Inclusive growth, human capital development and natural. Smes sectors have reduced the rate of inclusive growth in northern nigeria due to lack of peace and security. Dfid uk is developing its global approach to insurance market development, recognising the role that insurance can play in supporting sustainable development and growth. Inclusive growth an imperative for african agriculture i since 2000, africa has been experiencing a remarkable economic growth accompanied by improving democratic environment. Despite persistent poverty, the country has a rapidly growing consuming class. Undp has described inclusive growth as the process and the outcome where all groups of people have participated in growth and have benefited equitably from it. Accordingly, policymakers and citizens alike would benefit from having an alternative, or at least complementary. Nigeria needs more inclusive economic growth, so more people can exit from poverty, and the country can evolve into a society with a sizable middle class, a viable social contract between the government and the people, and peace and prosperity across the nation.
Sanusi 2010 opined that economic growth would be achieved at a faster rate, if all segments of the population have access to. As many countries have experienced and the inclusive development index data illustrate, growth is a necessary but not sufficient condition for robustly rising median living standards. Delivering inclusive growth in africas largest economy, examines how the country can live up to its economic potential while making growth more inclusive, thus bringing more nigerians out of poverty. Usaidnigeria country development cooperation strategy.
This paper, therefore, focused on agriculture as alternative to oil and as such investigates the areas. Financial inclusion indicators among individuals, nigeria and peers, 2014. Determinants of economic growth in nigeria kazeem b. Impact of industrial sector on nigeria economic growth mensch.
Inclusive education and the development of nigerian communities. The ergp is a mediumterm plan 20172020 to revive the nigerian economy from the current recession. Inclusive growth and financial development is the solution to the various problems existing in many less developed countries especially nigeria. Kemi adeosun has said that nigerias economy needs inclusive growth to enhance development in infrastructure, power, education, health and other sectors of the economy. More specifically, the study sought to assess government expenditure and economic growth. It is often used interchangeably with a suite of other terms, including broadbased growth, shared growth, and propoor growth. Inclusive education and the development of nigerian. The world economic forums report on inclusive growth and development presumes that the country. Usaidnigeria country development cooperation strategy 20152020. The inclusive development index 2018 summary and data. Pdf achieving inclusive economic growth and development in. Dfid has partnered with the world bank2, fsda3 and.
The study employed utilitarian social welfare function and descriptive. Nigeria continues its recovery from the 2016 recession, sustaining an estimated 2 percent growthrate in 2019. Unlocking the productive potential of nigerias people and resource. B 1100, nigeria 2 economics department, university of calabar, calabar, p. It utilizes all the three classes of static panel model to examine if, augmenting education and health expenditure with natural resource rents in ssa would be significant for making growth process inclusive. Japan, mexico, nigeria, south africa, and the united states. This study besides establishing the growth enhancing role of. Pdf for over a decade before the recent 2016 economic recession, the nigerian economy has attained sustained growth, which makes it one. Nigeria has, in fact, established a record of steady growth and improved political stability. Industrialisation plays a significant role in economic development of any nation. The study considered empirical analysis of inclusive growth, human capital development and natural resource rents in ssa. The study examined the impact of government expenditure on economic growth in nigeria, using the time frame 20002015 5 years. Federal government launches nigerian economic recovery. The budget for the coming year appears to address key sectors of the economy with specific.
Nigeria needs more inclusive economic growth, so more people can exit. Impact of industrial sector on nigeria economic growth. Thus, in conclusion, government spending in the form of redistributive spending on health propelled inclusive growth in. Agriculture has been the backbone of the economy in nigeria providing employment and source of livelihood for the increasing population it accounts for over half of the gdp of the nigerian economy as at independence in 1960 tonuchi, 2017.
International journal of innovation and economic development, 16, 5572. The most vulnerable populations in nigeria include children, pregnant women, people living with disabilities, elderly, displaced, unemployed, retirees and the sick. Ig adopts a long term perspective and is concerned with sustained growth. The main driver of this growth has been petroleum oil whose price started falling since 2015. Still on,, impact of agricultural sector on nigeria economic growth and development 19812015. The arguments for a growth centered model for lifting millions in developing countries out of poverty appear unassailable until we are confronted with the case of nigeria.
Tell us about your coming back to africa after getting your ph. Nigerias plan for inclusive growth the guardian nigeria. The nigerian economy has been experiencing a jobless growth for over two decades. Inclusive growth, agriculture and employment in nigeria. Download the full project work from chapter one to five with reference. An investigation of non inclusive growth in nigerias sub. As such, growth in one sector of the economy does not automatically translate into equal benefits for the populace. The conference will provide a platform for a highlevel ministerial dialogue on current key issues related to smes and entrepreneurship. To date studies in nigeria have not documented the effect of both employment and poverty on inclusive growth in one empirical analysis. Inclusive growth encompasses equity, equality of opportunity and protection in market and employment transitions. Macroeconomic stability, inclusive growth and employment thematic think piece ilo, unctad, undesa, wto the views expressed in this paper are those of the signing agencies and. The impact of boko haramled insurgency in the north eastern part of nigeria is more glaring in the agricultural sector as output in the sector has declined drastically leading to rapid increase in food prices.
Inclusive growth, institutions, and the underground economy1 prepared by anoop singh, sonali jainchandra, and adil mohommad february 2012 abstract worldwide protests against the perceived lack of economic opportunity and failure of governance have refocused attention on the need for inclusive growth and strong institutions. It is imperative, that nigerias development agenda should be inclusive growth oriented upwards. Absence of electricity as a barrier to inclusive growth and. Industrialization and inclusive growth in ghana 3 whereas for the poorest it increased by just 19%, meaning that growth for the richest group was over 1. Real gdp growth has risen by more than twice its pace in the last decade. The paper suggests that a development strategy for nigeria should be anchored on inclusive growth fundamentals, focusing on redistributive public expenditure, increasing rate of job creation from growth and a broad based sectoral growth. The ols technique revealed a significant variation between money supply and inclusive growth which implies that it will be in the best interest of the populace if monetary policy measures are employed to effect changes in the economy. Nigeria has enjoyed robust economic growth over the past five years however this economic growth has not fostered significant reductions in poverty or income equality. An investigation of non inclusive growth in nigerias. Inclusive growth, institutions, and the underground economy. The inclusive development index 2018 summary and data highlights. Unlocking the productive potential of nigerias people and resource endowments. This history has created an impression of nigeria that reflects neither the substantial progress the country has made in the past decade nor the factors that point to sustained, stable growth in coming years. The plan has three main objectives to drive inclusive and sustainable growth.
Secondary data were sourced from the central bank of nigeria, international monetary fund and the federal office of statistics. Macroeconomic stability, inclusive growth and employment. Delivering inclusive growth in africas largest economy regions. A unified measure of inclusive growth allows us to identify its determinants and prioritize countryspecific constraints to build inclusive growth. Sectorial performance and inclusive growth in nigeria 1990. Financial inclusion for inclusive growth is a topic of contemporary significance and relevance. The inclusive growth and development report 2017 weforum. Using the social concentration curve, the study assesses the pattern. Using data, covering 19812015, the results indicate agricultures significant contribution to economic growth which is a necessary but not sufficient condition for achieving inclusive growth. Furthermore, 12 noted that when monetary policy is developed and conducted efficiently, it will influence the key drivers of inclusive growth in nigeria. Strengthening smes and entrepreneurship for productivity. In the shortrun, however, only real gdp impacted significantly on inclusive growth while other variables were not significant in causing inclusive growth. Ajide1 this paper investigates the role of frazer economic freedom index on fdigrowth relationship over the period spanning 1980 through 2010 using annual time series data.
Nigerias real gdp growth has trailed growth in peer1 countries since 2015 5 figure 1. Our report examines how nigeria can live up to its economic potential and make growth more inclusive, which can bring more nigerians out of poverty and up to. Fiscal consolidation, inclusive growth and job creation. Agricultural production and economic growth in nigeria. Inclusive growth involved both poverty and inequality reduction. The objective was to help governments find ways to make economic growth more inclusive, so that it translates into meaningful gains in living standards across key dimensions of wellbeing and different socioeconomic groups.
Understanding the relationship between growth and employment. Ajide1 this paper investigates the role of frazer economic freedom index on fdi growth relationship over the period spanning 1980 through 2010 using annual time series data. The population for the study consisted of men and women both educated and illiterates in ibadan north l. Understanding the relationship between growth and employment in nigeria. An augmented growth model was estimated via the ordinary least squares and the. The realization of inclusive growth is the underlying objective of the governments economic program, the economic recovery and growth plan ergp. Nigerias real growth can only be assured if steps are taken to ensure that her social and economic development is all inclusive. This study investigates the relationship between employment. However, expenditure on social and community services i i. Gdp growth remains below the rate of population growth 5. This paper sets out to investigate and establish the role of microfinance banks in attaining inclusive growth through financial inclusion and poverty alleviation in nigeria. The petroleum oil, which is the major driver of this growth, creates few jobs and as such, it is less inclusive. The study has evaluated using appropriate statistical techniques the impact of financial inclusion efforts on the inclusive growth in the case of a developing economy like india by considering the.
The report ultimately concluded that the poors growth rate has been lower overall than for wealthier groups who. A new report from the mckinsey global institute mgi, nigerias renewal. The importance of financial inclusion arises from the problem of financial. The paper examined what effect inclusive education would have on the growth of nigerian communities at large. The study empirically examined poverty and inequality in nigeria with respect to its implications for inclusive growth from 1980 to 20. To do this, section ii develops a measure of inclusive growth using a macro social mobility function, following the micro literature on. Impact of industrial sector on nigeria economic growth 19812016 pdf. Therefore, this study examines the impact of agricultural performance on inclusive growth in nigeria.
Growth can only be termed inclusive when it reduces poverty. This paper links health to the overall inclusive growth agenda. Dfid will work for inclusive growth through a number of programmes and continues to spend heavily on health and education, which have a major impact on poor peoples ability to take part in growth opportunities. Pdf the nigerian economy has witnessed consistent average annual growth rate of 7. Inclusive growth is not strictly based on mere increase in growth rates, but improvement in productivity and standards of living of the vulnerable. Monetary policy and inclusive growth in nigeria ea journals. In the following pages, we describe how nigeria can build on its recent success and ensure that in the coming decade growth is more inclusive so that more nigerians can. Nigeria is relatively wealthy yet suffers from high levels of poverty. Government spending and inclusivegrowth relationship in.
We estimate a unified measure of inclusive growth for emerging markets by integrating their economic. Thus, in conclusion, government spending in the form of redistributive spending on health propelled inclusive growth in nigeria. Inclusive growth an imperative for african agriculture. Acha leke is a director in mckinseys johannesburg office. Pdf is growth in nigeria inclusive oluwasola e omoju. Apr 28, 2017 nigerias inclusive development score has been on a downward trend in the past five years. Evidence from elasticity approach enobong udoh 1, and ndem ayara 2 1 economics department, benson idahosa university, benin city, p. This paper therefore provides an empirical analysis of the relationship between inclusive growth and its determinants as studies in this area are. Sectorial performance and inclusive growth in nigeria. This study besides establishing the growth enhancing role of bankbased financial intermediation. Agricultural production and economic growth in nigeria 209 quarterly journal of international agriculture 53 2014, no. Unlocking the productive potential of nigerias people and resource endowments english abstract.
On tuesday december 2011, the president of the federal republic of nigeria presented the 2012 federal budget proposal to the joint session of the national assembly under the theme fiscal consolidation, inclusive growth and job creation. The 2018 oecd ministerial conference on strengthening smes and entrepreneurship for productivity and inclusive growth is part of the oecd bologna process on sme and entrepreneurship policies. Sectorial performance and inclusive growth in nigeria 1990 20. It draws on desktop research, analysis of data from the efina access to finance. The arguments for a growthcentered model for lifting millions in developing countries out of poverty appear unassailable until. Ig focuses on economic growth which is a necessary and crucial condition for poverty reduction. These therefore creates a gap for further studies on the determinants of inclusive growth in nigeria. Inclusive growth is disadvantage reducing growth klasen, 2010. This research surveys sectorial performance on nigeria all inclusive growth using six explanatory variables. Nigeria is one of the fastest growing economies in the world, yet ranked 152 nd out of 188 countries of the world 1. This note explores the state of the insurance sector in nigeria and unpacks the key drivers of market development, its current role in inclusive growth and what can be done to enhance its role. Impact of agricultural sector on economic growth of nigeria. Unidirectional causality was found from poverty pov to.
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