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Income Inequality and Economic Growth In Nigeria: Implication For Economic Development

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  • Philip Ifeakachukwu Nwosa

    (Federal University Oye-Ekiti)

Abstract

This study examined the relationship between income inequality and economic growth in Nigeria and its implication for economic development. The study covered the period 1981 to 2017 and employed the autoregressive distributed lag estimation technique. The results of the study showed that economic growth had positive but insignificant impact on income inequality in Nigeria. Thus, the study recommends the need for the government to ensure equitable distribution of economic gains among the poor citizens. The budgetary preparation and allocation should also be pro-poor based and tailored towards improving the welfare of the larger population and not at further enriching the few rich ones. The implementation of the above and other welfare enhancing policies would contribute to increasing the level of economic development in Nigeria.

Suggested Citation

  • Philip Ifeakachukwu Nwosa, 2019. "Income Inequality and Economic Growth In Nigeria: Implication For Economic Development," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 15(1), pages 108-116, FEBRUARY.
    • Handle: RePEc:dug:actaec:y:2019:i:1:p:108-116
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