Economic diversification is identified as a recipe for achieving inclusive growth and the role of institutions in strengthening the process of diversification cannot be ruled out. This study examined the role of institutions in helping economic diversification to achieve inclusive growth in Nigeria. Inclusive growth was measured using the growth rate of the inequality-adjusted human development index. Based on the Solow growth model and adopting the Johansen cointegration test, the results show that economic diversification in Nigeria does not significantly contribute to inclusive growth. The interaction of diversification with the institutions gave a positive significant result meaning that effective institutions will help economic diversification contribute to inclusive growth. Hence, the government using appropriate institutions can ensure an investment-friendly environment to support economic diversification and encourage inclusive growth in Nigeria.
Globalization as a whole, and economic globalization in particular is a key challenge to public health outcomes, especially in developing countries. The paper examined the effects of economic globalization on health outcomes in Nigeria. Specifically, it showed the drivers of health outcomes in Nigeria. The paper covered the period of 1970-2020 and the vector error correction model (VECM) approach was utilized on data sourced from Central Bank of Nigeria Statistical Bulletin of various years and the World Bank Development Indicator (WDI, 2019) database. The result showed that health infrastructure, foreign aid, population growth, access to sanitation were significantly and negatively related to health outcomes while real gross domestic product(GDP) and index of globalization were positively and significantly related to health outcome, such that 1% increase in health infrastructure brought about 17% decrease in infant mortality rate and 1% increase in foreign aid brought about 7% decrease in infant mortality rate. It further showed that 1% increase in population growth rate brought about 4.64% decrease in infant mortality rate and 1% increase in access to sanitation brought about 1.12% decrease in infant mortality rate. The implications of these results on the relationship between economic globalization and health outcomes were discussed. The paper concludes that globalization may not have address health outcomes in Nigeria via extant factors including micro and macro issues. Therefore, a genuinely health-centered process of globalization can be achieved only by ensuring that the interest of developing countries, Nigeria inclusive and vulnerable populations are fully represented in global decision-making processes.
This study empirically investigates the determinants of private investment in Nigeria's manufacturing sub-sector between the periods 1975 to 2013 using annual time series data sourced from Central Bank of Nigeria Statistical Bulletin of various issues. In carrying out the study, econometric techniques were employed to analyze the data collected. However, stationary and co-integration tests of the variables were examined using Augmented Dickey-Fuller and Johansen co-integration tests respectively. Also, an endogenous growth model was specified and estimated using error correction mechanism (ECM) technique in order to test for the dynamic characteristics of the variables in the model. The results show that the main determinant of private investment in the manufacturing sub-sector of the Nigerian economy is interest rate, exchange rate and public sector investment. The study concludes that the empirically identified factors influencing private sector investment should be well-managed by the government to boost private investment in the manufacturing sub-sector and to ensure to the complete diversification of the Nigerian economy.
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