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What Drives Human Development In Nigeria: Do Output Size, Financial Developmentand Resource Dependence Matter?

Author

Listed:
  • Ogbeide, Frank Iyekoretin, Ph.D

    (Department of Economics and Statistics, University of Benin and a research scholar under the African Economic Research Consortium (AERC).)

  • Kanwanye, Hilary Temofeh

    (Doctoral student in the Department of Economics and Statistics, University of Benin, Benin City)

Abstract

The study examines the drivers of human development in Nigeria using time-series data from 1981 to 2014 in an error correction modeling framework. Our empirical result shows that output size and private credit have positive and significant effect on human development in Nigeria, whereas natural resource dependence exerts a negative effect on human development, though not significantly. In addition, the Granger causality test revealed that causality runs from real income per capita to human development, human development appears to be natural resource dependence, and surprisingly, there was no clear flow of causation existing between private credit and human development in Nigeria. Other results show that monetary policy (interest) rate and government education financing spur human development, while exchange depreciation has detrimental effects. In all, this study unveils the importance of economic factors in stimulating human development in Nigeria, and thus intensifies the need to broaden output size, financial development and efficient use of natural resources to engender a nondeclining trend in human development trajectory in Nigeria.

Suggested Citation

  • Ogbeide, Frank Iyekoretin, Ph.D & Kanwanye, Hilary Temofeh, 2016. "What Drives Human Development In Nigeria: Do Output Size, Financial Developmentand Resource Dependence Matter?," West African Journal of Monetary and Economic Integration, West African Monetary Institute, vol. 16(2), pages 72-94, December.
    • Handle: RePEc:wam:journl:v:16:y:2016:i:2:p:72-94
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    Citations

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    Cited by:

    1. Yang, Xue & Zhang, Peng & Zhao, Zuoxiang & Koondhar, Mansoor Ahmed, 2024. "How disaggregated natural resources rents affect financial development: From the perspective of sustainable development," Resources Policy, Elsevier, vol. 92(C).

    More about this item

    Keywords

    Human development; Resource dependency; Resource curse; financial development and Output size.;
    All these keywords.

    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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