GOVERNMENT EXPENDITURE AND OUTPUT GAP IN NIGERIA (1981-2014)

GOVERNMENT EXPENDITURE AND OUTPUT GAP IN NIGERIA (1981-2014)

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ABSTRACT

 The study examine the impact of Human capital development on the Nigerian economic growth, from 1981 – 2014. The objectives of the study are; to examine the impact of human capital development on the economic growth of Nigeria, to examine the long-run relationship between human capital development and the Nigerian economic growth. Thus, economists observed that the development and utilization of human capital is important in nation’s economic growth. However, the illiteracy rate in Nigeria is high and many workers are unskilled, leading to their low productivity; hence, this study with the aid of OLS and co-integration method used shows the relevance of human capital development to the growth of the economy. The findings confirm that there is strong positive relationship between human capital development and economic growth. Following the findings, it was recommended that; there is need to understand the endemic problems endangering human capital development. This will help to ascertain the pragmatic step in proffering solution to it. Government should channel funds to programmes that will encourage training of skills as this will help to improve human resources.  Efforts should be geared towards improving the standard of education in Nigeria, and Substantial amount of government budgetary allocation should be directed towards the educational sector.

BACKGROUND OF THE STUDY

Government expenditure no doubt is an important instrument for controlling the economy of a nation over time. Economists have documented the effects of government expenditure in promoting economic growth (Udude, 2015). Thus the general view is that government expenditure notably on social and economic infrastructure can be growth enhancing although the financing of such expenditure to provide essential infrastructure facilities including transport, electricity, telecommunication, water and sanitation, waste disposal, education and health can be growth retarding (Anderson, W. Wallace, M.S. and Warner J.T 1986).The recurrent expenditure is basically government expenses on administration such as wages, salaries, interest on loans, maintenance cost etc. Also the expenses on capital project like roads, airports, education, telecommunication, electricity generator etc. are general referred to as capital expenditure (Muritala, 2011).However, the effect of government spending in Nigeria in relation to the economic growth is still a puzzle and an unresolved issue.

Although the theoretical position on the effects of government expenditure on output gap are quite diverse, the conventional wisdom is that government spending is a source of economic instability or stagnation (Gerson, 1998). 


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