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All Journal Siber International Journal of Digital Business Journal Arbitrase : Economy, Management and Accounting
Vivian C. Onyejegbu
Department of Economics, Nwafor Orizu College of Education Nsugbe, Anambra State, Nigeria
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Effect of Income Inequality on the Economic Growth of Nigeria Vivian C. Onyejegbu; Anastesia Uzonna Ezewulu
Siber International Journal of Digital Business (SIJDB) Vol. 3 No. 3 (2026): (SIJDB) Siber International Journal of Digital Business (January - March 2026)
Publisher : Siber Nusantara Review & Yayasan Sinergi Inovasi Bersama (SIBER)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/sijdb.v3i3.349

Abstract

The study focused on a well-developed econometric framework to examine how income inequality impacts economic growth in Nigeria based on annual data of 1994-2023. Linear and Autoregressive Distributed Lag (ARDL) estimation methods were used to estimate the model to include the short and long-run dynamics. The ARDL bounds test was used to ensure that there was cointegration and the error correction model (ECM) ensured that it made adjustments towards a long-run equilibrium. The theoretical and empirical relevance of the inclusion of the variables in the study justified it, and the flexibility of ARDL was adopted because of the ability to deal with mixed order of integration. FMOLS estimation was done to ensure robustness and pre-estimation tests (ADF, multicollinearity, descriptive statistics) and post-estimation diagnostics (autocorrelation, heteroskedasticity and stability tests) demonstrated model validity and reliability. The findings revealed that income inequality positively, though statistically insignificantly influenced economic growth in Nigeria thus no long-run effect. Institutional quality and population growth had a strong and positive impact on growth, whereas the combination of the two with inequality was negative and significant, indicating that good institutions mitigate the negative impact of inequality. Inequality in the short-run was insignificant and on the other hand, institutional quality and population growth were a major contributor to growth. There were mixed effects of trade openness and life expectancy and the error correction term proved that there is a high long-run adjustment. The research found that the income inequality, in itself, is not a large factor of economic growth in Nigeria, but the impact is influenced by the quality of the institutions. Institutional empowerment is thus a crucial aspect to support inclusive and sustainable economic development.
Socioeconomic Determinants of Income Inequality in Nigeria and Their Implications for Economic Growth Vivian C. Onyejegbu; Emilia Mukaosolu Mgbemena
Journal Arbitrase : Economy, Management and Accounting Vol. 4 No. 01 (2026): Journal Arbitrase : Economy, Management and Accounting, 2026
Publisher : Paspama Institute

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Abstract

The persistent challenge of income inequality and uneven growth in Nigeria continues to hinder sustainable development efforts. The study examined the determinants of income inequality and economic growth in Nigeria (1994–2023) was conducted to (i) examine the impact of access to education, healthcare, and unemployment on income inequality on economic growth in Nigeria. The study employed the Autoregressive Distributed Lag (ARDL) model with the Fully Modified Ordinary Least Squares (FMOLS) as a robustness check after conducting necessary diagnostic tests. The core variables include income inequality, economic growth, secondary school enrolment, life expectancy, maternal mortality rate, unemployment, government recurrent education and health expenditures, institutional quality index, FDI, inflation, oil price, and trade openness. Findings from the first model show that secondary school enrolment significantly increased income inequality (0.3394; p < 0.05), while life expectancy reduced it (-3.5144; p < 0.01); unemployment had a negative and significant impact (-12.9941; p < 0.01), implying that improved employment and healthcare reduce inequality in the long run. However, they all have a significant impact, with only unemployment having a negative impact. Furthermore, in the short run, only FDI enhances growth, whereas inflation and the institutional quality index are the only two factors that constrain growth. Based on these results, the study recommends enhanced investment in quality education and healthcare, job creation through fiscal decentralization, and institutional reforms to stabilize inflation and attract productive FDI. Furthermore, progressive taxation and social protection mechanisms are advocated to promote inclusive and equitable growth. Overall, the study concludes that reducing structural inequalities through human capital development and strong institutional frameworks is indispensable for achieving sustainable economic growth in Nigeria.
Co-Authors Anastesia Uzonna Ezewulu Emilia Mukaosolu Mgbemena