Economic Growth

This study looks at how monetary policy affected Nigeria's economic growth between 1988 and 2024. The relationships between the monetary policy rate, inflation rate, interest rate, and Treasury bill rate and GDP is the main focus of the analysis. Different levels of significance and directionality among these variables are identified by the study using the ordinary least squares (OLS) econometric method. The findings reveal that the monetary policy rate has a positive and significant effect on economic growth, underscoring its role as a critical tool for economic stabilization. However, interest rate and Treasury bill rate exhibit negative and statistically insignificant relationships with GDP, indicating limited influence within the Nigerian context. Similarly, the inflation rate demonstrates a positive but statistically insignificant relationship with economic growth, suggesting a nuanced effect depending on macroeconomic conditions. The study comes to the conclusion that while monetary policy is still essential for managing the economy, better transmission mechanisms, structural changes, and complementary fiscal measures can increase its efficacy

The study analzsed how agricultural output impact economic growth in Nigeria, from 1981 to 2023. The study employs Autoregressive Distributed Lag Model (ARDL), unit root test, cointegration test and diagnostic tests such as heteroscedasticity and autocorrelation The study found out that there is a positie relationship between real gross domestic product growth rate and crop production, which satisfies our apriori expectation., Similarly, the study shows that there is a positive relationship between real gross domestic product growth rate and fishery, forestry, and livestock’s which satisfies our apriori expectation, finally the study recommended that invest in agricultural infrastructure, ensure agricultural diversification, promote sustainable forestry practices and support fisheries sector development.

This study investigates the relationship between financial inclusion and economic growth in Nigeria, emphasizing the role of accessible financial services in promoting investment, employment, and income equality. Using secondary data from the Central Bank of Nigeria, the National Bureau of Statistics, and the World Bank from 2000 to 2023, the study analyzes indicators such as the number of bank branches, mobile money usage, savings rate, and credit to the private sector in relation to Gross Domestic Product (GDP) growth. The findings reveal a strong positive link between financial inclusion and economic growth, showing that greater access to financial services stimulates productive activities and enhances economic performance. However, factors such as poor financial literacy, infrastructural deficits, and limited rural access still constrain the full benefits of inclusion. The study recommends policies that promote digital finance, improve financial literacy, and expand financial infrastructure to achieve sustainable economic growth in Nigeria

The influence of fertility rate and life expectancy on economic growth cannot be overemphasized. This study examined empirically examined the fertility rate, life expectancy and economic growth in Nigeria employing the use an ECM model as its tool of data analysis. The scope of the study is from 1981-2021 to reflect current dynamics in the real sector as well as the social sectors (demographics). Based on the findings of this study, it was discovered that life expectancy significantly influences economic growth in Nigeria. While fertility rate has an insignificant impact on economic growth. Also, government expenditures on health and education does not significantly affect economic growth in the period under consideration. In light of the above findings, significant resources should be allocated to the health and educational sectors as this would boost health care delivery and literacy rate in Nigeria. This is because it is only a healthy and educated workforce that can contributed meaningfully to the growth process of Nigeria. The study concluded that life expectancy is a key determinant of
economic growth in Nigeria.

This study examines the relative effects of financial development and economic growth on environmental degradation in selected Sub-Saharan African (SSA) countries that includes Cote d’ivoire, Ghana, Kenya, Mauritius, Namibia, Nigeria and South Africa. Specifically, the study considered the roles of different financial system development factors on the environment, while also examining the impacts of economic growth on the environment using the environmental Kuznets curve (EKC) formulation. The study also examined the possible direction of causality between environment degradation and both economic growth and financial development among the countries, as well as the influence of financial development on the relationship between economic growth and environmental degradation. Environmental degradation is measured by the tonnes of carbon emission per country and the rate of ecological footprint which was further divided into per capita footprint on cropland and per capital footprint on built land. Financial system development is measured using both the
money and capital markets variables which include credit to the private sector, liquidity in the economy, market capitalization, and stock market turnover. A panel data of seven (7) selected SSA nations for the period of 1990 to 2021 is employed in the analysis, while the Mean Group (MG) and the Pooled Mean Group (PMG) techniques are employed to estimate the long-run and short-run relationship amongst the variables for the panel analysis.

The broad objective of this study is to examine the effect of fiscal policy and aggregate economic activities on economic growth in Nigeria. To achieve the purpose of this study four hypothesis were formulated to guide the study, literature review was carried out on the variables and hypothesis of the study. A dynamic equation is specified to describe the relationship between the dependent variable RGDP and the independent variable GDP = f(Tax, HDC, GINV, TRN, SAVS). the study examined fiscal policy, aggregate economic activities and economic growth in Nigeria utilizing annual time series data for the period of 1981 to 2021. This research employed the following methods for analysis: Descriptive Statistics, Unit Root test, Co-Integration test, granger causality test and vector autoregressive technique of estimation. Based on the results of empirical analysis, it can be ascertained that there is sufficient evidence to indicate that fiscal policy, aggregate economic activities have long run relationship with economic growth in Nigeria as the trace statistics and max Eigen value test indicate a case of co-integration among the variables. However, according to the VECM result fiscal policy is not significant in influencing economic in the short run while in the long run it significantly influences economic growth. Consumption both first and second period lags significantly influences economic growth in Nigeria while investment seems not influence economic growth in Nigeria. Thus, it can be concluded, that fiscal policy and consumption drives economic growth in Nigeria while investment does not

Energy consumption facilitates economic growth but it is a major source of carbon emission, leading to the dilemma in policy priority between economic growth and pollution reduction. Therefore, this study empirically examined the relationship between energy consumption, carbon emissions and economic growth in Nigeria using cointegration and dynamic causality analysis, with annual time series data for the period 1981 to 2021. A good number of econometric techniques were conducted, which include; descriptive statistics, correlation coefficient, unit root test, granger causality test, optimal lag selection criteria test and co-integration test using Autoregressive Distribution Lag (ARDL) Bound Test and ARDL model Approach. Granger longrun dynamic analysis were conducted using error correction model (ECM) framework to explore the causal relationships between the variables. The study revealed evidence of relationship between energy use, electricity consumption, CO2 emission and economic growth in Nigeria. A positive but insignificant relationship exist between energy use and economic growth, electricity consumption and economic growth, while a negative and insignificant relationship between CO2 emission and economic growth in the long-run during the study period. During the lagged period, CO2 emission and economic growth showed positive and significant relationship in the long-run. The study also revealed that a unidirectional causality exists from economic growth to energy use, electricity consumption to economic growth in the long run, while a bidirectional long-run causality exists between CO2 emission and economic growth. An important policy implication is that energy consumption has positive influence on economic growth in Nigeria, thus as higher energy consumption also means higher pollution in the long-run, policymakers should diversify and explore alternative energy sources for meeting up the increasing energy demand and reducing the effect of carbon on her citizens.