The paper examined the effect(s) of capital inflow, agricultural output on economic growth in Nigeria, and data spanned from 1986 to 2019 sourced from the World Bank, Central Bank of Nigeria statistical bulletin, Annual reports and statistics, and the National Bureau of Statistics using fully modified ordinary least square (FM-OLS) estimation technique. The finding shows that the variables were co-integrated in the model using Johansen Co-integration test at 5% level of significance. The coefficient of regression result revealed positive and significant relationship between agricultural output and official development assistance in the model. The results are generally consistent with the previous findings such as Simon-oke and Abraham (2019), Orji, Eigbirewolen and Ogbuabor, (2014) and Fredrick and Abraham, (2019). Furthermore, coefficient showed a negative relationship between exchange rate and gross domestic product per capital income in the model and statistically significant. The study discovered that foreign direct investment inflow showed a negative and not significant in the model. Finally, the coefficient of interaction between agricultural output and foreign direct investment is significant and has the expected sign in the model. One fact to draw from here is that for agriculture to play its role in the economy, it must be supported with investment from abroad.
Recommendations
In order to address the aforementioned challenges the study, therefore, recommends that government should employ a more restrictive monetary policy to suppress the adverse effect that could emanate from inflationary pressure which can distort proper channeling
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of capital inflows into the country and as well put in place a strategy for attracting more foreign investors capable of generating a higher volume of private investment that can have a significant impact on agricultural output.
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CORRUPTION AND INSECURITY IN NIGERIA: THE IMPLICATIONS FOR INDUSTRIALIZATION
.
Oyegun Gbenga Ph.D
Wellspring University, Benin City, Edo State [email protected]
Bolaji Alabi Ph.D [email protected]
Wellspring University, Benin City, Edo State and
Okonta, Ewere Clinton.
[email protected] University of Delta, Agbor, Delta State Abstract
The objective of this paper is to examine the impact of corruption and insecurity on the industrialization in Nigeria. Data were sourced from Central Bank of Nigeria (CBN) statistical bulletin and bureau of statistics from 1990 to 2020.The Error Correction Models (ECM) technique was employed. The results showed that the disequilibrium in the economy can be adjusted back to equilibrium at a speed of 145% In essence the ECM result shows that industrialization model respond to a deviation from the long run equilibrium. Therefore, the following recommendations were made thus; the rule of law should be strengthened and Law enforcement agents should be equipped adequately to deal with the problem of insecurity and terrorism. There must be zero tolerance for corruption by the government and corrupt individuals who use their ill-gotten wealth to sponsor acts of terrorism should be prosecuted accordingly.
Keywords: Corruption; Insecurity; Industrialization JEL Classification: F52, E22 and G38