This study set out to analyse the impact of external debt on economic growth of Nigeria. Data for the study are collected from secondary sources. The variables on which data are collected include; Gross Domestic Product, External debt services, external debt stock, external reserve, and exchange rate. The scope of the study covers the period from 1985 to 2015. Data are analysed using the ordinary least square regression, ADF unit root test, Johansen cointegration and error correction test. Findings reveal that debt service payment has negative and insignificant impact on Nigeria's economic growth while external debt stock has positive and significant effect on Nigeria's growth index. The control variables: external reserve and exchange rate have positive and significant effect on growth. The ADF unit root test shows that all the variables are not stationary at levels but at first difference. Johansen cointegration test shows long-run relationship between external debt and growth index (GDP). It also showsed that the variables have at least one common stochastic trend driving the relationship between them. The causality test indicates unidirectional causality between external debt and GDP. From the findings, the study recommended that government should apply external loans to infrastructural development; improve business environment through legislation; initiate proper debt management policies and substitute external borrowing for human capital development.

This study examined the relationship between financial development and economic growth in Nigeria using annual data for the period 1981-2014. The study employed multivariate VAR framework approach to co-integration to evaluate the long-run relationships between financial development and economic growth. Three financial indicators were used: deposit money bank assets as percentage GDP, ratio of liquid liabilities to GDP and ratio of private sector credit of deposit money banks to GDP. The result found that real gdpc and financial development variables have at least one common stochastic trend driving their relationship. Through VECM granger causality framework, the result found that there is long run unidirectional causality running from economic growth to liquid liability and deposit money bank assets while deposit money bank assets have little significant influence on real gdpc especially at long run. We found feedback effect between private sector credit of deposit money banks and economic growth at the long run. The findings in this study have some important policy implication. To promote the financial system and at the same time promote economic growth, monetary authorities must ensure that banks provide necessary funds to the real sector of the economy.

The study focuses on repositioning the manufacturing sub-sector in order to revive Nigeria from the problem of “growthelessness”. The expository study examined the situation of the Nigerian economy and overview of the industrial policies employed to encourage development since after independence. Many challenges such as lack of indigenous technology, excessive reliance on foreign raw materials and manpower, inconsistence regarding policies and programmes, lack of linkages of production with domestic inputs among others were articulated to be responsible for the inability of the country to establish a reliable manufacturing sub-sector that is capable of harnessing idle resources, reduce unemployment and develop the economy. The study also examined an overview of industrial policies employed by South Korea which gave the country its success story. Lessons considered to play significant role to change Nigerian manufacturing sub-sector were drawn there from, among which include: reviving the economic environment with infrastructure and public service system so as to make the country industrial production compliance; consistent, persistent and perseverance on the part of resource controllers in spite of all odds toward goal attainment, adoption of appropriate indigenous technology, monitoring, evaluation and restrategising to improve the sector. This study has shown that Nigerian situation is capable of changing for better if what worked in South Korea manufacturing sub-sector is applied in Nigeria.

This study set out to analyse the impact of commercial banks sectoral credit allocation on the growth index of Nigeria economy. Data for the study were obtained from secondary sources and analysed using econometric methods namely: ADF unit root test, Johansen Cointegration test; vector error correction model and Granger causality test. The ADF test result indicate that the variables are stationary at first difference. The Johansen cointegration result revealed that there are three cointegrating equations among the variables. The vector error correction result indicate that economic growth is a positive and significant function of credit to agriculture, manufacturing and general services. The result of Granger causality shows that credit to agriculture is bidirectionally related to economic growth while credit to manufacturing sector granger causes economic growth without a feedback effect. The study therefore recommended that government should provide the enabling environment for small, medium and large business to operate. This could be do ne thro ugh business friendly monetary and fiscal policies. Commercial bank should reduce the interest rates on lendings to facilitate operations in various sectors and increases growths.

Article HistoryThis study investigates the relationship link crude oil price and stock market development and economic growth in one of the OPEC countries with emphasis on Nigeria over the period 1981 to 2014, using the latest methodology autoregressive distributed lag approach (ARDL) to cointegration analysis. Three indicator of stock market development are constructed using principal component analysis. The revels the dominant role of rule oil price as one of the engine for economic growth in Nigeria. Using inflation and trade openness as a moderator on economic activities in Nigeria, this study found that stock market is insignificant in driving economic growth in Nigeria indicating poor financial sector performance. In general, the results highlight the dominant role crude oil price and posits the weakness of the stock market in stimulating economic growth through resource mobilization and allocation in Nigeria. Therefore for government to achieve sustainable economic development and maximize stock market performance, policy maker in oil exporting countries should monitor the movement of crude oil prices.