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FOREIGN DIRECT INVESTMENT INFLOWS AND REGULATION IN NIGERIA: AN EMPIRICAL PERSPECTIVE

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Ayomitunde A. T., Olubunmi A. B., Lanke B, Awomailo, Omotayo O. H.
International Journal of New Economics and Social Sciences
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2019
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vol. 9(1)
155-166
EN
The aim of this study is to examine the long run equilibrium relationship between regu-lation and FDI inflows in Nigeria over the period of 1990 to 2016 which past studies have failed to explore. Consequently, the study utilized data from UNCTAD, World Bank database, CBN Statistical Bulletin and Cointegration, DOLS and Granger Cau-sality approach was used to address the objective of this study. However, the major findings in this study are summarized as follows. Government effectiveness, rule of law and inflation rate have a significant positive relationship with FDI inflows in Nigeria in the long run, apart from regulation quality that is not significant. This implies that regulation is favorable to the inflows of cross border investment in the country. In addition, there is a unidirectional feedback relationship which runs from FDI inflows to regulation quality and one way feedback relationship runs from the rule of law to government effective-ness in the country. Finally, due to the findings that emerged from this study, the fol-lowing recommendations are made for the policy makers, investors and future re-searchers in Nigeria that when attraction of FDI inflows are the target of the policy makers in the country, improving variables like rule of law, government effectiveness and regulation quality will induce the inflows of cross border investment accordingly in the long run. Also, the Nigerian government should be committed to the provision of a sound business environment in the form of good government regulations to ensure rapid inflows of FDI in the country.
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THE ROLE OF AGRICULTURE IN POVERTY REDUCTION IN NIGERIA: AN EMPIRICAL PERSPECTIVE

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Omotayo O. H., Ayomitunde A. T., Omolola O. L., Georgina A. A.
International Journal of New Economics and Social Sciences
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2019
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vol. 9(1)
251-262
EN
Abstract In Nigeria, several advocacies have been raised in different fora over time that agriculture is capable of reducing poverty in the country. An attempt to empirically validate the above argument has generated a policy mix in the literature. Therefore, further empirical investigation about this subject matter becomes imperative. Consequently, the study utilized the DOLS and Granger Causality Approach to address the objective of this study. However, the principal findings that emerged in this study are as follows: in the long run, there is a significant positive relationship between the employment in agriculture and poverty level, inflation rate and poverty level have a negative relationship with each other. Meanwhile, agricultural output causes a significant reduction in the poverty level. Also, one-way feedback relationship runs from agricultural output to the poverty level in the country. Based on the findings that originated in this study, this paper makes the following recommendations for the policymakers, future researchers and all the stakeholders in the agricultural sector in Nigeria that agricultural output has the capacity to reduce poverty level in the country. This implies that when poverty reduction is the target of the policymakers in the country, manipulating agricultural output will induce the reduction in poverty level in the long run. Also the government should possess political goodwill to revamp agricultural sector.
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HEALTH, AGRICULTURAL EXPENDITURE AND ECONOMIC GROWTH IN NIGERIA: ARDL AND ECM APPROACH

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Omotayo O. H., Ayomitunde A. T., Afolakemi A. O., Aromoke O. O.
International Journal of New Economics and Social Sciences
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2019
|
vol. 10(2)
127-138
EN
This study examines the short run and long relationship between agricultural expenditure, health expenditure and economic growth in Nigeria. This study was motivated due to the lack of sufficient studies regarding this subject matter in recent times. Consequently, Data were collected from CBN Statistical Bulletin from 1981 to 2016. Relevant pre-estimation tests such as unit root and Bound tests were carried out because all the study variables were integrated of order zero and one. Estimated results from ARDL and ECM models established the existence of a short-run and long-run relationship between the variables of interest in Nigeria. While the error correction model reveals that about 19 percent of total disequilibrium due to external shock in the previous year is corrected in the current year. Therefore, it will take about five (5) years for the system to adjust back to its long-run equilibrium path. Results further showed that there is a significant positive relationship between agricultural expenditure and economic growth in Nigeria. However, there is a significant negative relationship between health expenditure and economic growth in the long run. Finally, policymakers in Nigeria should allocate substantial budget towards health and agricultural sectors in Nigeria. Health; Agriculture; Expenditure; Economic Growth; ARDL and ECM Niniejszy artykuł analizuje krótko- i długoterminowy związek między wydatkami na rolnictwo, wydatkami na zdrowie a wzrostem gospodarczym w Nigerii. Badanie będące przedmiotem artykułu było motywowane brakiem wystarczających badań dotyczących tego tematu w ostatnim czasie. W związku z tym dane zebrano z Biuletynu Statystycznego CBN od 1981 do 2016 r. Przeprowadzono odpowiednie testy wstępnego oszacowania, takie jak testy pierwiastkowe i powiązane, ponieważ wszystkie zmienne badawcze zostały zintegrowane od zera i jednego rzędu. Szacowane wyniki modeli ARDL i ECM wykazały istnienie krótko- i długoterminowej zależności między zmiennymi. Natomiast model korekcji błędów wykazuje, że około 19 procent całkowitej nierównowagi spowodowanej szokiem zewnętrznym w poprzednim roku jest korygowane w bieżącym roku. Dlatego też przywrócenie systemu do długoterminowej ścieżki równowagi powinno zająć około pięciu lat. Wyniki pokazały również, że istnieje znaczący pozytywny związek między wydatkami rolnymi a wzrostem gospodarczym w Nigerii. Jednak długoterminowo istnieje również znaczący negatywny związek między wydatkami na zdrowie a wzrostem gospodarczym. Wyniki badania, pozwalają na wysunięcie wniosku, że Nigeryjscy decydenci powinni przeznaczyć znaczny budżet na ochronę zdrowia i sektory rolnictwa. zdrowie; rolnictwo; wydatki; rozwój ekonomiczny; ARDL i ECM
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