Public Investment and Economic Development in Nigeria

Alwell Nteegah and Paschal Okezie Okwu
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Alwell Nteegah: Department of Economics, University of Port Harcourt, Nigeria
Paschal Okezie Okwu: Department of Economics, University of Port Harcourt, Nigeria

International Journal of Research and Innovation in Social Science, 2023, vol. 7, issue 10, 114-130

Abstract: This paper investigated the impact of public sector investment on economic development in Nigeria over the time period 1981-2021. In order to examined how public investment on economic services, social and community services and administrative services had affected economic development measured in terms of: standard of living, literacy rate and job creation, data were collected from CBN Statistical Bulletin and World Development Indicators for the period and analysed using the ARDL. This was done after carrying out descriptive analyses and testing for unit roots properties of the variables under investigation. The result shows that public investment in economic and administrative services improved living standard while public investment in social and community services retarded living standard in Nigeria both in the short and long run. Public investments in economic and administrative services were also friendly with literacy level in the long run while public investment in economic and social services spurred employment in the long run. Public investment in administrative services was found to be friendly with literacy rate in the short run. A long-run relationship existed amongst variables under investigation in Nigeria over the period of this study. The mix effects of public investment on economic development in Nigeria could be attributed to misapplication and misappropriation of public funds. From the findings of this study, the study concluded that: public investment in economic and administrative spurred economic development than public investment in social and community services over the period of this study. Based on these findings and conclusion, the study recommended: an improvement in investment/public spending on economic and administrative services in order to create more jobs, improve income level (standard of living) and improve human capital development in Nigeria.

Date: 2023
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