مجلة البصائر للبحوث في العلوم الاقتصادية والتجارية وعلوم التسيير
Volume 3, Numéro 1, Pages 68-80
2024-06-30
Determinants Of Economic Growth In Nigeria: An Empirical Review
Authors : Weniebi Zibigha . Andem Francis . Ogosi Francis . Inwang Aniekan .
Abstract
The factors that influence economic growth in developing nations continue to be a thematic topic in the fields of management sciences and economics. Hence, in order to have a clear understanding of the factors that most influence economic growth, academics, decision-makers, and analysts often provide explanations on the determinants of economic growth. The purpose of the empirical study was to investigate the factors that influence Nigeria's economic growth. Between 2010 and 2020, a systematic literature review was conducted using articles from Research Gate and Google in the relevant field. After reviewing 20 relevant works, it was determined that the two main factors influencing Nigeria's economic growth were the country's inflation rate and foreign direct investment. The majority of the analysed studies demonstrated a statistically significant positive association between economic growth and foreign direct investment, but a statistically significant negative relationship between inflation and growth in the economy. Although only 10% of the assessed publications used government expenditure and gross domestic product, both variables demonstrated a statistically significant positive link with Nigeria's economic growth. Therefore, we draw the conclusion that while foreign direct investment, government spending, and gross capital would all contribute to an increase in Nigeria's economic growth, the country's inflation rate has an inverse relationship with it. It is our recommendation that the government endeavour to lower the country's inflation rate while simultaneously boosting spending and drawing in foreign direct investment.
Keywords
Foreign Direct Investment ; Inflation Rate ; Economic growth ; Gross Domestic Product
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