DETERMINANTS OF INCLUSIVE GROWTH IN NIGERIA: THE IMPACT OF NATURAL RESOURCES, HUMAN CAPITAL, AND FINANCIAL DEVELOPMENT

Kehinde Kabir AGBATOGUN; Emmanuel Gbenga AJAYI; Daniel Chibueze ONYEJIUWA; Toluwanimi Blessing JAMES

doi:10.5281/zenodo.13207370

Authors

Kehinde Kabir AGBATOGUN Department of Economics Tai Solarin University of Education, Ijebu Ode, Ogun State https://orcid.org/0000-0003-3594-3837
Emmanuel Gbenga AJAYI Department of Economics University of Lagos, Akoka, Yaba Lagos State https://orcid.org/0000-0002-4715-8580
Daniel Chibueze ONYEJIUWA Department of Economics Glorious Vision university, Ogwa, Edo State https://orcid.org/0000-0003-4028-184X
Toluwanimi Blessing JAMES Department of Economics Tai Solarin University of Education, Ijebu Ode, Ogun State https://orcid.org/0000-0002-2944-8496

DOI:

https://doi.org/10.5281/zenodo.13207370

Keywords:

Inclusive growth, Human capital development, financial development, Natural resource abundance

Abstract

Inclusive growth has a broad impact on development across several continents; it has attracted the attention of many scholars in recent years. Thus, while examining the factors that influence inclusive growth in Nigeria, this study considers the wealth of Nigeria's resources. The study sourced data from The World Development Indicators (WDI) and Central bank of Nigeria (CBN) statistical bulletin covering the data range of 1981 to 2022 for the variables employed. The autoregressive distributed lag (ARDL) model was used to estimate the model. The empirical results indicated that, in the short- and long-run, respectively, health and education spending decreased and supported inclusive growth for the general model that does not take the function of fiscal policy into account. The effects of resource rents and agriculture, however, differed throughout the two periods. While resource rents hindered inclusive growth in both the short and long terms, agriculture was the primary driver of inclusive growth in both. Together with the outcome, financial deepening led to an increase in inclusive growth in both periods; in contrast, credit to the private sector decreased Nigeria's growth's inclusivity, while financial deepening increased it. In conclusion, we discovered that the regressor's influence remains constant over time when fiscal policy assumes the moderating function, suggesting that fiscal policy does not affect reviving the regressor on the dependent variables.

Keywords: Inclusive growth, Human capital development, financial development, Natural resource abundance.

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2024-08-03

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AGBATOGUN, K. K., AJAYI , E. G., ONYEJIUWA , D. C., & JAMES , T. B. (2024). DETERMINANTS OF INCLUSIVE GROWTH IN NIGERIA: THE IMPACT OF NATURAL RESOURCES, HUMAN CAPITAL, AND FINANCIAL DEVELOPMENT. GVU Journal of Management and Social Sciences, 9(1), 59–77. https://doi.org/10.5281/zenodo.13207370

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DETERMINANTS OF INCLUSIVE GROWTH IN NIGERIA: THE IMPACT OF NATURAL RESOURCES, HUMAN CAPITAL, AND FINANCIAL DEVELOPMENT

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