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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]

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]

Developing nations have experienced a variety of economic challenges that have limited their ability to develop and thrive. Since the pandemic in 2020, Nigeria's economic growth has been trending downhill, creating severe economic and social problems. In light of this ugly trend, this study critically evaluates the effect of microfinance bank credit on output performance in Nigeria. This study utilized secondary data collected from the Central Bank of Nigeria statistical bulletin. It deployed the Dynamic Ordinary Least Square (DOLS) Estimation techniques to explore the effects of microfinance bank credit on output performance in Nigeria. The findings show that microfinance bank loans and advances have a positive and significant long-run effect on Nigeria's economic growth. Therefore, the study recommends that microfinance institutions must be adequately harnessed and supported to attain their maximum potential. This involves appropriately regulating microfinance banks and reviewing the Microfinance Policy, Regulatory, and Supervisory Framework (MPRSF) to increase public trust in microfinance institutions. Additionally, microfinance banks should be required to provide SMEs with much-needed loans with minimal or reasonable collateral. [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]

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]

Existential struggles appear to be unending in developing nations, including Nigeria. Some of the existential struggles lead to citizen agitations and evolve into social movements, some of which have recorded varying success rates. This paper thus seeks to examine #ENDSARS protests as a case study visà-vis the social movement theory. It explores the theory to provide meaning to what happened with #ENDSARS, outcomes and recommendations for future social movements or otherwise. Findings indicate that New Social Movement Theory (NSMT) played out effectively during the #ENDSARS protest, with technology driving all the attributes of the social movement theory. As a recommendation, the policymakers must approach issues affecting the welfare and livelihoods of its citizens carefully before it snowballs into agitations like the #ENDSARS protest. Government must balance the need for fiscal responsibility and economic growth with the need to protect the interests of ordinary Nigerians and ensure social stability. Theorists must hereafter review new theories against contemporary realities and technological potential. [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]

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]

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]

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]

This paper extends the existing literature on financial inclusion by considering the role of the insurance sector. Attaining a desired level of financial inclusion has been a challenging issue confronting stakeholder across the globe. Reduced attention given to the insurance industry has, however, frustrated the financial inclusion target of the authorities, which formed the major focus of this study. Thus, this study investigated the influence of financial inclusion on economic growth by taking cognizance of the role of the insurance sector in Nigeria using the ARDL estimation technique from 1981 to 2018. The empirical results revealed that total insurance premium and non-life insurance premium are positively related to economic growth, while life insurance premium is negatively related to economic growth. However, credit to the private sector performs better and contributes positively significantly to economic growth in Nigeria. However, it is, therefore, important for the monetary authorities to give greater attention not only to the bank financial institutions but to other non-bank financial institutions like insurance, pensions, etc., in order to harness the targeted level of financial inclusion in Nigeria. [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]

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]

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]

The study focused on the impact of hospitality and tourism industry in Oshimili South Local Government Area, Delta State, with a view to ascertain its contribution to sustainable economic growth in Nigeria. The objectives of the study were to examine the impact of the hospitality industry in the achievement of sustainable economic growth, and the impact of tourism on the Standard of Living of operators as well as find out the challenges of tourism in Oshimili South Local Government Area, Delta State, Nigeria. The study was a descriptive study. The population is made up of all the hospitality industry in the three towns (Asaba, Okwe and oko) in the study area. Two towns in Oshimili South Local Government Area, Delta State were selected using purposive sampling technique, while simple random sampling technique was used to select 800 respondents in both the two towns selected for the study respectively. Structured questionnaires were used as instruments for data collection in the study. Data generated was analyzed using descriptive statistics which included frequency, percentages as well as mean rating where mean of 2.50 and above was accepted and below 2.50 was rejected. Findings revealed hospitality industry has positively impacted on the provision of employment and that the tourism industry has also positively impacted on the standard of operators in Oshimili South Local Government Area. However, it was revealed that funding was a major challenge of tourism and the hospitality industries in Oshimili South Local Government Area. It was recommended that there is need for more people to be encouraged to more investors to engage in the tourism and hospitality industry. This would help to reduce the level of unemployment. [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]

The study examines tourism development and economic performance of some selected African countries (Kenya, Nigeria, and Tanzania) from 1999 to 2021 using a panel Pool Mean Group/Autoregressive distributed Lag (PMG/ARDL) model. Tourism development was represented by tourism receipt and number of tourists' arrivals while GDP represented economic growth. The result reveals that tourism receipts (TR) of the selected developing countries is statistically significant in explaining the variation in the growth of their economies. Hence, the study accepted the alternative hypothesis of the study and concluded that: there is a significant relationship between tourism receipts and economic growth of the selected developing countries. Tourism arrivals (TAR) to the selected developing countries is statistically non-significant, implying that it does promote growth in the selected countries. The long-term effect of tourism development according to our analysis shows some degree of productivity with adequate funding and development to sustain the present state of the economy. Tourism should be encouraged as a development strategy of these economies. [ABSTRACT FROM AUTHOR]

In developing economies, banks act as a conduit for the efficient mobilization of financial resources from the surplus sectors for effective allocation to the deficit sectors for productive investment that will in turn lead to economic growth. Thus, the study is aimed at evaluating whether development in the banking sector intermediation process in the form of an increase in the number of branches, credit to private sectors, intermediation efficiency and total assets stimulated economic growth in Nigeria during the period 1987-2018. The study employed the Johansen cointegration test, dynamic ordinary least square regression and error correction model in determining the relationship between the variables. The results of the cointegration test confirmed the existence of a long-run relationship between banking sector development indicators and economic growth in Nigeria; whereas in the short-run only number of bank branches and bank's total assets have a positive and significant impact on economic growth, signifying that much of Nigeria's superior growth performance is attributed to an increase in the number of bank branches and growth in the bank's total assets. Going by the above findings, the study recommends that the Central Bank of Nigeria should monitor the activities of Commercial Banks in terms of branch distribution to ensure a wider spread and even distribution and also review the asset base of banks from time to time so as to measure up to international standards in order to increase investment and economic 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 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]

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]

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]

Nigeria is the biggest economy in Africa and a significant player in the geopolitics of the continent. The country's ability to command so much relevance is based partly on its status as an oil exporter. It is, therefore, imperative that the country's government protects its golden goose, oil. In this paper, we argue that the recent act of the Nigerian government to resist the promotion of electric vehicles (EV) in the country as a way to protect its economic goose is ill advised. We contend that global transportation and energy phenomena suggest that for Nigeria to remain relevant in the future of the world economy, it is pertinent that it pursues a shift from its current economic model. To buttress our claim, we show how embracing sustainable transportation systems like adopting EV promoting policies, can give Nigeria a rare opportunity to be a big player in the future world economy. [ABSTRACT FROM AUTHOR]

Business combination over mergers and acquisitions (MandAs) have become global phenomenon to achieve economies of scale and higher productivity. This study examined effect of banks' mergers and acquisitions on Nigeria's economic growth prior to and after merger sessions. The study made use of secondary data obtained from Central Bank of Nigeria (CBN) Statistical Bulletin covering the period 1990-2004 for Pre-MandAs and 2005-2019 for Post-MandAs totaling 30 years. Descriptive statistics and ordinary least square regression were employed for data analysis. The results indicated that in the Pre-MandAs era, bank's capital base, credit granted to the private sector and bank spread positively enhanced economic growth howbeit; bank's gross credit adversely affected GDP. Findings also revealed that Post-MandAs era contradicted Pre-MandAs period, with all variables showing insignificant and unexpected relationship with economic growth, except credit granted to the private sector. This indicates that banks' MandAs has not positively and adequately impacted on Nigeria's economic growth during period under consideration. As a result, te study recommends that banks' regulatory and supervisory framework should be strengthened and healthy competition should be promoted. [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 aim of this paper is to investigate the relationships between population growth, energy needs, and environmental sustainability in Africa. To do so, we take Nigeria as an illustrative case and set-up a multivariate framework incorporating total population, electricity demand, per capita income and the amount of CO2 yearly emitted by the power and heating sector over the largest period: 1971–2018. Results confirm the existence of a one-way causality from population to electricity consumption, per capita income, and CO2 emissions without feedback. Besides, a unidirectional link running from electricity consumption to economic growth is depicted, congruent with the electricity-led growth hypothesis. Finally, electricity consumption is found to be a substantial environmental pollution-enabler in Nigeria. The provision of affordable electricity should be balanced by a trend from fossil-fuel supply to sustainable energy resources. [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 analysed the nexus between agricultural exports and economic growth in Nigeria. Time series data covering the period between 1980 and 2018 were utilized by the study. Data were analysed using descriptive statistics, Augmented Dickey-Fuller statistics, Johansen's co-integration method, and vector error correction mechanism (VECM). The results of the time series analysis revealed that the first difference of the variables is stationary and co-integrated. Descriptive analysis results reveal a fluctuating trend in the volume of agricultural exports and economic growth with an average of 351.99 tonnes and $24,200,000 respectively. The contribution of agricultural exports to economic growth declined progressively, with an average of 7.09 percent. VECM results reveal that agricultural exports volume and ratio of average world price to producer price of agricultural export commodities negatively affects economic growth. While exchange rate affects economic growth positively. The study concluded that agricultural exports, exchange rate, and the ratio of average world price to producer price of agricultural export commodities are significant determinants of economic growth in Nigeria. Thus, embarking on agricultural policy interventions that will stimulate increased agricultural export supply, stable producer prices of agricultural export commodities and a friendly macro-economic environment for agricultural exports would promote economic growth. [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]

The relationship between military expenditure and growth is one of the most contentious topics of inquiry in macroeconomics. Researchers have failed to reach a consensus despite the large volume of published studies in the literature. This study contributes to this debate with a focus on the case of Nigeria. The focus on Nigeria is warranted by the increasing role of the military consequent upon the rising levels of insecurity in the country. Empirical analyses are aided by a novel dataset on various measures of milex and growth collected from Stockholm International Peace Research Institute (SIPRI) and the World Development Indicators (WDI). The dataset is mainly employed within the framework of the Toda-Yamamoto-Dolado-Lütkepohl (TYDL) Granger non-causality test which is robust to the integration and cointegration properties of the data. Preliminary tests for integration of the variables are, however, carried out to determine the maximum order of integration as required by the TYDL test. Additionally, stationarity tests are necessary for determining whether a model is composed of nonstationary variables, in which case a cointegration test will be necessary for determining whether a linear combination of such variables is stationary. The analyses of impulse response functions and variance decomposition provide complementary evidence to the TYDL test. The study leads to some interesting results. Johansen cointegration test indicates that milex and economic growth are not cointegrated in any of the models containing nonstationary variables. Granger non-causality tests present a strong causality from miles to growth and a weak causality from growth to miles. These results tend to be corroborated by the impulse response and variance decomposition analyses. Overall, the results affirm previous findings that milex promotes economic growth. This has a strong policy implication for Nigeria. Given the persistent problem of conflict, terrorism, and insecurity in the country on one hand, and the rising need for public spending in the non-military sectors on the other, it is necessary for the government to balance its spending between the military and civilian sectors so that the benefits accruing from the military will not create a loss of opportunities in other sectors. [ABSTRACT FROM AUTHOR]

This study examines monetary policy shocks and economic growth in Nigeria. This study following ex post facto research design employed a regression model where economic growth was the dependent variable while money supply, inflation and interest rate were the explanatory variables. Time series data over the period of 1986 to 2018 sourced from Central Bank of Nigeria (CBN) Statistical Bulletin and World Bank Development Index (WDI) was utilized. The study employed the Vector Autoregression (VAR) techniques in the analysis. The result of the vector autoregression estimation shows that money supply exert a significant positive effect on economic growth in Nigeria while inflation and interest rate exert an insignificant positive effect on economic growth in Nigeria. The result proves that monetary policy shocks exert a significant effect on economic growth in Nigeria while interest rate and inflation do not show any effect. It was recommended that the CBN should ensure the downward review of the Monetary Policy Rate of 12% to 9 percent so as to enhance more financial accessibility. [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]

Considerable debate exists on how stock exchanges affect economic growth. One line of research argues that stock (equity) market development is a positive and significant contributor to growth. On the other hand, other studies show that stock markets negatively affect growth or that they are not relevant contributors to economic growth. This paper seeks to identify the long-run impact of stock market development on the economic growth of Nigeria. The data is sourced from the statistical bulletin of the Central Bank of Nigeria (CBN) from 1981 to 2017. The Augmented Dickey-Fuller unit root test shows that all the variables are integrated of order 1, I(1). However, the Johansen cointegration test provides evidence of a long-run, or equilibrium, relationship among the variables. The vector error correction model is used to determine the short-run and long-run relationships between the variables. Empirical results suggest that stock market development, as proxied by market capitalization to GDP ratio, does not contribute significantly to long-run economic growth in Nigeria. This finding implies that the Nigerian economy has not gotten to the development stage where the stock market can play critical economic development roles and the institutions that ensure the proper functioning of stock markets are non-existent. I recommend that efforts must be made to grow and diversify the Nigerian economy because higher national income stimulates the demand and supply of equity market services and facilities from both individuals and firms, and ultimately promotes a more developed equity market that can further accelerate growth. In addition, robust institutions that protect investor rights and guarantee transparency in the market must be established to build confidence in the equity market and to encourage domestic and foreign participation in the stock market. These conditions are critical if the country wants to benefit from its stock exchange. [ABSTRACT FROM AUTHOR]

This study explores the causal effects of financial development and political stability on economic growth utilizing recent econometric techniques. The study utilizes yearly data spanning between 1996 and 2018. The study used Bayer and Hanck Cointegration, FMOLS, DOLS, and Breitung and Candelon frequency-domain causality techniques. The Breitung and Candelon technique's advantage is that it permits us to differentiate causality in the short term, medium-term, and long-term at different frequencies. The study's motive is to address the questions: What is the long-run and causal impact of political stability and financial development on economic growth? The findings from the FMOLS and DOLS long-run estimators revealed that political stability exerts a negative impact on economic growth while no evidence significant linkage between financial development and economic growth. Furthermore, the findings from the frequency-domain causality test revealed that in the short-run, medium-run, and long-run, political stability could predict economic growth in Nigeria, and there is no evidence of causality from economic growth to political stability in the short-run, medium-run, and long-run. Lastly, our findings reveal no causal interconnection from financial development to economic growth in the short-run, mediumrun, and long-run, while there is no evidence of causality from economic growth. [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]

• We rely on a multi-sectoral balance-of-payments constrained growth model that incorporates intermediate imports. • We explicitly incorporate the effects of intermediate imports and relative prices into the analysis. • The outcome of the study shows that the MBPCG model correctly predicts Nigeria's growth path. • The manufactured exports is one of the main determinants of the intermediate import demand function. • Actual economic growth rates in the Post SAP era (1987–2018) are below the balance of payments constrained growth rates. This study seeks to ascertain whether the Multi-Sectoral Balance of Payments Constrained Growth model is suitable to explain Nigeria's growth experience from 1981 to 2018. The paper explicitly incorporates the effects of intermediate imports and relative prices into the analysis. We employ the autoregressive distributed lag econometric procedure for the analysis. The outcome of the study shows that the Multi-Sectoral Balance of Payments Constrained Growth model correctly predicts Nigeria's growth path. It was found that manufactured export is one of the main determinants of the intermediate import demand function. Considerable reliance on this type of import to produce final exports could reduce the gains from trade, thus adversely affecting the GDP growth of the economy compatible with the BoP constrained growth model in the long run. [ABSTRACT FROM AUTHOR]