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.
Although, economic crimes are not new phenomena in Nigeria, however, their size, sophistication and magnitude have changed in recent times. Theoretical literature on economic crimes and economic growth has generated a rich debate over the last few years producing scholars who theorized that economic crimes could be growth-enhancing and others who see it as growth-reducing. Where is Nigeria in this great debate? The failure to determine the nature of the relationship between economic crimes and economic growth in previous empirical works affected the choice of methodology employed by previous empirical works on Nigeria. This study is an attempt to offer a better methodology and proxy in the estimation of this relationship. Therefore, this study aims at providing robust econometric analysis, which deepens the understanding of the relationship between economic crimes and economic growth in Nigeria both in the short run and long run within the uninterrupted democratic dispensation period of 1999 to 2012 using OLS technique incarnated in a state-space time-varying methodology. Findings show a strong evidence of non-linear significant relationship between economic crimes and economic growth in Nigeria in the long-run with infinitesimal short run impact. The study also found a bi-directional causal relationship between economic crimes and economic growth in Nigeria and recommends, amongst others, a matrix of policies that address effective reduction of economic crimes, which includes heavy investment in infrastructure especially energy which nourishes industrial build-up that in turn creates employment as well as reduce the level of poverty.
This study examined the relationship between government spending on economic infrastructure and economic growth in Nigeria from 1989 to 2018. Real gross domestic product was used to proxy economic growth and was specified as a function of government spending on transport and communication, government spending on power and employment rate (as a proxy for the classical theory of labour force).The Autoregressive Distributed Lag Bounds method to cointegration was chosen to ascertain the impact and the long-run relationship between the dependent and independent variables. The short-run and long-run results showed that government spending on power exerted a positive but insignificant effect on Nigeria's RGDP. However, government spending on transport and communication had a positive relationship in the short-run but negative relationship in the long-run. Furthermore, the Causality results showed a uni-directional causality running from RGDP to GEXP and EMP to GEXTC but there was no evidence to support the existence of causality between the remaining pairs of variable. It is recommended that in order for Nigeria to achieve infrastructure development success, it is important that the government redirect excessive revenue in the maintenance of government official to these pivotal sectors of the economy with a view to monitoring the implementation after disbursing funds to the affected ones to subsequently trigger economic growth.
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