The development of science education in nigeria as opined by itua 2011 is a welcome idea because this critical sector holds the key to the rapid transformation of the country, nigeria. The role of government in entrepreneurship development in nigeria became significant only after the nigeria civil war 196770. Early economic development ent policies in nigeria had focused on growth. A mutual correlation exists between infrastructural development and economic growth in nigeria. Nigeria made some farreaching commitments in the tourism and travelrelated ser vices subsector in the general agreement on trade in services gats signed at the end. Nigeria has overtaken south africa as the continents largest economy after it overhauled its gross domestic product data for the first time in more than two decades official figures for 20. Economic development nigeria product, growth, economic.
In a situation such as this, national interest does have a negative contribution to national development. As noted by kissick et al 2006, housing is a key input in economic, social, and civic development. Pdf economic growth and development in nigeria in the. Economic growth and development of nigeria economics essay. Infrastructure development and economic growth nexus in nigeria. This is as we know the basic resource of generation govt. While nigeria has made some progress in socioeconomic terms in recent years, its human capital development remains weak due to underinvestment and the country ranked 152 of 157 countries in the world bank s 2018 human capital index.
One of the major problems which nigeria is facing today is poor leadership. Unemployment in nigeria is a major problem both economically and socially. He continued that entrepreneurship development in nigeria became significant only after the nigerian civil war. At the end of the war the 2nd national development plan focused on the development of the 3rs objectives of reconstruction, re development and reconciliation. Strategies for achieving sustainable development in. A series of unfortunate political and economic events have stalled nigerian growth. Policy development facility phase ii pdf ii is a flexible, rapidresponse facility set up to support champions of change in implementing economic and social policies that help reduce poverty in nigeria. Fasttracking sustainable economic growth and development in. Financial development and economic growth nexus in nigeria. The extent to which tourism contributes to economic development has been a major source of controversy in the tourism literature. Sincee the international interna yardstick for measuring the wellbeing of nations then the was the growth of per capita income, itt was necessary necessa to concentrate on a measure that would increase rease the gdp. A synopsis of the linear programming and inputoutput models asserts a preference for the linear programming optimizing model due to the heterogeneous development pattern in the country coupled with gaps between the achievements visa. There have been several studies that have investigated the relationship that exist between infrastructure development and economic growth. The effect of tax revenue on the economic development of nigeria is not significantly different from its impact on economic growth using gdp as a measure.
This study assessed the impact of entrepreneurship on economic development in nigeria. Agriculture is an important sector in the developing world. The paper adopts a simple endogenous growth model to evaluate the short and longrun impact of gross fixed capital formation, human capital formation, savings and population growth rate on economic growth in nigeria. You can protect yourself and help prevent spreading the virus to others if you. Nigerian socioeconomic development covenant university. International journal of economic development research and investment, vol. Britain eventually gained control of nigerian administration. Abstract the quest for sustainable development is not feasible without alleviating poverty drastically. Nigeria becomes africas largest economy get the data. Development strategy for nigeria moses akpobasah at a 2day nigeria meeting organized by the overseas development institute, london, 1617 june 2004 contact. Pdf introduction insecurity can be termed as the manifestation of fear and absence of economic or physical protection for persons, buildings. The study also found that microfinance banks financing in the area of transportation and commerce, manufacturing and food processing and other activities have significantly impacted on economic growth and development of nigeria during the period. The paper canvassed the need for synergy and collaborative approach to community development and reform initiatives anchored on theory to practice policy inclination.
This research work focuses on the effect of money and capital market on financial development and economic. Development and welfare for nigeria which was introduced in 1946 by the colonial government 19451956 sequel to a circular from the secretary of state for colonies to all british colonies, directing the setting up of a central development board onah, 2010. Entrepreneurship and economic development in nigeria. Economic diversification for sustainable development in nigeria. This study therefore examines the major economic growth determinants as well as the direction of causality that exists between economic growth and some selected economic growth indicators in nigeria, employing the johansen cointegration and granger causality tests. Its fortynine years of independence actually are rolling by daily in search of development.
Wash your hands regularly for 20 seconds, with soap and running water or alcoholbased hand rub cover your nose and mouth with a disposable tissue or flexed elbow when you cough or sneeze avoid close contact 1 meter or 3 feet. Challenges to economic growth in nigeria michael amati jose ardavin jeanette fershtman 14 may 2004. Hence, it is a complex problem to answer about the measuring of economic development. Strategies for achieving sustainable development in nigeria. Unemployment in nigeria has resulted in more and more people who do not have purchasing power. The role of taxation in economic development is same for all the countries. Colonialism is a major feature of the economic history of nigeria. Nigerias recent economic pol icy has favoured the development of clusters and use of special economic zones sez s to drive growth in several key sectors and their value chains. The overall composition of the national, regional and local economies. Introduction nigeria is the most populated african nation with a population of about 160 million. Sustainable development the main goal of development is to satisfy human needs and aspirations. First, it serves as an instrument for engaging the new administration of the federal government on the policy imperatives for sustainably transforming the nigerian economy. Being the text of a paper presented at the 4th annual national conference of the social studies association of nigeria sosan.
This study on the paradox of economic growth without development seeks to investigate and determine the abnormalities associated with economic growth and development in nigeria. D department of banking and finance faculty of management sciences ekiti state university ado ekiti, nigeria abstract. Atan2 this study investigates the effect of exchange rate movements on real output growth in nigeria. Achieving sustainable economic development in nigeria. Inflation and economic growth in nigeria omoke journal. Problems of economic development in nigeria and solutions. The methodology employed in this study is the cointegration and granger causality test.
Department of business administration, faculty of management sciences, nnamdi azikiwe university, awka. To achieve this research objective, relevant secondary data were used from the 2012 statistical bulletin of the central bank of nigeria cbn. Housing is a major component of the building and construction sector. The paradox of economic growth without development in nigeria. Nigeria overview international development, poverty. Theres currently no vaccine to prevent coronavirus disease covid19. Role of transportation in the economic development of nigeria. Nigeria abstract the small and medium scale enterprises smes dominate the real sector and play roles in the economic development of countries around the world. This study a nalyses the impact of non oil tax revenue on economic growth from 1993 to 2012 in nigeria. Effects of exchange rate movements on economic growth in nigeria. Nigeria, a mono economy country, generates eighty percent of the nations foreign exchange and remains heavily dependent on crude oil. In recent years, all her efforts to grow the economy, nigeria s rate of economic growth has remained very volatile and sluggish. According to onoh 2007 and central bank of nigeria 2011 nigeria has used these instruments at different stages of the countrys development. People do hide under the cover of national interest to project and protect their own individual or group interest.
It targets the growth of nigerias gross domestic product, gdp, by 2. Capital accumulation and economic growth in nigeria. Nigeria has been ruled by poor leaders over time from the onset. Nigeria made some farreaching commitments in the tourism and travelrelated ser vices subsector in the general agreement on trade in services gats signed at the end of the multilateral trade negotiations of the uruguay 0und. Nigeria to diversify her economy to curb unemployment and stabilise her economy for sustainable national d evelopment. The paper adopted correlational research design using secondary data for a period of 22 years 199220. Predicting the effects of economic diversification on. The roles and challenges of small and medium entreprises. Autoregressive integrated moving average arima model was applied in the analysis, the study found that aggregate commercial banks financing of smes has. D department of banking and finance faculty of management sciences ekiti state university ado ekiti, nigeria oke, michael ojo. After independence, the nigerian economy seemed very promising. Many saw nigeria, with 15% of africas population, as an emerging economy.
Generally, economic development is a process of change over a long period of time. The political, economic and social dynamics of nigeria. This paper sets out to examine if the revitalization of tvet as it is being currently done by the policy makers is adequate to achieve economic development so as to enable the country realize her goal of becoming one of the 20 economically developed economy in the world by year 2020. Publication date 1963 publisher kansas state university. The building and construction sector has been relevant in the development of the nigerian economy. Nigeria african economic outlook african development bank. Globalization and nigerian economic development yusuf abdulraheem. Pdf economic growth and development in nigeria in the 21st. Pdf the study examines the effect of the businesses in nigeria on the economic development of the country. Tourism is as of the largest economic sector, generates employment and foster growth in many countries.
Subsaharan africa region fdi indicators south east asia 35 no. Though there are several criteria or principles to measure the economic development, yet none provides a satisfactory and universally acceptable index of economic development. Transport in nigeria has also suffered a lot of setbacks due to poor management and maintenance. However, it is a known fact across the globe that for a country to attain growth and development, its economy has to be diversified. It contributes to economic growth and development as well as a major employer to majority of the people of subsaharan africa including nigeria, especially those in the rural areas. Role of transportation in the economic development of nigeria by oguike, matthew. What is the role of taxation in the economic development.
Globalization and nigerian economic development by yusuf abdulraheem department of curriculum studies and educational technology university of ilorin, ilorin. However, the results emanating from these studies have been inconclusive. Reflections on the national economic empowerment and development strategy needs 20032007 article pdf available may 2009 with 39,049 reads how we measure. The myth of growth and development is so entrenched that the. Less consumption has led to lower production and economic. National interest and national development in nigeria. Students work in groups to identify the differences in development and the issues and challenges this brings for nigeria.
The nation is made up of people of diverse cultures and religions. April 2011 184 impact assessment of the role of nigerian stock exchange on the economic development of nigeria okoh lucky department of business administration, delta state polytechnic, ozoro, nigeria. Economic development in nigeria, although has been rocked back and forth by various political, sociocultural, financial and infrastructural setbacks, the economic development of a country like nigeria cant be said to have totally been where it used to be, or to have back tracked as some people insinuate. Taxation and economic growth in nigeria onakoya, adegbemi babatunde1 afintinni, oluwatobi ibukun2 1,2department of economics, banking and finance, babcock university, ilishan remo, nigeria abstract over several decades, taxation has been taken as a veritable medium of engineering the growth or performance of an economy. National interest and national development the term national interest is characterized with inconsistency. Nigeria s transportation infrastructure is a major constraint to economic development since transportation infrastructures continue to remain in bad shape.
Pdf effect of business on economic development in nigeria. Nevertheless, the niger delta development commission nddc was created to coordinate economic and social development in the oilproducing region. Furthermore, the country continues to face massive developmental challenges, which. Effect of external debt on economic growth and development of nigeria ajayi, lawrence boboye. The study was carried out at ilorin, capital city of kwara state, nigeria. Local government administration in nigeria and community. Nigeria s recent economic pol icy has favoured the development of clusters and use of special economic zones sez s to drive growth in several key sectors and their value chains. Nigeria is permanently hunted by the spectre of development. Infrastructure development and economic growth nexus in.
Thus the concepts of globalization and development as well as some components of nigeria development and the impact of globalisation on the world economy are critically examined. Rural development in nigeria has been at the core of public policies over the past ten decades beginning from the colonial up to the postindependence arrangements. Nigeria and other developing economies use monetary policy as expected means of promoting desired economic goals. She is endowed with many natural resources scattered in different parts. What is the role of taxation in the economic development of. National development plans in nigeria we have had series of development plans in nigeria. Since the mid1980s there has been an increased commitment of government to entrepreneurship development especially after the introduction of. Oil price volatility continues to influence nigerias growth performance. Inflation and economic growth in nigeria the main purpose of this study is to ascertain the existence or not of a relationship between inflation and economic growth in nigeria. In recent years, all her efforts to grow the economy, nigerias rate of economic growth has remained very volatile and sluggish. Diversification of nigeria economy through agricultural. Furthermore, the country continues to face massive developmental challenges, which include the need to reduce. Economic diversification for sustainable development in. Globalization and nigerian economic development yusuf.
However, with tourism still at its infancy, nigeria stands to benefit from diversifying the nations economy through tourism. Also, most of the typically scanty empirical attempts have been, in the main, conducted at the crosscountry levels, thus, making it quite difficult to extrapolating to countryspecific cases. Nigeria is also a member of the british commonwealth of nations. Measurement of economic development economics discussion. It outlines government revenue and expenditure for a given fiscal year. Effects of exchange rate movements on economic growth in. It is consistent with the sustainable development goals, sdgs, as it. Based on quarterly series for the period 1986 to 2010, the paper examines the possible direct and indirect relationship between exchange rates and gdp growth.
Economic diversification, stability, sustainability, development 1. Again the study reveals that trade partner of nigeria appears to be gaining more than the country. Economic report on nigeria 2015 1 introductory remarks this special edition of the economic report on nigeria aims at serving a dual purpose. Based on determining implication of globalization on economic development, recommendations on the development of. Nigeria also belongs to the international bank for reconstruction and development jrbd and the international monetary fund imf as well as the international development association, ida perhaps, where nigeria has made the greatest achievement since independence is in her activities in the organization of african unity oat now african. Ho1 tax revenue has no significant positive impact on economic development of nigeria using hdi. Nigeria has diplomatic relations with countries in europe, africa, america and asia. Monoeconomy needs to give way to the productive development of various. The organisation projects a population of 203 million in 2025 and 279 million in 2050, when nigeria is expected to have the worlds 6th largest population.
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