8 research outputs found

    Trade Liberalisation, Economic Growth and Human Resource Development in Nigeria: Causal Implications (1980-2009)

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    The study examined the causal links among trade liberalisation, economic growth and human resource development in Nigeria with a view to identifying the nexus connecting these three variables. Inferences of causality were drawn within the framework of Vector Auto-regression model employing techniques of analysis involving unit root test, cointegration and Granger causality tests. The findings that emerged from the analysis show that economic growth granger-caused both poverty level and trade liberalization in Nigeria. Besides, trade liberalization equally predicted poverty level. The study therefore concluded that it is desirable for government to initiate strategies that would further boost economic growth in Nigeria in order to alleviate poverty and to derive maximum benefits from trade liberalization. In addition, government should further diversify the productive base of the economy, and ensure proper integration of the key sectors of the economy to enhance output growth. In order to reduce poverty level, trade liberalization needs to be further embraced using multi-dimensional approaches such as more tariff reduction, and systematic reduction or removal of other forms of quantitative and qualitative restrictions on goods and services

    Causal Nexus among Fiscal Policy, Economic Growth and Income Inequality in Sub-Saharan African Countries (1995-2016)

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    This paper investigates the causality among fiscal policy, economic growth  and income inequality in some twenty six  selected sub- African countries with a view to identifying the direction of causation among these variables;  thus aiding the identification of  policy choice variables whose impact could  predict the behaviour of some other variables. This  approach would ultimately provide solutions to  income inequality  and  economic  growth  problems  in sub-Saharan  African countries. To achieve this objective, the sub-Saharan African countries were divided into three–low income countries, lower  middle income countries and upper middle income countries. The methodology of multivariate Granger causality was  applied to investigate  the causality among fiscal policy, economic growth  and income inequality variables. The findings show that in low income countries and  lower middle income countries, no designable causality could be established among the three variables probably suggesting lack of effective policy cordination in SSA countries. However, a uni-directional causality running fron economic growth to income inequality was found  in upper middle income countries

    Effect of Trade Openness and Financial Openness on Economic Growth in Sub-Saharan African Countries.

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    The study examines the individual and joint effects of trade openness and financial openness on economic growth in sub-Saharan African (SSA) countries within the period 1980 and 2017. The SSA countries are divided into two broad categories-low income countries and middle-income countries. The dynamic panel analysis using the techniques of Difference Generalised Method of Moments (GMM) and system GMM were employed. Overall, the empirical findings on low income countries show that trade openness has significant positive impact on economic growth. However, financial openness and the joint trade and financial openness do not have significant positive impact on economic growth. In the case of middle-income countries, the effect of trade openness on economic growth is mixed. However, both financial openness and the joint trade and financial openness do not spur economic growth. Overall, there is no evidence of simultaneous openness hypothesis in SSA economies. Thus, while the economy is open to trade, it is expedient to ensure that appropriate and productive Greenfield   foreign direct investments are attracted to SSA economy

    Country-Specific Interactions Among Private Investment Economic Growth And Poverty Level In Three Selected Sub-Saharan African Countries. (1985-2010).

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    This study specifically examines the relations among private investment, economic growth and poverty level in Nigeria and its two neighbouring sub-Saharan African (SSA) countries of Benin Republic and Cameroon between the periods 1985 and 2010. The study employed Vector Error Correction Model using data extracted from the World Development Indicators. The study revealed that the relationships among private investment, economic growth, and poverty level did not follow expected pattern in the three countries. The results in Benin Republic show that increase in private investment and reduction in poverty level rather than increase real GDP growth, reduced real GDP growth overtime while the results obtained for Cameroon and Nigeria show that increase in private investment increased poverty level and reduction in poverty level reduced private participation in business in Cameroon and Nigeria. The study suggests a weak relation between private investment and economic growth or poverty level in the three economies.The study therefore recommends measures such as macroeconomic stability and adequate legal system that will ensure proper take off of private investment to boost economic growth and reduce poverty level in these three economies. Keywords: Private investment, public investment, economic growth, poverty and Vector Error Correction

    Inclusive Growth Effects of Institutional Quality in Nigeria

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    This study empirically examined the relationships between institutional quality and inclusive growth as measured by the real GDP per person employed (RGDPE) in Nigeria. An Autoregressive Distributed Lag (ARDL) Boundstesting approach to cointegration was employed using annual secondary time series data from 1998 to 2017. The data were sourced from the Central Bank of Nigeria’s statistical Bulletin, National Bureau of Statistics’ final Accounts, IMF’s International Financial Statistics (IFS) and Worldwide Governance Indicators (WGIs). The study concluded that institutional quality had a significant effect on inclusive growth in Nigeria. It is therefore recommended that institutional improvement beyond the present liberal democratic threshold is much needed to effectively harness the human capital resource base. The Nigerian government should adopt a labour-intensive development strategy such that poor active households are comprehensively integrated into productive activities for optimal value-chain finance-growth inclusiveness. This would address the protracted tripartite socio-economic problems of poverty, inequality and unemployment in line with Lin’s comparative advantage conforming hypothesis. e. This would enhance formulating and implementing employment growth-oriented policies that are compatible with the society’s resources endowment and developmental goals

    Causal Nexus among Fiscal Policy, Economic Growth and Income Inequality in SubSaharan African Countries (1995-2016)

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    This paper investigates the causality among fiscal policy, economic growth and income inequality in some twenty six selected sub- African countries with a view to identifying the direction of causation among these variables; thus aiding the identification of policy choice variables whose impact could predict the behaviour of some other variables. This approach would ultimately provide solutions to income inequality and economic growth problems in sub-Saharan African countries. To achieve this objective, the sub-Saharan African countries were divided into three–low income countries, lower middle income countries and upper middle income countries. The methodology of multivariate Granger causality was applied to investigate the causality among fiscal policy, economic growth and income inequality variables. The findings show that in low income countries and lower middle income countries, no designable causality could be established among the three variables probably suggesting lack of effective policy cordination in SSA countries. However, a uni-directional causality running fron economic growth to income inequality was found in upper middle income countries

    Effect of Trade Openness and Financial Openness on Economic Growth in Sub-Saharan African Countries.

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    The study examines the individual and joint effects of trade openness and financial openness on economic growth in sub-Saharan African (SSA) countries within the period 1980 and 2017. The SSA countries are divided into two broad categories-low income countries and middle-income countries. The dynamic panel analysis using the techniques of Difference Generalised Method of Moments (GMM) and system GMM were employed. Overall, the empirical findings on low income countries show that trade openness has significant positive impact on economic growth. However, financial openness and the joint trade and financial openness do not have significant positive impact on economic growth. In the case of middle-income countries, the effect of trade openness on economic growth is mixed. However, both financial openness and the joint trade and financial openness do not spur economic growth. Overall, there is no evidence of simultaneous openness hypothesis in SSA economies. Thus, while the economy is open to trade, it is expedient to ensure that appropriate and productive Greenfield foreign direct investments are attracted to SSA economy
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