Finance-Led Growth and Growth-Led Finance: Evidence from Nigeria Economic and Financial Sector Development

Samuel, Udo Emmanuel; Jack, Akpan Ededem; Prince, Abner Ishaku; Kingsley, Idogen; Victor, Ndubuaku

doi:10.18488/journal.73.2019.74.191.198

Humanities and Social Sciences Letters

2019

DOI: 10.18488/journal.73.2019.74.191.198

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Finance-Led Growth and Growth-Led Finance: Evidence from Nigeria Economic and Financial Sector Development

Udo Emmanuel Samuel

Akpan Ededem Jack

Abner Ishaku Prince

et al.

Abstract: Article History

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2024

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Effects of Industrialization on Business and Economic Climate in Nigeria: Evidence from Sectoral Analysis

Udoh,

Enemuo,

Samuel

et al. 2024

Global Business Review

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This study assessed the dynamics of industrialization in Nigeria from 1999 to 2022 and the ripple effect on environmental quality, business and the economic landscape. This study anchors on the United Nations’ Sustainable Development Goals to assess the interactive effect of industrialization on sectoral value addition while also considering its implications for clean energy, economic growth, innovation and climate change in Nigeria. The autoregressive distributed lag model was employed for its capability to incorporate variables of diverse orders of integration and assess the short- and long-run dynamics of industrialization and its impact on various facets of Nigeria’s economy, business sector and environmental quality. The data set was sourced and collated from the World Bank Development Index. The findings reveal a positive and significant relationship between industrialization and economic growth. The positive nexus is propelled by private sector credit specifically geared towards business development and the pivotal role of net foreign direct investment, for economic expansion alongside industrial activities. Exchange rate volatility limits access to reliable energy sources and impedes sectoral additions. The effect of industrialization on environmental quality stems from heavy reliance on fossil fuels. This study advocates for strategic investments in sustainable and renewable energy sources, adoption of climate-smart agricultural practices and implementation of stringent environmental quality guidelines. To address the dual challenge of fostering economic growth through industrialization, ensuring environmental sustainability and offering valuable insights for policymakers and stakeholders in Nigeria’s development trajectory.

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Effects of Industrialization on Business and Economic Climate in Nigeria: Evidence from Sectoral Analysis

Udoh,

Enemuo,

Samuel

et al. 2024

Global Business Review

View full text Add to dashboard Cite

show abstract

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Finance-Led Growth and Growth-Led Finance: Evidence from Nigeria Economic and Financial Sector Development

Abstract: Article History

Cited by 1 publication

References 14 publications

Effects of Industrialization on Business and Economic Climate in Nigeria: Evidence from Sectoral Analysis

Effects of Industrialization on Business and Economic Climate in Nigeria: Evidence from Sectoral Analysis

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