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Defense Spending and Income Growth in Nigeria

Author

Listed:
  • Olayiwola Saheed O.

    (Department of Economics, Federal University of Technology, Akure, Nigeria.)

  • Oloruntuyi Ayodeji O.

    (Department of Economics, Federal University of Technology, Akure, Nigeria.)

Abstract

This study considers the effect of defense spending on income growth in Nigeria. The results show that defense spending adversely affects income growth in the short run and the long run. Education spending, health spending, transport and communication service spending, internal security spending and electric power consumption have short-run and long-run growth impacts on income in Nigeria. Also, the armed forces personnel proportion of the labour force impacted positively on income. It was concluded that resource distribution should favour provisions of socio-economic and infrastructural facilities for defense spending. Therefore, the government should allocate its resources to provide socio-economic and infrastructural facilities for sustainable income growth in Nigeria.

Suggested Citation

  • Olayiwola Saheed O. & Oloruntuyi Ayodeji O., 2024. "Defense Spending and Income Growth in Nigeria," Zagreb International Review of Economics and Business, Sciendo, vol. 27(1), pages 97-114.
    • Handle: RePEc:vrs:zirebs:v:27:y:2024:i:1:p:97-114:n:1005
    DOI: 10.2478/zireb-2024-0005
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    More about this item

    Keywords

    military spending; armed forces personnel; socio-economic services; income growth;
    All these keywords.

    JEL classification:

    • H56 - Public Economics - - National Government Expenditures and Related Policies - - - National Security and War
    • H72 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Budget and Expenditures
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • Q47 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy Forecasting

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