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WHAT DRIVES HUMAN DEVELOPMENT IN NIGERIA: DO OUTPUT SIZE, FINANCIAL DEVELOPMENTAND RESOURCE DEPENDENCE MATTER?

Ogbeide, Frank Iyekoretin, Ph.D () and Hilary Temofeh Kanwanye ()
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Ogbeide, Frank Iyekoretin, Ph.D: Department of Economics and Statistics, University of Benin and a research scholar under the African Economic Research Consortium (AERC).
Hilary Temofeh Kanwanye: Doctoral student in the Department of Economics and Statistics, University of Benin, Benin City

West African Journal of Monetary and Economic Integration, 2016, vol. 16, issue 2, 72-94

Abstract: The study examines the drivers of human development in Nigeria using time-series data from 1981 to 2014 in an error correction modeling framework. Our empirical result shows that output size and private credit have positive and significant effect on human development in Nigeria, whereas natural resource dependence exerts a negative effect on human development, though not significantly. In addition, the Granger causality test revealed that causality runs from real income per capita to human development, human development appears to be natural resource dependence, and surprisingly, there was no clear flow of causation existing between private credit and human development in Nigeria. Other results show that monetary policy (interest) rate and government education financing spur human development, while exchange depreciation has detrimental effects. In all, this study unveils the importance of economic factors in stimulating human development in Nigeria, and thus intensifies the need to broaden output size, financial development and efficient use of natural resources to engender a nondeclining trend in human development trajectory in Nigeria.

Keywords: Human development; Resource dependency; Resource curse; financial development and Output size. (search for similar items in EconPapers)
JEL-codes: D60 G20 I30 O15 Q43 (search for similar items in EconPapers)
Date: 2016
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