Influence of Solid Mineral Development on Economic Growth in Nigeria

Muftau Adesina Abayomi; Onaopemipo Ruth Olufemi

doi:10.52589/AJESD-OKEYVQZ6

Influence of Solid Mineral Development on Economic Growth in Nigeria

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African Journal of Economics and Sustainable Development

Vol. 5Issue 22022pp. 38–54Published 28 April 2022

DOI 10.52589/AJESD-OKEYVQZ6

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Abstract:

Nigeria’s over-dependence on crude oil revenue has exposed the economy to price shocks emanating from vicissitudes in the global oil market, which has accentuated the need for urgent economic diversification. One of such areas that holds the potential for Nigeria’s economic diversification is the solid mineral subsector. The study examined the influence of solid mineral development on economic growth in Nigeria, using the Auto Regressive Distributed Lag (ARDL) Approach. Time series data which spanned 1981 to 2019 were used in the study. The study tested for stationarity among the time series while all results were tested at 5 per cent level. The result revealed that Solid Mineral Development exerted an insignificant positive influence on economic growth in the study area. Finally, the study recommended a religious implementation of the solid mineral development plan and the strengthening of regulation, among others, with a view to accelerating economic growth in Nigeria.

Keywords:Autoregressive Distributed Lag Model Economic Diversification Economic Growth Solid Mineral Development Unit Roots Nigeria

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