The Analysis of Impact of Investment in Education on Economic Growth in Nigeria: Veracity of Association of Staff Union of University of Nigeria’s agitation

This study explored empirically the Impact of Investment in Education on Economic Growth in Nigeria between 1975 and 2012. The study is borne out of the curiosity to determine as claimed by the UNDP and other multilateral institutions the prominent roles play by the education in the growth and development of a developing nation like Nigeria. More so, the agitation of Association of Staff Union of Nigeria University of Nigeria (ASUU) that the federal government should invest more to develop infrastructures in our University. The research took the form of analytical/quantitative dimension; the quantitative technique is used in analysing data collected. Restricted Error Correction model is used with the aid of Econometrics View Package (E- view). In the study, Real Gross Domestic Product (RGDP) is used as proxy for economic growth, Government Capital Expenditure on Education (GKEE), Government Recurrent Expenditure on Education (GREE) are proxy to investment in human capital, Gross Capital Formation (GCF) as proxy for Capital and Post Primary School enrolment as a proxy for labour. The empirical analysis revealed that investment in human capital, in form of education and capacities building through training have positive impacts on economic growth in Nigeria. It is therefore, recommended that for effective and speedy economic growth and development in Nigeria, the government, should shoulder the major responsibility of financing primary, secondary and tertiary education, as these provide solid foundation for human capital formation which no country can do anything meaningful without. The other stakeholders like beneficiaries (students/parents), employer of labour, non-governmental organisation, community-based organisation should also collaborate with government to provide sufficient finance for the development of this sector as we all know that the sector has its product as merit-goods. The ASUU's agitation and educational financing policy prescription on funding of the educational system most especially University (Agent of Change) should be jealously observed and implemented

Energy Sector is critical to Nigeria Growth and Development: Perspective to Electricity Sub-sector in Nigeria

This study explored empirically the ‘Energy Sector is critical Sector to Nigeria Economic growth and Development: Perspective to Electricity Subsector, the study covers the period of 1981 to 2011. The study is borne out of the curiosity to determine the importance of electricity to the socio-economic development in Nigeria having relegated its role as “electricity is just an intermediate input”. The quantitative technique is used in analyzing times series data on per capita GDP of Nigeria, Gross Capital formation as proxy of Capital, Post Secondary School Enrolment as proxy of Labour and Electricity consumption. Restricted Error Correction model (VAR) is used with the aid of Econometrics View Package (E- view). The study reveals that the long run relationship that exists between real gross domestic product (PCGDP) a proxy of economic growth/development and electricity consumption is not significant, while, there is existence of short run causality between electricity consumption and economic growth. Further investigation using Granger causality analysis reveals that the two variables granger causes one another. Attempt was made to analyse the Electricity Transmission Mechanism with respect to different subsectors of the economy as it is translated to economic development in the long run, if the sector is properly harnessed. This then bring the study to the conclusion that electricity is not just an intermediate input or resources of satisfying domestic needs alone but it is ‘a critical sector to economic development most especially to developing country like Nigeria’. Therefore necessary recommendations were made as a way forward to achieve the impressive, sustainable growth and inclusive development

Role of Agriculture in Economic Growth & Development: Nigeria Perspective

The study explored empirically the role of agriculture in development of Nigeria between 1981 and 2012. The study is borne out of the curiosity to examine the role agriculture plays in the development of a nation having being neglected in this part of the world over a considerable period of time by the government and policy makers while the whole attention is paid on the crude oil. The term-paper takes analytical and quantitative dimension. The quantitative technique is employed in a multivariate study with the adaptation of the Solow Growth model that include Capital proxy by Gross Capital Formation (GCF), labour proxy by post secondary school enrolment, Agricultural Output and Economic Growth and Development proxy by RGDP. Restricted Error Correction Model is used with the aid of Econometrics View Package (e-view). The study reveals that the Agriculture plays a significant role in economic development of the nation. In addition, the sector has been neglected to the extent that its contribution to the GDP has been dwindling since 90’s. Consequently, the barriers to the agricultural sector performances were identified and the necessary policy recommendations were proffered

The Analysis of Impact of Investment in Education on Economic Growth in Nigeria: Veracity of Association of Staff Union of University of Nigeria’s agitation

This study explored empirically the Impact of Investment in Education on Economic Growth in Nigeria between 1975 and 2012. The study is borne out of the curiosity to determine as claimed by the UNDP and other multilateral institutions the prominent roles play by the education in the growth and development of a developing nation like Nigeria. More so, the agitation of Association of Staff Union of Nigeria University of Nigeria (ASUU) that the federal government should invest more to develop infrastructures in our University. The research took the form of analytical/quantitative dimension; the quantitative technique is used in analysing data collected. Restricted Error Correction model is used with the aid of Econometrics View Package (E- view). In the study, Real Gross Domestic Product (RGDP) is used as proxy for economic growth, Government Capital Expenditure on Education (GKEE), Government Recurrent Expenditure on Education (GREE) are proxy to investment in human capital, Gross Capital Formation (GCF) as proxy for Capital and Post Primary School enrolment as a proxy for labour. The empirical analysis revealed that investment in human capital, in form of education and capacities building through training have positive impacts on economic growth in Nigeria. It is therefore, recommended that for effective and speedy economic growth and development in Nigeria, the government, should shoulder the major responsibility of financing primary, secondary and tertiary education, as these provide solid foundation for human capital formation which no country can do anything meaningful without. The other stakeholders like beneficiaries (students/parents), employer of labour, non-governmental organisation, community-based organisation should also collaborate with government to provide sufficient finance for the development of this sector as we all know that the sector has its product as merit-goods. The ASUU's agitation and educational financing policy prescription on funding of the educational system most especially University (Agent of Change) should be jealously observed and implemented

Role of Agriculture in Economic Growth & Development: Nigeria Perspective

The study explored empirically the role of agriculture in development of Nigeria between 1981 and 2012. The study is borne out of the curiosity to examine the role agriculture plays in the development of a nation having being neglected in this part of the world over a considerable period of time by the government and policy makers while the whole attention is paid on the crude oil. The term-paper takes analytical and quantitative dimension. The quantitative technique is employed in a multivariate study with the adaptation of the Solow Growth model that include Capital proxy by Gross Capital Formation (GCF), labour proxy by post secondary school enrolment, Agricultural Output and Economic Growth and Development proxy by RGDP. Restricted Error Correction Model is used with the aid of Econometrics View Package (e-view). The study reveals that the Agriculture plays a significant role in economic development of the nation. In addition, the sector has been neglected to the extent that its contribution to the GDP has been dwindling since 90’s. Consequently, the barriers to the agricultural sector performances were identified and the necessary policy recommendations were proffered

Informal Sector and Employment Generation in Nigeria

The study examines The Informal Sector and Employment Generation in Nigeria. The study takes a quantitative dimension and employed pure descriptive statistics for its analysis. The study developed the appropriate theoretical framework for the discourse. There is finding that the informal sector plays significant role not only in employment generation but as well as contributing immensely to economic growth. As a result, problems bedevilling the sectors were identified alongside the prospects of the sector to the employment generation and booming of the economy. Ultimately, informal sector employment generation policies measures were highlighted as the way forward

The Analysis of Export Performance of Newly Industrialized Countries (NICs): The Lesson for African Countries.

This paper used quantitative analysis with the help of pure descriptive statistics to examine the export performance of Newly Industrialized Countries; the lesson for African countries. The researcher selected Four NICs and Four African countries based on the data availability from the World Bank Development Index (2012). The NICs considered for the study are; China, India, Brazil and South Africa. While Ivory Coast, Gabon, Egypt and Kenya were selected in Africa based on data availability and geographical representation. The study reveals that the same peculiar hindrances factors that are obstacles to African countries’ export performance and economic success in the long run also applies to NICs but they were able to overcome it and drag themselves out of the poverty net. The necessary policy prescriptions were recommended by the researcher to the African countries to move near the end of “catch up " phase in order to achieve the impressive export performance that will lead to sustainable growth and development

Informal Sector and Employment Generation in Nigeria

The study examines The Informal Sector and Employment Generation in Nigeria. The study takes a quantitative dimension and employed pure descriptive statistics for its analysis. The study developed the appropriate theoretical framework for the discourse. There is finding that the informal sector plays significant role not only in employment generation but as well as contributing immensely to economic growth. As a result, problems bedevilling the sectors were identified alongside the prospects of the sector to the employment generation and booming of the economy. Ultimately, informal sector employment generation policies measures were highlighted as the way forward

Impact of Energy Consumption and Environmental Degradation on Economic Growth in Nigeria

The argument concerning the contribution of energy towards the growth objective and the adverse environmental impact its consumption brings along are contentious, whether to reduce energy consumption in order to reduce negative externality as it is just an intermediate input which its contribution is insignificant to the accomplishment of growth objective is the curiosity behind this study. The study empirically examined the impact of energy consumption and carbon emission on economic growth in Nigeria between 1981 and 2011. The research takes analytical/quantitative dimension. It is a multivariate study by including in the model two conventional determinants of Economic Growth, Capital proxy by Gross Capital Formation, labour proxy by labour participation rate, and other variables of study which are electricity consumption, energy use kt in oil equivalent and Co2 emission. Restricted Error Correction Model (VAR) is used, Impulse Response function was carried out and the necessary diagnostic tests were examined with the aid of Econometrics View Package (E- view). The study reveals that the long run relationship exists among the variables and electricity contributes significantly to the economic growth. Further investigation using Granger causality analysis to examine the causal directions among the variables reveals bidirectional causality between electricity consumption and economic growth and indicates unidirectional causality running from energy use kt of oil to carbon emission. This brings the study to conclusion that electricity is not just an intermediate input; its contribution to the accomplishment of growth objective cannot be relegated to the background. Hence, Nigeria can pursue triple goals of energy security by exploiting renewable energy source, environmental sustainability and sustainable inclusive growth. Therefore necessary recommendations were made

Energy Sector is critical to Nigeria Growth and Development: Perspective to Electricity Sub-sector in Nigeria

This study explored empirically the ‘Energy Sector is critical Sector to Nigeria Economic growth and Development: Perspective to Electricity Subsector, the study covers the period of 1981 to 2011. The study is borne out of the curiosity to determine the importance of electricity to the socio-economic development in Nigeria having relegated its role as “electricity is just an intermediate input”. The quantitative technique is used in analyzing times series data on per capita GDP of Nigeria, Gross Capital formation as proxy of Capital, Post Secondary School Enrolment as proxy of Labour and Electricity consumption. Restricted Error Correction model (VAR) is used with the aid of Econometrics View Package (E- view). The study reveals that the long run relationship that exists between real gross domestic product (PCGDP) a proxy of economic growth/development and electricity consumption is not significant, while, there is existence of short run causality between electricity consumption and economic growth. Further investigation using Granger causality analysis reveals that the two variables granger causes one another. Attempt was made to analyse the Electricity Transmission Mechanism with respect to different subsectors of the economy as it is translated to economic development in the long run, if the sector is properly harnessed. This then bring the study to the conclusion that electricity is not just an intermediate input or resources of satisfying domestic needs alone but it is ‘a critical sector to economic development most especially to developing country like Nigeria’. Therefore necessary recommendations were made as a way forward to achieve the impressive, sustainable growth and inclusive development