The role of agricultural sector in an economy cannot be overemphasized. The forward and backward linkages to the rest of the domestic economy, to the international market and with poverty alleviation are very strong. A bad year for agriculture due to natural calamities, like drought has extremely adverse effect on GDP growth, living standard of the population, manufacturing output, industrial output, price level, exportable surplus and balance of payments. The primary purpose of agriculture t... read more

Nigerian Stock Exchange is an engine of economic growth and development globally; Nigeria inclusive is made up of markets and institutions which facilitate the issuance and secondary trading of long-term financial instrument. The history of Nigerian Stock Exchange could be traced to 1946 when the British colonial administration floated a N600, 000 local loan stock bearing interest at 3.% for the financing of developmental projects under the Ten Years Plan Local Ordinance. The loan stock, which h... read more

The development of the Nigerian Manufacturing sector has not been fully addressed and the impact has not been fully felt. Manufacturing sector in Nigeria has been experiencing a stunted growth and its, contribution to gross domestic product has remained low. For instance, the manufacturing sector as a whole remains small, according for only 6.6 percent of GDP in 2000 and 12 percent of employment (World Bank, 2002). The production indices (using 1990 as a base year (100) also indicated that while... read more

We can define Macroeconomics as the economy in terms of the total amount of goods and services produced, total income earned the level of employment of productive resources, and the general behaviour of prices. It is also the study of economics in terms of the whole systems, especially with reference to general levels of output and income and to the interrelations among sectors within the economy. ! In the field of economics that studies the behaviour of the aggregate economy, Macroeconomi... read more

This study set out to empirically examine the effect of Foreign Direct Investment (FDI) on the economic growth in Nigeria between 1970 and 2010. The paper makes the proposition that there exists controversies over the effect of FDI on the economic growth of developing nations. However, the results obtained showed that FDI has some positive spillovers on the Nigerian economy hence the need to embark on the policies that would help to bring about greater FDI inflows

The Federal Government of Nigeria, through the 1976 Local Government Reforms, explained Local Government as follows: “Local Government is Government at Local level exercised through representative councils established by Law to exercise specific power within defined areas” (Government print: 1976). The United Nations Office for Public Administration explained Local Government as: “A political division of a nation (in a Federal or State system) which is constituted by Law and has substanti... read more

Nigeria is richly blessed with oil and gas among other mineral resources, but the over dependence on oil revenue for the economic development of the country has left much to be deserved. According to Ariyo (1997) Nigeria's over dependence on oil revenue to the total neglect of other revenue source was encouraged by the oil boom of 1973/74. This is unsustainable due to the fluctuation in the oil market which have in most cases plunged the nation into deficit budgets. It was the view of Popoola (2... read more

The manufacturing sector plays a significant role in economic development. Industrialization acts as a catalyst that accelerates the pace of structural transformation and diversification of economic, enable a country to fully utilize its factor endowment and to depend less on foreign supply of finished goods or raw materials for its economic growth, development and sustainability. Industrialization which is a deliberate and sustained application and combination of an appropriate technology, infr... read more

The issue of global economic meltdown has generated much controversy in modern literature. However, it is imperative to review how the issue took most economic watchers by surprise. The global economies round the world have experienced the most traumatic moments in many decades. The crisis itself has been described as perhaps the worst financial crisis since the great depression of the 1930s (Akingbola, 2009). The world economy has witnessed stagnation or minimal growth since more t... read more

The United Nations of World Tourism Organization defines tourism as the activities of persons travelling to and staying in places outside his/her usual environment for not more than one consecutive year for any purpose including holidays, leisure and recreation, business purposes, health, education or other related reasons. The scope according to the World Tourism Organization of Tourism is much wider than the traditional perception of tourists, which included only those travelling for leisure. ... read more

Trade has operated as an important engine of growth for countries right from historical ages at diverse stages of development, not only by contributing to a more competent allocation of resources within countries, but also by spreading growth from one part of the world to another. Over the past numerous decades, the economies of the world have come to be increasingly linked, through trade expansion. International trade has often played a central role in the historical experience of the developin... read more

Insurance is one of the bedrock of modern-day financial services sector. Being known for the management of risk, insurance industry acts as intermediary and provider of risk transfer and indemnification, promotes growth by allowing different risks to be managed more efficiently, promotes long-term savings and encourages the accumulation of capital, serves as a linkage to channeling of funds from policy holders to investment opportunities, thereby mobilizing domestic savings into productive inves... read more

The pursuit of economic development has been a major goal of many developing nations of the world. Developing countries are confronted with several problems such as high rate of poverty and unemployment which have continued to hinder the attainment of socio-economic development. For any nation to attain development, industrialization, gainful and meaningful employment are important indices used as a measurement of economic development. This is often depicted by income per capital, equitable dist... read more

The impact of industrialization on economic development has been widely studied. very few countries have been able to grow and accumulate wealth without investing in their manufacturing industries, and a strong and thriving manufacturing sector usually precipitates industrialization. The manufacturing sector is widely considered to be the ideal industry to drive Africa’s development. This is due to the labour intensive, export focused nature of the industry. There is a direct correlation betwe... read more

Economic growth plays a key role in industrial innovation (Malatyali, 2016). The first fluctuations in crude oil prices that occurred in 1973s have made economists to view sudden movements in the oil price as a fundamental source of economic fluctuations, for example, Hamilton (2005) suggests that in the last few decades, nine of the ten recessions in the USA were preceded by large positive increases in crude oil price. Moreover, the very recent highs registered in the crude oil market are causi... read more

As at today, Nigeria occupies the unenviable position of number one country in Africa with largest number of people with no access to financial services. According to data compiled by Micro Finance Information Exchange (MIX) last year, Nigeria and the Democratic Republic of Congo were found to have the largest gaps between populations living in poverty and those with no access to financial services-80 million in Nigeria and 48 million in the Congo. Besides, managing the few that have access to t... read more

One of the key macroeconomic objectives of a nation is the achievement of sustainable economic growth. To achieve this goal, every Government requires a substantial amount of capital finance through investment expenditures on infrastructural and productive capacity development (Umaru et al, 2013). Consequently, this facilitates the growth of their gross domestic product (GDP), which if persistent should culminate in economic development, a status vigorously pursued by all less developed countrie... read more

Unemployment is a common phenomenon in the global economy. It is a major challenge bedeviling developing economies from attaining economic development (Raheem, 2009; Nwokwu, 2015). Developed economies are also bedeviled with the challenge of unemployment, although in little magnitude. The state of unemployment intensifies the needs of those who are willing to get job but unable to find one (Sulaimon, 2015). Unemployment occurs as a result of the inadequacy of jobs failing to correspond with gro... read more

Government Expenditure is the amount of resources spent by a particular government to finance all its operations so as to provide public goods. Oyinlola (2010) observed that the size of government expenditure and its impact on economic growth have emerged as a major fiscal management issue facing economies in transition. Singh and Sahini (2014) has urged that a large and growing government is not conducive to better economic performance. For decades public expenditures have been expanding in Nig... read more

The general rate of development in any country is always limited by the shortage of productive factor. One scarce factor associated with underdevelopment, which is often singled out in programming for development is capital. There is an assumption that growth hinges on capital accumulation and that additional capital will either promote or facilitate a more rapid of economic development. Overtime, various scholars have affirmed the role of human capital on economic growth. Human capital is co... read more