenue, oil revenue worsens economic growth in both runs. Given these results, it is suggested that government should improve institutional apparatuses in the country. [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]

This study investigates the nexus between renewable energy consumption and environmental quality in Nigeria, accounting for the role of financial development, and re‐examines the validity of the environmental Kuznet curve (EKC) hypothesis for Nigeria covering the period 1990 to 2016. To cover financial development more adequately, the current study uses the broad‐based financial development index constructed by the International Monetary Fund. The study employs second generation econometric approaches of Lee and Strazicich, and Bayer and Hanck combined cointegration tests to check for stationarity and cointegration among the variables, and then applies autoregressive distributed lag (ARDL) and vector error correction model (VECM) Granger causality tests to explore the effect and causal relationship respectively. The results divulge that renewable energy consumption improves environmental quality, while financial development hurts the environment. Further, the results validate an inverted U‐shaped association between economic growth and environmental degradation in Nigeria. The VECM Granger causality results indicate a long‐run effect of the independent variables on CO2 emission, while the short‐run causality reveals a mixture of unidirectional and bidirectional causality among the variables. This study therefore recommends that policy makers consider the important roles of renewable energy and financial development in reforming energy policies to achieve environmental sustainability. [ABSTRACT FROM AUTHOR]

This study empirically explores the linkage between urbanization and deforestation while controlling for the role of energy consumption, trade openness, and economic growth within recent data from 1971 to 2015. To do this, we employed the vector error correction‐Granger causality approach and Pesaran's autoregressive distributed lag cointegration technique. The Bayer–Hanck cointegration test establishes an equilibrium relationship among the variables. Results reveal that economic growth, energy consumption, and urbanization have a significant impact on deforestation in Nigeria, thereby reducing the quality of the environment. Short‐ and long‐run unidirectional casualty flows from urbanization to deforestation. Therefore, policies for reducing deforestation and enhancing environmental sustainability for growth and development were suggested. [ABSTRACT FROM AUTHOR]