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All Journal International Journal of Humanities, Management, and Social Science (IJ-HuMaSS) Journal of Humanities and Social Science (JHASS)
Ali, Hamisu
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Arts Humanities Education Health Professions Languange, Linguistic, Communication & Media Social Sciences Other

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Human Capital Development, Poverty and Income Inequality in Nigeria (1985-2020) Ali, Hamisu
Journal of Humanities and Social Sciences (JHASS) Vol 4 No 3: December 2022
Publisher : Lamintang Education and Training Centre, in collaboration with the International Association of Educators, Scientists, Technologists, and Engineers (IA-ESTE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36079/lamintang.jhass-0403.402

Abstract

Test and Error Correction Model were the tools that were used to estimate the relationship between the variables. Data is from the World Bank Development Indicators (WDI) online database, 2021, Official Gazettes of the Federal Republic of Nigeria, Federal Ministry of Education and Macrotrend, 2021. Empirical results showed that the ratio of human capital to government spending was positive at 5 per cent in the short term, in line with a previous expectation. The long-term relationship between human capital development, poverty and income inequality in Nigeria has been negative. The ECM has a weak rate of adjustment of 1.2 per cent and a 1 per cent significance of this imbalance is corrected annually. Therefore, among other things, it was recommended that the federal government should increase budget allocations for the education and health sectors, and improves living standards through empowerment and the acquisition of self-employment skills.
Impact of Financial Development on Economic Growth in Nigeria Emeka, Ikeh Frank; Ali, Hamisu; Yahaya, Ahmadu Salihu; Jaimu, Nekenneri Jerome
International Journal of Humanities, Management and Social Science (IJ-HuMaSS) Vol 6 No 2: December 2023
Publisher : Lamintang Education and Training Centre, in collaboration with the International Association of Educators, Scientists, Technologists, and Engineers (IA-ESTE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36079/lamintang.ij-humass-0602.588

Abstract

This paper examined the impact of financial development on economic growth in Nigeria. The paper employed time series data (1985-2022) using ARDL approach, the objective of the study to access the causal relationship between financial development and economic growth in Nigeria. The data were obtained from Central Bank of Nigeria (CBN) and (WDI, 2023); Gross Domestic Product (GDP), Domestic Credit to Private Sector(DCRS), Market Capitalization (MACAP), Consumer Price Index (CPI), Foreign Direct Investment (FDI), Interest Rate (INTR) and Financial Development (FD) proxies by the ratio of broad money stock (M2). The study was anchored on Supply-Leading Hypothesis theory by Robinson 1952. The results show that all the indicators of financial development and its influence on economic growth, the DCRS has a negative influence on GDP, its impact is not statistically significant, implying an indirect effect, the CPI and FDI significantly affect GDP with CPI excreting a negative impact and FDI demonstrating a strong negative correlation. The ECM explores short term relationship among these variables and their implication for FD. Based on the following conclusion the following recommendations were made among others; strengthen price stability and implemented effective monetary policies and price control mechanism to maintain stable and controlled inflation.
Co-Authors Emeka, Ikeh Frank Jaimu, Nekenneri Jerome Yahaya, Ahmadu Salihu