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All Journal ALSYS : Jurnal Keislaman dan Ilmu Pendidikan Journal of Multidisciplinary Science: MIKAILALSYS Asian Journal of Science, Technology, Engineering, and Art ALSYSTECH Journal of Education Technology Mikailalsys Journal of Mathematics and Statistics Educational Researcher Journal African Multidisciplinary Journal of Sciences and Artificial Intelligence Open Access DRIVERset Kwaghe International Journal of Sciences and Technology Open Access DRIVERset
Idi, Danjuma
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Modeling and Inference of Insurance Sector Development on Nigeria Economic Growth Idi, Danjuma; Stephen, Mathew
African Multidisciplinary Journal of Sciences and Artificial Intelligence Vol 1 No 1 (2024): African Multidisciplinary Journal of Sciences and Artificial Intelligence
Publisher : Darul Yasin Al Sys

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58578/amjsai.v1i1.3534

Abstract

This empirical study investigated the impact of insurance sector development on economic growth in Nigeria, covering the period 1999-2022. Utilizing statistical techniques, including Augmented Dickey-Fuller (ADF) tests, regression modeling, Lagrange multiplier (LM) tests, and the Breusch-Pagan-Godfrey test for heteroskedasticity, the study revealed critical insights into the dynamic relationship between insurance sector and economic performance. The ADF test results indicated that the data series were stationary after differencing, confirming an integrated order of one (I(1)). The regression analysis revealed a statistically significant positive impact of total insurance investment (TII) on economic growth in Nigeria, with a coefficient estimate of 0.753 (p < 0.01). Conversely, no significant relationship was found between total claims paid by insurance companies and economic growth in Nigeria, with a coefficient estimate of 0.033 (p > 0.05).Diagnostic tests revealed no evidence of serial correlation in residuals at lag 1, indicating no systematic pattern, and no significant heteroskedasticity was detected, signifying no systematic variance in residuals with changes in independent variables. Based on these findings, the study recommends that policymakers prioritize implementing measures to enhance the regulatory environment and promote innovation within the insurance industry, among other policy implications.
Co-Authors Ahmed, Abdullahi Hussain Akobi, Clement BAMIGBALA, Olateju Alao Dangana, Blessing David, Ikwuoche John Karim, Oba Abdulkadir Mathew, Stephen Michael, Ibrahim Ogunmola, Adeniyi Oyewole Onowuzou, James Oruarooghene Stephem, Mathew Stephen, Mathew Yusuf, Shadrach