scholarly journals An Empirical Analysis of the Contribution of Mining Sector to Economic Development in Nigeria

2016 ◽  
Vol 19 (1) ◽  
pp. 88-106
Author(s):  
David, Oladipo Olalekan ◽  
Noah, Oluwashina Afees ◽  
Agbalajobi, Sunday Ayodele
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Crude Oil ◽  
Empirical Analysis ◽  
Growth And Development ◽  
Well Being ◽  
Series Data ◽  
Mining Sector ◽  
Economic Growth And Development ◽  
The Impact

Nigeria is richly endowed with vast but largely untapped natural resources including solid minerals and arable land. Mining industries have been viewed as key drivers of economic growth and development process, as lead sectors that drive economic expansion which can lead to higher levels of social and economic well being. Contributions from mining as a percentage of GDP in rich countries are usually between 2-8 percent. In Nigeria, the contribution is still low at 0.15 percent, one of the major factors responsible for this is as a result of over dependence of the Nigerian economy on the proceeds from the sale of crude oil for over four decades which is at the expense of other sectors such as mining and agriculture that contributed significantly to the Nigerian economy before the emergence of crude oil. In the light of this, the study presents an empirical analysis of the contribution of mining sector to the economic development in Nigeria from 1960 to 2012. The study employed Error Correction Model (ECM) to examine the short run and long run effect of mining sector‟s contribution to Nigeria economic development. The study harnessed time series data to evaluate the impact of the specified key sectors; crude petroleum and gas, solid mineral, manufacturing and agriculture on the economic development proxied by per capita income. Equally highlighted are the problems militating against the mining sector in Nigeria and the strategies for its transformation of the economy. The finding revealed that the value of solid mineral have strong impact on economic development in Nigeria. Thus, Nigeria needs to urgently develop her monumental mining potentials in order to diversify her economy and to achieve rapid economic growth and development.

scholarly journals The Importance and Role of Entrepreneurship in Economic Growth and Development

2014 ◽  
Author(s):  
Asım Günal Önce ◽  
Mehmet Marangoz ◽  
Nedret Erboy
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Growth And Development ◽  
Well Being ◽  
Cultural Development ◽  
Entrepreneurial Activity ◽  
Production Volume ◽  
Economic Growth And Development ◽  
Entrepreneurial Spirit ◽  
The Impact

Economic growth leads to with increased prosperity with increasing of income levels of people living in a country. Economic development involves social and cultural developments in the economy along with prosperity. Entrepreneurship which is involved in factors of production, labor, capital and technology and brings them together and it takes risks and assess opportunities has an important role in economic growth and development. The basic elements of a country's economic development are individuals who have an entrepreneurial spirit. They are driving force of growth and prosperity. The impact on entrepreneurs' on economic development can be associated with their inventions / scientific research and invention through their innovations, the ability of adaptation innovations, by way of competition raise efficiency, providing employment, making business opportunities and their increasing of production and commercial activities where they are established. In the economies, entrepreneurs increase profits in terms of production volume, stimulating competition and in parallel with leads to the decline prices. In this context, the country's economic growth and development, remaining prosperity affects well-being and quality of life of individuals, their economic prosperity and their social and cultural development. In this study, the role and importance of entrepreneurship in a country's economic growth and development and socio-economic development will be examined in the context of various parameters and in terms of these parameters the relationship between entrepreneurial activity and economic growth will be highlighted.

scholarly journals The Importance of Entrepreneurship as a Contributing Factor to Economic Growth and Development: The Case of Selected European Countries

2018 ◽  
Vol 10 (4(J)) ◽  
pp. 287-299 ◽  
Author(s):  
Natanya Meyer ◽  
Jacques De Jongh
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Growth And Development ◽  
Time Series Data ◽  
Early Stage ◽  
Poverty Line ◽  
Entrepreneurial Activity ◽  
Series Data ◽  
The European Union ◽  
Economic Growth And Development

Entrepreneurship has been pointed out as a key contributor to sustained economic growth and development as it not only creates employment, but increased spending in markets, knowledge transfers, employment and innovation. However, very few studies exist that empirically measures the relationship between the three variables; economic growth, economic development and entrepreneurship. Therefore, the purpose of this study is to determine and highlight the importance of entrepreneurship as a contributing factor to economic growth and development. Traditionally, economic growth is measured by the gross domestic product (GDP) of a country. As no formal measurement of economic development exists, an index was created taking into consideration the Human Development Index (HDI), percentage population above the poverty line and employment rate. The entrepreneurship development variable is measured by the Total Early-Stage Entrepreneurial Activity (TEA). The study followed a quantitative research design and made use of secondary time series data with the sample period ranging from 2005 to 2016. The study area comprised five selected member states of the European Union (EU) which included Germany, the Netherlands, Hungary, Belgium and Poland. Findings suggest that economic growth, development and entrepreneurship seem to be inexplicably connected. As several other factors may also contribute to the fluctuations of economic growth and development results differed from one country to another. However, the analyses from the Dutch, Hungarian and Polish economies for the period under consideration reveal correspondingly healthy economic and social environments where entrepreneurial climates are flourishing. The analysis from Germany and Belgium, however reveal subdued entrepreneurial development. Based on these findings, it is recommended that the development of SME sectors especially in transition economies be centralised as important focus areas towards improving economic and social growth outlooks. In turn, policy stakeholders should ensure the creation of enabling environments structured around responsive micro and macro decision-making. 

scholarly journals PENGANGGURAN SERTA DAMPAKNYA TERHADAP PERTUMBUHAN DAN PEMBANGUNAN EKONOMI

2020 ◽  
Vol 2 (3) ◽  
pp. 98-105
Author(s):  
Devit Prasetyo Sejati
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Social Welfare ◽  
Growth And Development ◽  
Economic Growth And Development ◽  
The Public ◽  
The Government ◽  
The Impact

Unemployment in indonesia must be resolved immediately because it greatly affects economic growth and development. The impact of unemployment spreads to all sectors of the economy. Unemployment is also an obstacle in the process of economic development. How could we not feel the impact now. The economi is in decline, poverty is everywhere which ultimately results in a lack of social welfare and hinders economic growth. Moreover, Indonesia is a country that isstill developing. Problems like this must be resolved immediately with various policies from the government. In addition, there must also be a willingness from the public to move forward to reduce unemployment in order to create social welfare and improved economic growth.

scholarly journals Impact of Illicit Financial Flow on Economic Growth and Development: Evidence from Nigeria

2017 ◽  
Vol 3 (4) ◽  
pp. 19-33 ◽  
Author(s):  
Amah Kalu Ogbonnaya ◽  
Okezie Stella Ogechuckwu
Keyword(s):  
Economic Growth ◽  
Growth And Development ◽  
Time Series Data ◽  
Series Data ◽  
African Countries ◽  
Financial Flows ◽  
Economic Growth And Development ◽  
Financial Flow ◽  
Illicit Financial Flows ◽  
The Impact

This paper assessed the impact of illicit financial flow on economic growth and development in Nigeria. Data was sourced from the statistical bulletin of the Central bank of Nigeria and Global Financial Integrity estimates of illicit financial flows. Time series data from 1980-2015 was used. The variables were tested for unit root and co-integration and were found to have a long run relationship. The results further indicated that illicit financial flows had a significant impact both on economic growth and development. The study among others recommends that government of Nigeria and indeed other African countries must lobby developed nations to adopt control so that individuals who move funds out of Nigeria into tax havens and secrecy jurisdictions can be exposed. It was also recommended that African states and indeed Nigeria, in particular, must develop customs capacity in order to fight the massive outflows of capital through illicit practices.

scholarly journals The Impact of the Inflow of Foreign Direct Investments on the Economic Development of Serbia

ECONOMICS ◽  
2021 ◽  
Vol 9 (2) ◽  
pp. 123-142
Author(s):  
Slaviša Kovačević ◽  
Mladen Rebić ◽  
Drago Kurušić
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Foreign Direct Investment ◽  
Growth And Development ◽  
Direct Investment ◽  
Positive Relationship ◽  
Foreign Direct Investments ◽  
Economic Growth And Development ◽  
Total Turnover ◽  
The Impact

Abstract Foreign direct investments present one of the very important products of globalization, by establishing a new economic concept of free international movement of capital, people, goods and services. An analyses of the impact of this type of international movement of capital on economic growth and development is one of the modern tendencies of economic researchers. The subject of this paper is the analysis of the impact of the level and structure of foreign direct investment on the economic development of the Serbian economy, where the impact of foreign direct investment inflow on economic growth, current balance, manufacturing industry through the impact on total industry turnover, employment and productivity will be separately considered. The aim of this research is to prove the importance of FDI for developing countries, as well as to point out the need to improve and enhance the business environment in order to maximize FDI inflows. The main hypothesis of this research is that foreign direct investments significantly contribute to the economic growth and development of the Republic of Serbia. For the purposes of hypothesis analysis and testing, a simple linear regression model was used in this paper. The research was conducted for the period from 2010 to 2019. The obtained results present a positive relationship between the inflow of foreign direct investment and GDP growth, and show a positive relationship between growth of investments in manufacturing and growth in productivity, employment and total turnover, and show a positive relationship between FDI inflow and export value.

Growth and Social Capital: Empirical Analysis of the Relationship

2019 ◽  
pp. 128-134
Author(s):  
Ksenia V. Bagmet
Keyword(s):  
Economic Growth ◽  
Social Capital ◽  
Economic Development ◽  
Social Development ◽  
Empirical Analysis ◽  
Panel Data Analysis ◽  
Well Being ◽  
Developed Countries ◽  
International Institute ◽  
Level Of Economic Development

The article provides an empirical test of the hypothesis of the influence of the level of economic development of the country on the level of development of its social capital based on panel data analysis. In this study, the Indices of Social Development elaborated by the International Institute of Social Studies under World Bank support are used as an indicators of social capital development as they best meet the requirements for complexity (include six integrated indicators of Civic Activism, Clubs and Associations, Intergroup Cohesion, Interpersonal Safety and Trust, Gender Equality, Inclusion of Minorities), comprehensiveness of measurement, sustainability. In order to provide an empirical analysis, we built a panel that includes data for 20 countries divided into four groups according to the level of economic development. The first G7 countries (France, Germany, Italy, United Kingdom); the second group is the economically developed countries, EU members and Turkey, the third group is the new EU member states (Estonia, Latvia, Lithuania, Romania); to the fourth group – post-Soviet republics (Armenia, Georgia, Russian Federation, Ukraine). The analysis shows that the parameters of economic development of countries cannot be completely excluded from the determinants of social capital. Indicators show that the slowdown in economic growth leads to greater cohesion among people in communities, social control over the efficiency of distribution and use of funds, and enforcement of property rights. The level of tolerance to racial diversity and the likelihood of negative externalities will depend on the change in the rate of economic growth. Also, increasing the well-being of people will have a positive impact on the level of citizens’ personal safety, reducing the level of crime, increasing trust. Key words: social capital, economic growth, determinant, indice of social development.

scholarly journals The Incidence of the Cost of Increasing the Capacity of an Urban Water System

1974 ◽  
Vol 3 (2) ◽  
pp. 151-161
Author(s):  
Frank Goode
Keyword(s):  
Economic Growth ◽  
Urban Communities ◽  
Growth And Development ◽  
Water System ◽  
The Good Life ◽  
Economic Growth And Development ◽  
Urban Water System ◽  
Rural And Urban ◽  
The Cost ◽  
The Impact

Rural and urban communities alike are adopting, formally or informally, “no-growth” policies. The residents of these communities share a set of beliefs concerning the impact of economic growth and development on their community. These residents also share a set of values concerning what constitutes the good life for them. The “no-growth” policies result because of a conflict between the values held by the residents and their beliefs concerning the impacts of economic growth and development. One of the beliefs shared by many of these residents is that economic growth and development will require an expansion of various public service systems such as water and sewer. In addition, these residents believe that they will be required to pay much of the cost involved in expanding the systems even though they will receive few, if any, of the benefits. In essence, the residents of these communities are concerned with the incidence of the cost of system expansion.

scholarly journals The Location of High Knowledge Content Activities in the Canadian Urban System, 1971-1991

2005 ◽  
Vol 42 (115) ◽  
pp. 7-34 ◽  
Author(s):  
Sophie-Hélène Bataïni ◽  
William J. Coffey
Keyword(s):  
Economic Growth ◽  
Empirical Analysis ◽  
Growth And Development ◽  
Urban System ◽  
High Technology ◽  
Economic Growth And Development ◽  
High Knowledge ◽  
Knowledge Content ◽  
Peripheral Regions

It is widely recognized that certain activities have a higher capacity than others topromote economic growth and development. Many of these more dynamic activities areoften said to involve “high technology”. In this paper we first question the conceptualand operational utility of the notion “high technology”. We then propose a morestraightforward and more easily measured concept —high knowledge content—,demonstrating that activities of this nature may be found in “low tech” sectors. By means of an empirical analysis, we then attempt to contribute to a better understanding of the locational dynamics of high knowledge content activities within the Canadian urban system over the period 1971-1991. Specifically, we seek to determine if this class of activities is becoming spatially more concentrated or more dispersed across the urban system. The answer to this question is particularly important for smaller communities in peripheral regions whose economic bases are highly dependent upon “low tech” activities.

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