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Error correction model result Dependent variable: Gross Domestic Product (GDP)
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The contributions of the transport sector to the growth of economy of developing country like Nigeria cannot be overemphasized. This research work of development and contribution of transport sector to Nigeria gross domestic product (GDP) from 1970–2018, seems the way forward towards a sustainable financial stability shows the relationship between...
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Taking logistics time, logistics cost, and carbon emissions as optimization objectives, air transportation is included in the cross-border logistics paths optimization of multimodal transportation. Considering the scale effect of transportation, a multiobjective optimization model of cross-border logistics paths including road, water, railway, and...
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... Classical economists believed that a temporary increase in real GDP per capita would lead to a population explosion, ultimately depleting resources and stagnating economic growth. However, the Classical Growth Model has limitations, including a lack of technological consideration and inaccuracies in wage calculations (Jacob et al., 2019b). The Neoclassical Growth Theory emerged to address these shortcomings, emphasizing the interaction of labour, capital, and technology in driving economic growth. ...
Because of its firm reliance on oil exports, Nigeria, a major oil-producing nation, has seen considerable
economic volatility. The exchange rates and the volatility of oil prices significantly impact the country's
macroeconomic stability, growth, and development. Nigeria's economy mainly depends on oil exports, which
provide 70% of government revenue and more than 90% of foreign exchange revenues. On the other hand,
because of shifts in monetary policy, capital flows, and oil prices, the Nigerian Naira (NGN) has seen
considerable volatility against major currencies, especially the US Dollar (USD). As a result, the GDP grew at
erratic rates, impacted by changes in the price of oil, ranging from -1.6% in 2016 to 3.1% in 2022 (CBN, 2023).
The main subject of this study is the relationship between Nigeria's GDP growth, exchange rates, and oil price
volatility. In particular, the contribution of currency rate and oil price volatility to the engineering and
maintenance of Nigeria's economic growth was investigated. The study also looks at how the exchange rate
affects Nigeria's economic development and how the volatility of the oil price affects that growth. The period
of 40 years (1984–2023) was chosen for empirical investigation. The information was gathered from the
Nigeria Bureau of Statistics (NBS; 2023), journals, the Central Bank of Nigeria Statistical Bulletin (CBN; 2023),
and World Bank statistics. These data sources are thought to be highly trustworthy and dependable.
... By the late 1990s, the Nigerian government sought to regain ownership of the reform agenda through homegrown development frameworks. The Vision 2010 Report, launched under the Abacha administration in 1997, articulated a long-term strategy to transform Nigeria into a globally competitive economy by 2010 (Jacob et al., 2019b). While comprehensive in scope, Vision 2010 lacked the institutional backing and continuity required for implementation. ...
Structural imbalances, overreliance on crude oil, and underperformance in key productive sectors have long
hindered Nigeria’s economic development. This review critically examines Nigeria’s efforts to transform its
economy through industrialization, agricultural development, and innovation-driven growth. Drawing on
historical analysis and policy evaluations, the study assesses the effectiveness of key national frameworks,
including the Nigeria Industrial Revolution Plan, Agricultural Transformation Agenda, Anchor Borrowers’
Programme, and the Nigeria Startup Act. It also situates Nigeria’s potential within the context of the African
Continental Free Trade Area (AfCFTA). It highlights cross-cutting enablers such as infrastructure, access to
finance, regulatory quality, and human capital development. The review finds that while targeted
interventions have yielded localized successes, particularly in agritech, fintech, and input distribution,
implementation inconsistencies, weak institutional coordination, and systemic capacity constraints have
limited their broader impact. Nigeria’s digital economy shows significant promise, yet its growth is uneven
and often disconnected from traditional sectors. The paper recommends a more coherent and inclusive
approach to economic transformation, emphasizing sectoral linkages, youth and gender inclusion, scalable
innovation ecosystems, and regional trade integration. With the right policy mix and disciplined
implementation, Nigeria can harness its demographic advantage, diversify its economic base, and reposition
itself as a productive hub in Africa. The findings offer actionable insights for policymakers, development
practitioners, and stakeholders committed to reimagining Nigeria’s economic future.
