nigeria economic growth

1. This study examines the impact of expansion in non-oil sector on sustainable economic growth of Nigeria economy. Nigeria’s economic aspirations have remained that of altering the structure of production and consumption patterns, diversifying the economic base and reducing dependence on oil, with the aim of putting the economy on a part of sustainable, all-inclusive and non-inflationary growth. The Effect of Monetary Policy on Economic Growth in Nigeria ABSTRACT. GDP growth (annual %) - Nigeria. It requires all citizens and stakeholders to adhere to these principles. economic development of Nations and indeed of Nigeria (Ejere, 2011). Targeted programmes will reduce regional inequalities, especially in the North East and Niger Delta. This study examined the effect of federal government revenue and expenditure on the economic growth of Nigeria for the period 1983 to 2018. NATURAL RESOURCE ABUNDANCE AND ECONOMIC GROWTH IN NIGERIA(1980-2015) Ewubare Dennis Brown, Kakain Stephen, Department of Agricultural and Applied Economics, Rivers State University, Port Harcourt, Nigeria. The Plan outlines bold new initiatives for ramping up oil production to 2.5 million barrels per day by 2020; privatizing selected public enterprises/assets and revamping refineries to reduce petroleum product imports by 60 percent by 2018. In Nigerian Capitalism, Sayre P. Schatz analyzes the country’s political economy, assessing its position and proposing a development plan for the final quarter of the twentieth century. He blamed the economic challenges still faced by Nigerians on coronavirus pandemic, high population, and youth agitations in the country. The Plan focuses on growth for the benefits it will bring to the Nigerian people. It is in this context that the Government developed the ERGP to tackle the causes of the recession and ultimately change the national economic trajectory in a fundamental way. By a representative of the colonial administration of Britain Lord, Fr. Poor Communication between Government and The Society. The fiscal deficit, financed mostly by domestic and foreign … No. The study investigated the impact of fiscal policy on economic growth in Nigeria from the period of 1970 to 2014. The Economic Recovery and Growth Plan (ERGP) is a Medium Term Plan for 2017 – 2020, developed by the Administration of President Muhammadu Buhari for the purpose of restoring economic growth while leveraging the ingenuity and resilience of the Nigerian people – the nation’s most priceless assets. At a Glance. The ERGP prioritizes job creation through the adoption of jobs and skills programme, including deepening existing N-Power programmes and encouraging procuring made-in-Nigeria goods that were produced using local content and labour intensive production processes. This is the background of this study, which is an empirical investigation into the factors affecting Nigeria's bid to achieve sustainable economic growth and development with particular reference to such sectors as agriculture, ... Annual figures of RGDP, export, import, exchange rate and balance of payment were used and ordinary least square (OLS) technique were employed for its estimation. The African Development Bank thinks so as well as it predicts Nigeria’s economy will grow by only 2.3% this year. Stabilizing the macroeconomic environment with low inflation, stable exchange rates and sustainable fiscal and external balances. The agency had last week announced a 5.1 percent GDP growth for Nigeria in the second quarter of this year. In addition to the agricultural industry, President Buhari has sought to revamp the cotton, tactile and garment industry. In 2020, real GDP growth for Nigeria was -1.8 %. Nigeria's economy was impacted … Furthermore, the nation has focused its efforts on increasing non-oil exports such as cocoa and sesame seeds. Plans are already in place for national self-sufficiency in rice by 2018 and wheat by 2019/2020. Universal Journal of Accounti ng and Finance , 9(4 ), 667 - 677 DOI: 10.13189/ ujaf … Therefore, all capacity building and skills acquisition interventions will be targeted at youth-dominated sectors such as ICT, creative industries and services. This translates to the creation of over 15 million jobs during the Plan horizon or an average of 3.7 million jobs per annum. 09 04 13 . Thus, history recorded that the industrial sector performance in Nigeria’s economic growth is as old as the nation itself. The Plan has provisions for tackling impediments to economic growth in Nigeria, especially fuel scarcity, unstable power supply, high cost of transportation, scarcity of foreign exchange, unfriendly business regulations and shortage of requisite skills and appropriate technology. Furthermore, he wants to fight corruption and boost the economy both through the oil industry and outside of it. Against this background, the study uses recent econometric techniques to critically examine the relationship between FDI and Economic Growth in Nigeria both in the short-run and long-run since the period of Nigeria's political independence ... 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. ... He blamed the economic challenges still faced by Nigerians on coronavirus pandemic, high population, and youth agitations in the country. The Nigerian economy is one of the largest in Africa. The work is arranged in 4(four) chapters. Chapter one introduces the work, summarize the statement of the study problem, study objectives, study research questions and study methodology. Get in touch with us now. The… Nigerian Economic Growth Nigeria is a middle income, mixed economy and emerging market, with expanding financial, service, communications, and entertainment sectors. Firstly, growth is unlocked when capital (private or public) and management expertise is deployed towards expanding the capacity of a sector to deliver more goods and services to either Nigerians or the rest of the world. By Babajide Komolafe. None. Its overall score has increased by 1.5 points, primarily because … 2021 Jun,7 (2):30-46. The economy of Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 22nd-largest in terms of purchasing power parity. Oct 27 2019 Master's Thesis from the year 2012 in the subject Politics - International Politics - Region: Other States, grade: None, Xiamen University (Research School of South-east Asian Studies), course: International Relations, language: English, ... Indeed theoretically, it is … Assuming the currency stabilises in the medium-term as oil … An economic Compilation of essays dealing with various aspects of the Nigerian economy. Yes. d. Improving Nigeria’s inadequate transportation infrastructure to support the economy and reduce the major cost and constraint for businesses. Cynthia, Udo Ginikachi, Chinedum Nwezeaku Nathaniel, and Ikechi Kanu Success. Additionally, the Plan prioritises the use of the market as a means of resource allocation, where appropriate. Nigeria’s President, Muhammadu Buhari has come out to say that the nation is battling fiscal challenges despite five per cent economic growth in the country in the … Nigeria recorded biggest economic growth under my watch – Buhari. Nigeria) with the much needed capital for investment which improved economic growth. One major strategy is to accelerate implementation of the National Industrial Revolution Plan (NIRP) through Special Economic Zones (SEZs), focusing on priority sectors to generate jobs, promote exports, boost growth and upgrade skills to create 1.5 million jobs by 2020. Universal Journal of Accounti ng and Finance , 9(4 ), 667 - 677 DOI: 10.13189/ ujaf .202 1. The government acknowledges the necessity of a comprehensive plan for sustainable economic growth in Nigeria. World Bank national accounts data, and OECD National Accounts data files. Buhari says that raising agricultural productivity is vital to address the disparities between regions and “ensure macro-economic stability.”. Nigeria’s President Muhammadu Buhari has attributed the five per cent growth in the country’s economy in the second quarter of 2021 to his administration’s policy consistency and innovation. ), says the country is facing fiscal challenges despite five per cent economic growth in the … Financial Deepening and Economic Growth in Nigeria: ARDL and NARD L Techniques. Is the Government the sole driver of the ERGP or is there a role for the private sector in achieving the objectives of the Plan. Additionally, the tax base will be improved by raising the VAT rate for luxury items from 5 to 15 per cent from 2018, while improving CIT and VAT compliance to raise 350 billion annually. Creative industries, especially music and film, also have great growth potential, as do both financial services and tourism. The purpose of this project is based on the effect of monetary policy on economic growth in Nigeria.This work discussed the meaning of monetary policy as monetary management techniques put in place by the government through the central bank to control money stock in order to influence broad macro-economic objectives. The quarterly economic growth was the country’s strongest in … In the second quarter of 2020, Nigeria's GDP decreased by some six percent at basic prices. 2021 Projected Real GDP (% Change) : 2.5*. International Journal of Innovation and Economic Development 7.2 (2021): 30-46. The main elements or objectives of the ERGP include sustained inclusive growth to consolidate national cohesion; a structural economic transformation; improving efficiency in both public and private sector; increasing national productivity; achieving sustainable diversification of production; to significantly grow the economy and achieving maximum welfare for the citizens by ensuring food and energy security. Economic growth in Nigeria. Nigeriachanged its economic analysis to account for fast growing contributors to its GDP, such as telecommunications, Nigeria experienced 11 straight quarters of GDP growth since its recession ended, but growth has stalled given the COVID-19 pandemic. ), says the country is facing fiscal challenges despite five per cent economic growth in the country in the second quarter of 2021. "Effects of Capital Market Development on the Economic Growth of Nigeria." The country houses the … This will contribute in achieving higher tax to GDP ratio from the current 6 per cent to 15 per cent during the period. Nigeria’s President, Major General, Muhammadu Buhari (retd. ), says the country is facing fiscal challenges despite five per cent economic growth in the country in … This book combines descriptive, technical, empirical, policy evaluation, and forecasting methodologies to provide a systematic analysis of the the Nigerian economy--the largest and most dominant economy in sub-Saharan Africa. The country houses the largest economy on the African continent. The PEAC has pledged to help Nigeria with an approach to eradicating poverty that will be multi-dimensional, focusing on aspects such as access to housing, health, education and employment. 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. Thus, Nigeria is a rentier state, and the country's inadequate capacity to refine its crude oil for domestic consumption is the main gap between the petroleum sector and economic growth. This book is concerned with the role of stock market development on economic growth within the Nigerian context. A report put out by the International Finance Corporation and the World Bank found that private sector growth strategies could help Nigeria by attracting outside investment and creating more quality jobs for millions of its citizens. Master's Thesis from the year 2016 in the subject Economics - Other, grade: 3.67, course: Development Economics, language: English, abstract: The study examined the impact of government fiscal and monetary policies on economic growth within ... Like many African countries, Nigeria was swift to combat the spread of the COVID-19 pandemic. There are underling views that all sectors are not equally important for economic growth. This book offers an investigation to the links between financial sector reforms and economic growth in Nigeria. 1) To determine the cause of decline in agricultural production today. ), says the country is facing fiscal challenges despite five per cent economic growth in the country in … Doctoral Thesis / Dissertation from the year 2016 in the subject Business economics - Investment and Finance, , course: Public Administration, language: English, abstract: The study examined foreign direct investment (FDI): a panacea to ... Nigeria boasts a population of more than 200 million people who are religiously diverse and rapidly growing. Significant effort will go towards attracting private sector investment, and ensuring agreed execution priorities and timelines are effectively delivered. The service industry accounts for 53 per cent of GDP. It dates back to the amalgamation of the southern parts of the country in 1914 to for the geographical land mass called Nigeria. ), says the country is facing fiscal challenges despite five per cent economic growth in the country in the second quarter of 2021. A related myth is that Nigeria’s economic growth is unstable, with large and unpredictable shifts in performance from year to year. Unfortunately, Nigeria’s economy suffers anytime there is a decline in oil prices. Research Paper (undergraduate) from the year 2016 in the subject Economics - Economic Cycle and Growth, grade: A, , language: English, abstract: The study was conducted to evaluate the impact of inflation on economic growth in the context ... Date of Membership: March 30, 1961. Nigeria’s GDP report for the second quarter was recently released showing that Gross Domestic Product (GDP) grew by 5.01% (year-on-year) in real terms in the second quarter of 2021, marking three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020. Published 10 September 2021 Nigeria’s President, Major General, Muhammadu Buhari (retd. largest economy on the African continent. The Impact of Globalization on Economic Growth in Nigeria Before independence on 1st October 1960, the British had already integrated Nigeria into the world capitalist system as exporters of raw materials and importers of finished and capital goods. To create an enabling environment of economic growth in Nigeria would require involvement all stakeholders involved. The country entered an economic recession that was caused by many factors in the second quarter of 2016. Should policymakers still be concerned about economic growth in trading partners? Country Population: 206.140 million. The Economic Recovery and Growth Plan (ERGP) is a Medium Term Plan for 2017 – 2020, developed by the Administration of President Muhammadu Buhari for the purpose of restoring economic growth while leveraging the ingenuity and resilience of the Nigerian people – the nation’s most priceless assets. Nigeria’s President, Major General, Muhammadu Buhari (retd. The researchers are directly affected by monetary variables. Nigeria’s President, Major General, Muhammadu Buhari (retd. Other initiatives include environmental restoration projects in the Niger Delta and bringing environment sustainability to the forefront of its policies. 10 September 2021 Nigeria’s President, Major General, Muhammadu Buhari (retd. President Buhari is a former military head of state and has made vows to improve the living standards of Nigerians. Research Journal of Finance and Accounting www.iiste.org ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol.11, No.2, 2020 Impact of Non-life Insurance Penetration on … MLA. Nigeria gdp growth rate for 2019 was 2.21%, a 0.29% increase from 2018. Monetary Policy and Economic Growth of Nigeria Charles Onyeiwu University of Lagos, Lagos State, Nigeria Email: chasonyeiwu@yahoo.com Abstract This paper examines the impact of monetary policy on the Nigerian economy. Furthermore, the ERGP will improve the accessibility, affordability and quality of healthcare and will roll out the National Health Insurance Scheme across the entire country. The World Bank yesterday upgraded its economic growth forecast for Nigeria in 2021 to 1.8 per cent, citing higher oil prices, structural oil … “The Borgen Project is an incredible nonprofit organization that is addressing poverty and hunger and working towards ending them.” Nigeria currently only irrigates about 2% of its land, indicating significant room for agricultural development. This was disclosed by Partner and Chief Economist, PwC Nigeria, Andrew Nevin while speaking at Nairametrics’ Economic Roundtable themed, ‘How to get out of this economic crisis,’ on Saturday, August 7, 2021. The current administration recognizes that the economy is likely to remain on a path of steady and steep decline if nothing is done to change the negative trajectory. The economy will run on multiple engines of growth, not just the single engine of oil. Research Journal of Finance and Accounting www.iiste.org ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol.11, No.2, 2020 Impact of Non-life Insurance Penetration on the Economic Growth of Nigeria BabaYaro Iyodo1 Sunday Eneojo Samuel2* Clement Adewole1 Patience Ote Ola3 1.Department of Banking and Finance, University of Jos, Nigeria 2.Department of Accounting, Business and … Whilst all the MDAs will have their different roles in implementing the Plan, a Delivery Unit is being established in the Presidency to drive the implementation of key ERGP priorities. It is essential to harness the dynamism of business and the entrepreneurial acumen of Nigerians, ranging from the MSMEs to the large domestic and multinational corporations to achieve the objectives of this Plan. restricted to economic growth (GDP), exchange rate, Conceptualization interest rate and inflation rate from 1986 - 2015 in Conceptualization is a method of reasoning that Nigeria, the period of thirty years. ), says the country is facing fiscal challenges despite five per cent economic growth in the country in … The Nigeria Economic Recovery and Growth Plan (ERGP) 2017-2020 aims to achieve macroeconomic stability and economic diversification and there is thus the need to … IMPACT OF INTERNATIONAL TRADE ON THE ECONOMY GROWTH OF NIGERIA. The near-term economic outlook is clouded by high inflation, mass unemployment and rampant instability. As the telecommunications and information and communication technology services (ICT) sector grew in absolute terms by 9.26 per cent in Q3 of 2016, it offers huge scope for further growth, especially from opportunities in the digital economy. Determinants of Economic Growth in Nigeria Kazeem B. Ajide1 This paper investigates the role of Frazer Economic Freedom Index on FDI-growth relationship over … This book provides a comprehensive account of the dynamic interplay between the political and economic forces that have shaped gover This report highlights a hopeful investment strategy that can help foster economic growth in Nigeria. The government’s investment push should buoy domestic … b. The ERGP has set a GDP growth target of 4.62 per cent average annual growth between 2017 and 2020. “The … It builds on ongoing projects and identifies new ones to be implemented by 2020 to improve the national infrastructure backbone. Impact of Exchange Rate Fluctuation on Nigeria’s Economic Growth 1981-2015, full project materials. The ARDL result confirmed the existence of a long-run relationship between Economic Growth, Trade Openness, Foreign Direct Investment and Gross Capital Formation. The President, Major General Muhammadu Buhari (retd. The ERGP is rooted in the core values that define the Nigerian society as enshrined in the 1999 Constitution namely discipline, integrity, dignity of labour, social justice, religious tolerance, self-reliance and patriotism. Economic Growth Opportunities for Nigeria. Interventions to create jobs, especially among youth, are part of the ERGP. Download Historical Data. Cost-cutting measures will be pursued through rationalization of overheads and recurrent expenditures and sub-national fiscal coordination. economic growth of Botswana. Chicago. 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. In 2015, the Nigerian economy grew at half the rate of the previous decade due to the global oil price recession. and economic growth in Nigeria‖ concluded that human capital is one of the greatest catalysts of improvement of the standard of living of the population. President Muhammadu Buhari has said the focus on … The view that economic growth depends on the expansion of a key sector was formalized in the eighteenth century It depends heavily on oil production and oil exports, which comprise 80% of its national revenue. NIGERIA STOCK EXCHANGE AND ECONOMIC GROWTH IN NIGERIA ABSTRACT The objective of this study is to examine the determinants of Stock Exchange development in … The study investigated the impact of fiscal policy on economic growth in Nigeria from the period of 1970 to 2014. , Jun 3, 2021. The broad objective of this study is to determine the extent to which agricultural development influences economic growth in Nigeria. Keywords: Policy instruments, Economic Growth, Cointegration, Nigeria JEL Codes: C01, E52, O40 INTRODUCTION Since its establishment in 1959, the Central Bank of … The Impact of Budget Deficit on Economic Growth of Nigeria PDF. Essay from the year 2014 in the subject Business economics - General, , language: English, abstract: This paper assesses the Thirwall's balance of payment(BOP) constrained model by applying it on the Nigerian economy and employing ... The colonial period; From regionalism to the first plan; Planning and implementation of development in the 1960's; Problems and prospects for the Nigerian economy in the 1970's. – The Huffington Post, https://borgenproject.org/wp-content/uploads/The_Borgen_Project_Logo_small.jpg. Nigeria needs to pay adequate attention to 10 priority areas to accelerate the country’s economic growth. initial growth forecast of 3.5% Nigeria Economic Outlook Top 10 themes for 2019 Global growth is forecast to plateau, while some major nations including the US … The Central Bank of Nigeria cut the policy rate by 100 basis points to 11.5% to shore up a flagging economy. Successful harvests will contribute in reducing inflation and promoting economic diversification. Nigeria economic growth for 2019 was $448.12B, a 12.82% increase from 2018. Fredrick Lugard. The Impact of Globalization on Economic Growth in Nigeria Before independence on 1st October 1960, the British had already integrated Nigeria into the world … President Buhari has set out to diversify the nation’s economic strategy and has focused on agriculture to achieve the poverty reduction goal. Before the 2016 recession, Nigeria’s economy was growing fast at 6.3%. Since Nigerian financial sector liberalization is anchored … Economic growth is constrained by inadequate infrastructure, electricity, incentives, and policies that promote private sector development, and poor access to Nigeria … ABSTRACT: The paper examined the impact of natural resource abundance on economic growth in Nigeria. President Buhari met with the Presidential Economic Advisory Council (PEAC) and stated that his administration is committed to implementing “rapid, sustained, sustainable and inclusive economic growth.” President Buhari focused again on agriculture-based strategies and the utilization of more land throughout the country. Investing in infrastructure is a vital component of ERGP: It emphasizes investment in infrastructure, especially in power, roads, rail, ports and broadband networks. Nigeria’s President, Major General Muhammadu Buhari (retired), says the country will face fiscal challenges despite economic growth of five percent in the second … The latest economic data shows Nigeria’s government continues to fall far short of projections in its Economic Recovery and Growth Plan, created in the aftermath … Article IV/Country Report: February 8 … Nigeria’s economic aspirations have remained that of altering the structure of production and consumption patterns, diversifying the economic base and reducing … The implementation of the Plan is projected to reduce unemployment from 13.9 per cent as of Q3 2016 to 11.23 per cent by 2020. Nigeria gdp growth rate for 2020 was -1.79%, a 4% decline from 2019. inf1uences economic growth in Nigeria. Online tool for visualization and analysis. These examples serve to show the promise of diversifying and strengthening the Nigerian economy amid unstable times. Under this Plan, oil revenues will be used to develop and diversify the economy, not just sustain consumption as was done in the past. Financial Deepening and Economic Growth in Nigeria: ARDL and NARD L Techniques. In doing this, the Ordinary Least Squares Method (OLS) is used to analyse data between 1981 and 2008. In testing for the time series properties, the evidence from estimated economic models suggests that all the variables examined are stationary at first difference I(Is) using the Augmented Dickey- Fuller (ADF) and Phillips-Perron. Ironically, the effect of government spending in Nigeria in relation to the economic growth is still a puzzle and an unresolved issue. 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. International Journal of Innovation and Economic Development. Nigeria boasts a population of more than 200 million people who are religiously diverse and rapidly growing. Nigeria can chase both economic growth and environmental good. Master's Thesis from the year 2010 in the subject Economics - Economic Cycle and Growth, grade: M.Phil/PhD, University of Ibadan, course: Economis, language: English, abstract: This study examined the relationship between tax structure and ... ), says the country is facing fiscal challenges despite five per cent economic … Line Bar Map. Focused implementation is at the core of the delivery strategy of the Plan over the next four years. This research study examined the impact of international trade on the economic growth of Nigeria from 1981-2016. By contrast, before COVID-19 struck, the economy was growing at 2.2%. The study sourced data from the Central bank of Nigeria (CBN) statistical bulletin covering the periods of 2000 – 2019. Using agriculture to achieve food security, create jobs and save foreign exchange for food imports. However, this study shall look at both the impact of human capital and health on economic growth in Nigeria. The paper attempts to assess the impact of government expenditure on economic growth in Nigeria by adopting a disaggregated approach to the study. Research Paper (postgraduate) from the year 2012 in the subject Economics - Case Scenarios, grade: none, Xiamen University (Research School of South-east Asian studies), course: World Economy, language: English, abstract: The rise of China ...
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