Impact of Government Size on the Nigerian Economy
Journal Title: International Journal of Humanities and Social Science Invention - Year 2018, Vol 7, Issue 5
Abstract
This study investigates the impact of government size on the Nigerian economy over the period (1970-2015) using econometrics model with ordinary least square (OLS) techniques. However, some of previous studies cited in this work stipulated that government size and government spending have a significant impact on the economic growth. Given this, it becomes the objective of this work to undertake a detailed investigation by evaluating the impact of government size on Nigeria economy. We discovered from our findings that the increase size of government and spending impede economic growth in Nigeria. To buttress the authenticity of our findings, we used Eview software package to run a multiple regression with real cross domestic product (RGDP) as the dependent variable and government size and total government expenditure as the core independent variables. The results reveal a high coefficient of determination (R2 ) of 0.93, that is, 93 percent. The econometric implication is that government size and total government expenditure are negatively related to RGDP meaning that a percentage increase for both of them decreases RGDP. Above all, with respect to the findings of this work, economic policies and recommendations were made which we believe that if well implemented will enhance the impact of government size on Nigeria’s economy.
Authors and Affiliations
Orji Uka Odim, V. O. S. Okeke, Chinyere Patricia Ikeh
Keywords
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