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Odubunmi, A. S. and Agbelade L.I. The pool of resources from one end to the other is immeasurable to such an extent that given a vibrant and perceptive fiscal policy, economic growth, development and Increased crime rate has adverse effects on sustainable economic growth in Nigeria by driving away both foreign and domestic investors; low investment eventually increases unemployment and poverty. economic growth with special emphasis on how corruption affect gross domestic product, and government expenditure in the Nigerian economy, covering a period of twenty seven years (1986-2012). The world is experiencing a major transformation which is multidimensional. (2014). The impact of corruption on economic growth and cultural values in Nigeria: A need for value re-orientation. It was during this period that the country adopted more efficient currencies which reduced the cost of doing business. The study comprises of 5 chapters. Obansa & Awe, 3 Emmanuel Omonoyi. The study concluded that improvement in the performance of the agricultural sector has a significant effect on economic growth in Nigeria. The role of money in the Nigerian economy has much the same role as in any society on the surface of it, in as much as it is used as a currency of exchange. This means that if someone wishes to make a purchase, they use money to be able to do so. The study is backed up with theory of economic growth. Nigeria is a country enormously gifted with both natural and human resources. Looking forward Nigeria is forecasting economic growth of 7%, but most observers will find that estimate over-optimistic. Generally, the mode of financing of deficit had been 35 fquite costly to the economy in terms of inflation, low growth rate, depreciation of the naira and reduced competitiveness of the non-oil sector. (1982-2010) ABSTRACT The term unemployment can be defined as an economic condition marked by the fact that individuals actively seeking for job remain unemployed. ABSTRACT. The methodology employed in this study is the quantitative research design. Trade openness on Nigeria economic growth was tested using VECM and Granger causality test to estimate the relationship. According to Adelman (1984), because of the strong growth linkage effects, agricultural development can lead to a wider economic growth in many countries even open economics during the early stages of industrialization. THE EFFECT OF LOGISTICS INDUSTRY ON THE ECONOMIC GROWTH IN NIGERIA (A Case Study Of The Maritime Industry) Abstract The most significant elements that enable us to understand economic growth and development levels of nations are economic indicators of the country of interest. Economic Development in Nigeria: An Overview Oil. Oil has been the major gold pot for Nigeria since the 70's, overturning the fortune gotten from the export of agricultural products. Agriculture. Transport. Tourism. Mining. Electricity. Services. By virtue of Nigerias huge population, the living standard of its people is less than half than of South Africans. Nigeria GDP Growth Rate Nigeria is one of the most developed countries in Africa. The general government fiscal deficit was 4.4% of GDP in 2019, compared to 1.8% in 2014. (1982-2010) ABSTRACT The term unemployment can be defined as an economic condition marked by the fact that individuals actively seeking for job remain unemployed. Nigeria ranks 63rd worldwide and fifth in Africa in services output. Because this led to a great influx of rural people into the larger urban centres, agricultural production stagnated to such an extent He was appointed HOD in 2016, emerging as the Youngest HOD in the University. Even a small level of economic growth can facilitate higher living standards and an improvement in life expectancy. February 22, 2021. Economic History of Nigeria. The paper examined the impact of monetary policy on economic growth in Nigeria by developing a model that is able to investigate how monetary policy of the government has affected economic growth through the use of multi-variable regression analysis. A study of the impact of industrialization on economic growth in Nigeria has economic wide implications and importance. In the developed world, economic growth is less essential. Consensus Economics, founded in 1989, is the worlds leading international economic survey organization and polls more than 700 economists each month to obtain their latest forecasts and views.Our surveys cover Individual and Consensus (Mean, High and Low) Scenario Estimates for the principal macroeconomic indicators including GDP growth, inflation, production, interest rates and INTRODUCTION Over the past decade, the Nigerian economy enjoyed steady growth and her gross domestic product (GDP) averaged a growth rate of 7%, for the past 5 years. The challenges to effective crime prevention and control are corruption, poverty, family issues and poor motivation for the Nigerian Police Force. So, if economic opportunities are growing or shrinking when the population is growing, we will suddenly find ourselves in the Rev Malthus quagmire (remember you secondary school economics). Consumer price index (CPI) was used as a proxy for inflation and the GDP as proxy for economic growth, to examine the relationship. As Nigerias Gross Domestic Product (GDP) per capita grew by nearly 70% between 1992-2009, poverty rates fell by 6%. On the average, deficit/GDP stood at about 4.0 per cent between 2000 and 2004. Without a doubt, the plan is inclusive and promising, as it The first solution to help in growing Nigerias economy is investing in agriculture (Akujuru 28). So, the country is among the most promising poles of growth Inflation was in single digits in 2014, compared to about 12% in 2019. As much as these indicators have positive and high values, they affect Previous efforts at planning and visioning were not sustained. Looking back at the pre-colonial era, particularly between 1680 and 1800, the economy of Nigeria was dominated by the Atlantic slave trade because of the growth of the Atlantic plantation system. This transformation is both technological, Electricity remains one factor that can help grow Nigerian economy. Electricity means everything, there can be no industrialization and economic improvement in Nigeria without Nigerians fixing its electricity. Once electricity is fixed it will encourage investment, and such investment will lead to economic improvement. Therefore, it is of importance to assess the banking sector and stock market deepening effects on economic growth in Nigeria. Read more. INTRODUCTION. May 26, 2021 152 Determinants of Economic Growth in Nigeria Ajide infancy. Ex-post facto research designs was adopted in the work to examine the contribution of revenue generated on economic growth in Nigeria for the period of 30 years. The aim of this study was to examine the impact of tax revenue collected by federal government on the economic growth of Nigeria, while looking at the specific objectives which include: Assess the impact of companies income tax on economic growth of Nigeria, 1.1 Background of the study. Nigeria gdp growth rate for 2018 was 1.92%, a 1.12% increase from 2017. Nigeria: PMI hits nine-month high in May. Part two discusses the relationship between economic growth and poverty reduction in Nigeria, explores CHAPTER ONE. Moreover, despite the huge amount of debts which Nigeria has continued to incur over the years, with the aim of achieving economic growth and development, high unemployment, poverty, and low standard of living is still prevalent in the country, as observed by Aiyedogbon and The impact of trade openness on Nigeria economic growth within the sample period of 1981-2016 PDF. 1 Mohammed Yelwa, 2 S.A.J. economy, the FG developed a comprehensive policy called the Nigeria Economic Sustainability Plan (NESP) to hasten the desired economic recovery and sustainable growth. Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. 150 Determinants of Economic Growth in Nigeria Ajide results mostly stems from mediating mechanism2 by which effects of FDI spillovers on the receiving countries are impacted. Nigerias economy entered a recession in 2020, reversing three years of recovery, due to fall in crude oil prices on account of falling global demand and containment measures to fight the spread of COVID19. of Nigeria GROWTH PROSPECTS FOR THE NIGERIAN ECONOMY Convocation Lecture delivered at the Igbinedion University Eighth Convocation Ceremony, Okada, Edo State, November 26, 2010 GROWTH PROSPECTS FOR THE NIGERIAN ECONOMY Sanusi Lamido Sanusi, CON Governor Central Bank of Nigeria 1.0 INTRODUCTION Nigerias economic aspirations have remained that of THE POSITIVE EFFECTS OF GLOBALIZATION ON NIGERIA ECONOMY Globalization has brought a rapid increase in the specialization and efficiency, enhanced and superior quality products at a subsidized price, improvement in productivity, competitiveness, technological advancement and enhanced managerial capabilities. Moreover, despite the huge amount of debts which Nigeria has continued to incur over the years, with the aim of achieving economic growth and development, high unemployment, poverty, and low standard of living is still prevalent in the country, as observed by Aiyedogbon and Economists observed that the development and utilization of industrial sector is important in a nations economic growth. Unemployment is very common in under-developed nations like Nigeria and it affects graduates of various institutions of learning. In recent years, all her efforts to grow the economy, Nigerias rate of economic growth has remained very volatile and sluggish. The It was during this period that the country adopted more efficient currencies which reduced the cost of doing business. Microfinance banking and economic growth of Nigeria. The paper examined the impact of monetary policy on economic growth in Nigeria by developing a model that is able to investigate how monetary policy of the government has affected economic growth through the use of multi-variable regression analysis. Nigeria GDP Growth Rate in Nigeria averaged 1.01 percent from 2010 until 2021, reaching an all time high of 12.12 percent in the third quarter of 2020 and a record low of -14.27 percent in the first quarter of 2020. The Nigerian economy is one of the largest in Africa. Impact of government expenditure on economic growth of Nigeria. A series of world oil price increases from 1973 produced rapid economic growth in transportation, construction, manufacturing, and government services. In this study, the perceived relationship between financial development and economic growth is estimated econometrically using the Ordinary Least Square Estimation Method (OLSEM). This exploding population has made the economic giants citizens poor in By virtue of Nigerias huge population, the living standard of its people is less than half than of South Africans. This is the first in a two-part series on measuring and understanding economic growth and poverty in Nigeria, presenting findings from EPAR Technical Report #327. Given the countrys considerable resource endowment and coastal location there is potential for strong growth. It is also the most competitive and strategic way of The research findings revealed that deficit financing through External debt borrowing has a significant negative effect on Nigerias economic growth. In chapter one, the concepts are introduced and the problem of the study is established with the research objectives and questions. Since the late 1960s it has been based primarily on the petroleum industry. Organisers of the Nigerian Economic Summit Group (NESG), said the summit has helped to steer economic growth and national development objectives since the 90s. Nigeria became Africas largest economy in 2014. One of the fastest growing segments in Services are Information and Communication, which together account for about 10 percent of the total output. Methodology Secondary data was collected for estimation from the central Secondary data were sourced from Central Bank of Nigeria Statistical Bulletin (2017) for the purpose of this study. The history of economic stagnation, declining welfare and social instability, has For developing economies in Sub-Saharan Africa, economic growth enables countries to escape the worst levels of poverty. However, while the proportion of impoverished Also, Hlalefang Nigeria Economic Growth On the heels of the worst downturn in recent history this year owing to the pandemic and oil price shock, the economy is seen emerging back to growth in 2021 as demand at home and abroad recover. Below are Economics Topics with available Chapters 1-5. Nigeria became Africas largest economy in 2014. Ordinary least square (OLS) estimation technique is employed in estimating the specified model. THE IMPACT OF UNEMPLOYMENT ON ECONOMIC GROWTH IN NIGERIA. economic growth. Economics (/ i k n m k s, k -/) is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services.. Economics focuses on the behaviour and interactions of economic agents and how economies work. This piece dissects the historical analogy of the summits impact on the Nigerian project so far. This page provides - Nigeria GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. This exploding population has made the economic giants citizens poor in It is the second consecutive quarterly growth since Nigerias economy dipped into recession in the Q3 of 2020, helped by In this chapter, we examine the relationship between taxation and economic growth in a resource rich country, using Nigeria as a case study. The International Monetary Fund has projected an economic growth of 2.5 per cent for Nigeria in 2021. This study is significantly in the following ways: It will aid the ministry of trades and investment in reassessing the destination of investment flow with a view to directing them at the manufacturing industrial activities. According to American College Dictionary, inflation is "Undue expansion or increase of the currency of a country." We explore the linkages between availability of higher resource revenue and lower taxation effort of other revenue categories and the effects of these on growth. The economy returned to growth, albeit marginally, in the final quarter of last year, with GDP expanding 0.1% year-on-year. In terms of economic growth, it is observed that the framework and strategies for economic growth in Nigeria for over decades have been that of alignment and re-alignment, policy inconsistency and poor implementation, an government must diversify the economy into non-export sector to 2018;2(4):16-20. in ar 21 Volme 2 sse 4 17 of the economy, instead of the use of aggregated variables to measure the effect of microfinance banking to the economy. economic development in Nigeria. Nigeria gdp growth rate for 2019 was 2.21%, a 0.29% increase from 2018. Nigeria gdp growth rate for 2018 was 1.92%, a 1.12% increase from 2017. However, the result indicates only government expenditure on health is not significant in explaining economic growth in Nigeria. Nigeria gdp growth rate for 2017 was 0.81%, a 2.42% increase from 2016. This is the second in a two-part series on measuring and understanding economic growth and poverty in Nigeria, presenting findings from EPAR Technical Report #327. This study wishes to view the impact of tax revenue on Nigeria economic growth and to ascertain detrimental impact on totally generated revenue from taxation.
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