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All Journal Journal of Applied Economics in Developing Countries
Oyelade, Aduralere Opeyemi
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Economics, Econometrics & Finance

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CORRUPTION AND ECONOMIC GROWTH IN NIGERIA: DOES DATA SUPPORT “GREASE THE WHEELS” OR “SAND THE WHEELS”? Ajayi, Felix Odunayo; Oyelade, Aduralere Opeyemi; Olanrewaju, Gideon Olugbenga
Journal of Applied Economics in Developing Countries Vol 9, No 2 (2024): Journal of Applied Economics in Developing Countries
Publisher : MESP–FEB UNS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jaedc.v9i2.92595

Abstract

The study investigated the relationship between corruption and economic growth in Nigeria using data from 1996 to 2020. The research employed the Fully Modified Ordinary Least Squares (FMOLS) method and Granger causality tests. The FMOLS results indicated that both gross fixed capital formation and urbanization significantly and positively influence economic growth in Nigeria, whereas the corruption index has a negative and significant effect, aligning with the "sand the wheels" theory. The Granger causality analysis showed a unidirectional relationship, where gross fixed capital formation Granger-causes GDP growth rate, and GDP growth rate Granger-causes both the corruption index and the relative corruption ranking in Nigeria. Based on these results, the study recommends that policymakers prioritise transparency and good governance by implementing e-governance initiatives to reduce bureaucratic hurdles and opportunities for corruption. Furthermore, there should be consistent monitoring and thorough evaluation of the impact of anti-corruption strategies on economic growth and development to ensure their effectiveness.
NEXUS AMONG FISCAL SPENDING, MONEY INFLATION AND ECONOMIC WELFARE IN NIGERIA Ajayi, Felix Odunayo; Oyelade, Aduralere Opeyemi; Olanrewaju, Gideon Olugbenga
Journal of Applied Economics in Developing Countries Vol 10, No 1 (2025): Journal of Applied Economics in Developing Countries
Publisher : MESP–FEB UNS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jaedc.v10i1.92727

Abstract

This study investigates the nexus among fiscal spending, money inflation, and economic welfare in Nigeria. The relationship between these macroeconomic variables is a long-standing topic of interest, as fiscal spending, inflationary pressures, and the economic well-being of citizens are intricately linked. Nigeria, as one of Africa's largest economies, faces a complex set of economic challenges that impact the welfare of its citizens. The country has grappled with mounting fiscal spending pressures to address critical development priorities, while simultaneously battling recurring inflation driven by factors such as fiscal deficits, fluctuations in global oil prices, and policy coordination issues. The study employs the Error Correction Model (ECM) to analyze the dynamics among the variables from 1990 to 2022. The findings revealed that fiscal spending has a positive impact on economic welfare, while money inflation exerts a negative effect. The results underscore the importance of balanced and coordinated fiscal and monetary policies to ensure sustainable economic growth and equitable distribution of welfare improvements. The study's recommendations emphasize the need for enhanced fiscal-monetary policy coordination, efficient allocation of public resources, and targeted interventions to mitigate the adverse impacts of inflation on the economic well-being of citizens.
Co-Authors Ajayi, Felix Odunayo Olanrewaju, Gideon Olugbenga