EAS Publisher | What Explains Economic Growth in Nigeria in the Last Three Decades?

What Explains Economic Growth in Nigeria in the Last Three Decades? – A Dynamic Modelling Approach

DOI : https://doi.org/10.36349/easjmb.2021.v04i07.001

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This paper tries to find out the factors that explained economic growth in Nigeria in the last three decades. It explores how variables such as foreign direct investment, physical capital, export, saving, natural resources, financial development, population, government size, and foreign exchange influence economic growth in Nigeria. It uses data from 1989 to 2019 and the dynamic econometrics modelling techniques of autoregressive distributed lag (ARDL) and generalized method of moments (GMM) models to analyze the data. The findings show that physical capital, agriculture, saving, population growth and government size have positive effects on economic growth in Nigeria during the study period. The paper recommends increase in physical capital build up through various types of infrastructural investments, more development of the abundant potentials in the agricultural sector and increase in national saving through government encouragements and favorable policies. These shall be anchored by good macroeconomic management of the nation’s economy.

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