Defense Spending and Income Growth in Nigeria

Saheed Olayiwola and Oloruntuyi Ayodeji O.
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Oloruntuyi Ayodeji O.: Department of Economics, Federal University of Technology, Akure, Nigeria.

Zagreb International Review of Economics and Business, 2024, vol. 27, issue 1, 97-114

Abstract: This study considers the effect of defense spending on income growth in Nigeria. The results show that defense spending adversely affects income growth in the short run and the long run. Education spending, health spending, transport and communication service spending, internal security spending and electric power consumption have short-run and long-run growth impacts on income in Nigeria. Also, the armed forces personnel proportion of the labour force impacted positively on income. It was concluded that resource distribution should favour provisions of socio-economic and infrastructural facilities for defense spending. Therefore, the government should allocate its resources to provide socio-economic and infrastructural facilities for sustainable income growth in Nigeria.

Keywords: military spending; armed forces personnel; socio-economic services; income growth (search for similar items in EconPapers)
JEL-codes: H54 H56 H72 Q43 Q47 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:zirebs:v:27:y:2024:i:1:p:97-114:n:1005

DOI: 10.2478/zireb-2024-0005

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