The combination of external, governance and fiscal factors influence the economic growth of developing economies. The study examined economic growth in Ghana over the period 2000 to 2023 by analysing the relationship between various factors, such as tax revenue, institutional quality, corruption, and foreign direct investment (FDI). The integrated perspective on growth dynamic was provided by a quantitative time-series approach adopted by the study. The study's findings suggest that the negative long-run relationship between economic growth and both tax revenue and FDI is revealed. The findings suggest that increased financial resources do not automatically lead to improved economic performance. The country's economic growth was shaped by governance conditions linked to corruption and institutional quality. The weak institutions and persistent corruption limited the effectiveness of foreign investment and fiscal policy. The unified analysis of governance and economic factors influencing economic growth contributed to the development of the literature on the topic. The deeper insights of the study were provided by the integration of FDI, institutional quality, corruption, and taxation within a single framework, which provides determinants for sustainable economic growth. Read more

This study investigates the impact of money supply on economic growth in Nigeria using the Auto-Regressive Distributed Lag (ARDL) model and data from the National Bureau of Statistics spanning 2001 to 2021. The ARDL model was used to assess the long-term and short-term dynamics between money supply and economic growth. Stationarity tests using the Augmented Dickey-Fuller (ADF) test revealed that Total GDP was stationary both at level and first differencing (p-value: 0.01), while Money Supply M1 and M2 became stationary after first differencing (p-values < 0.05. Descriptive statistics revealed significant variability in economic indicators over the period, with Total GDP showing a mean of ₦44,032.99 billion and a standard deviation of ₦19,487.82 billion, Money Supply M1 a mean of ₦4,525.89 billion and a standard deviation of ₦4,891.06 billion, and Money Supply M2 a mean of ₦10,474.06 billion and a standard deviation of ₦12,258.55 billion. The ARDL (2,3,0) model, selected based on the Akaike Information Criterion (AIC), demonstrates significant relationships between lagged values of money supply and economic growth, with an R-squared value of 0.9987 indicating a strong fit. The Johansen Co-integration Test indicates the presence of one long-term equilibrium relationship among the variables, as confirmed by the Trace test at the 5% significance level. Vector Error Correction Model (VECM) coefficients further confirm these findings, showing that deviations from equilibrium are corrected by adjusting Money Supply M1 and M2 negatively (e.g., -0.0322 and -0.0142 units for second lags) and Total GDP positively (e.g., 0.0015 unit for its second lag), suggesting a robust long-term association between money supply and economic growth. Results also indicated that changes in money supply significantly affect Nigeria’s economic growth, with both short-term and long-term implications. Specifically, the regression coefficients reveal significant effects, such as a negative effect of M1 (-0.64, p-value: 0.003) and a positive effect of M2 (0.83, p-value: 0.001) on GDP, indicating complex dynamics. Read more

This study examined the effect of digital payment systems on the growth of the aviation sector in Nigeria using quarterly data spanning from 2010Q1 to 2024Q3. Specifically, the study assessed the effects of Point of Sale (POS) transaction values, Mobile Banking (MB) transaction values, Web-based Internet (WBI) transaction values, and Automated Teller Machine (ATM) transaction values on aviation sector output. Aviation sector output served as the dependent variable, while the selected digital payment indicators constituted the explanatory variables. The study adopted an ex post facto research design and a quantitative time-series econometric methodology, utilizing fifty-nine quarterly observations obtained from the Central Bank of Nigeria (CBN) and the Federal Airports Authority of Nigeria (FAAN). Data were analysed using descriptive statistics, correlation analysis, the Augmented Dickey–Fuller (ADF) unit root test, Johansen cointegration test, and Error Correction Model (ECM) estimation with EViews 10. EViews 10 was adopted because it provides robust and reliable procedures for time-series econometric analysis, including unit root, cointegration, and error correction estimation. The unit root results revealed that all variables were integrated of order one, I(1), while the Johansen cointegration test confirmed the existence of a stable long-run relationship among the variables. The empirical findings indicated that POS transaction values exerted a positive and statistically significant effect on aviation sector output; MB transaction values had a negative and statistically significant effect; WBI transaction values had a negative but statistically insignificant effect; and ATM transaction values had a positive and statistically significant effect on aviation sector output. The study concluded that digital payment systems significantly influence aviation sector growth, although the magnitude and direction of the effects vary across payment channels. Consequently, the study recommended expanding POS infrastructure, improving the reliability and security of mobile banking services, strengthening web-based payment platforms, and sustaining the deployment of Automated Teller Machines at airports to enhance the growth of Nigeria's aviation sector. Read more

This study investigates the relationship between rural and urban population growth and domestic food availability in Nigeria using annual data from 1961 to 2022. Food availability is proxied by the food production index (FPI), while demographic variables are described by rural population growth (RPG) and urban population growth (UPG). Both short- and long-run dynamics are examined by employing unit root tests, Johansen’s cointegration, and the vector error correction model (VECM). Results show that FPI, RPG, and UPG are integrated of order one and cointegrated, confirming a long-run equilibrium. Cointegration estimates reveal that both RPG and UPG undermine food production, indicating that demographic expansion places an irrepressible pressure on domestic food availability. The VECM demonstrates a rapid speed of adjustment, while impulse-response analysis shows RPG and UPG shocks have negative but transitory effects on food availability, with the impact fading with time. These findings underscore the significance of productivity-enhancing agricultural investments, improved distribution systems, and income growth in mitigating population-induced pressure on food availability. Read more

Nigeria’s economic development has been persistently hindered by its dependence on crude oil exports, which has exposed the economy to global oil price volatility, macroeconomic instability, high unemployment, and weak industrial growth. This study investigates the contributions of the agricultural and manufacturing sectors to gross domestic product (GDP) and growth in Nigeria, using annual time-series data from 1981 to 2023. Employing a quantile regression approach, the study captures the heterogeneous effects of sectoral outputs across different levels of gross domestic product (GDP), offering insights beyond conventional mean-based methods. The findings reveal that agricultural sector output significantly enhances GDP at the 1% level, underscoring its role in supporting economic diversification. Similarly, manufacturing output exerts a positive and significant influence at the 5% level, affirming its importance in driving structural transformation. In contrast, interest rates exert a negative and significant effect on GDP, indicating that high borrowing costs dampen investment and consumption. Quantile results further show that agricultural output becomes growth-enhancing at the median and upper-middle quantiles, with diminishing effects at the highest quantile. Manufacturing output demonstrates stronger and more significant effects at higher quantiles, suggesting its increasing relevance in advanced stages of economic development. Interest rates remain negatively associated with growth across all quantiles, with the strongest adverse effect observed at the median quantile. The Wald test confirms symmetric relationships across income quantiles. Based on these findings, the study recommends that policymakers prioritize investment incentives, infrastructure development, and credit accessibility for the agricultural and manufacturing sectors. Read more

This study examined the effect of business re-engineering on entrepreneurial growth among small and medium-sized enterprises (SMEs) in Imo State, Nigeria, drawing on the Resource-Based View, Dynamic Capabilities Theory, and Business Process Re-engineering theory. The study adopted a cross sectional research design and the population comprised 1,886 registered SMEs, from which a sample size of 330 SME owners and managers was determined using Taro Yamane’s formula. Data were collected using a structured questionnaire measuring process re-engineering, technological re-engineering, sales growth, and employment growth, using descriptive and inferential statistics. The instrument was validated by experts in Business Management, while reliability was confirmed using Cronbach’s Alpha coefficients ranging from 0.851 to 0.896. Of the 330 questionnaires administered, 293 were correctly completed and used for analysis, representing an 88.79% usable response rate. Hypotheses were tested using multiple regression analysis with aid of statistical package for social sciences version 28.0 at a 5% level of significance. Findings revealed that process re-engineering and technological re-engineering have significant positive effects on sales and employment growth of SMEs. The regression models explained 68% of the variance in sales growth and 66% of the variance in employment growth, indicating strong explanatory power. The study concludes that business re-engineering is a critical driver of entrepreneurial growth among SMEs. It recommends that SME managers prioritize process optimization and adoption of digital tools, while policymakers should strengthen capacity-building initiatives and technological support to enhance SME competitiveness and sustainable growth. Read more

External debt sustainability is a critical issue for developing countries, particularly those with emerging economies like Nigeria, as it directly influences economic stability, growth, and development. This study examined the impact of external debt sustainability on economic growth in Nigeria covering the period 1986-2024. Data for the study were extracted from the Central Bank of Nigeria (CBN) statistical bulletin. Data for the study was analyzed with the linear regression of the Ordinary Least Squares (OLS) technique and the Granger causality analysis. The major findings of the study are that There exists a negative and insignificant relationship between external debt sustainability and economic growth in Nigeria ( = -0.000206, p-value = 0.4955 &gt; 0.05) and there is a bi-directional causality relationship between external debt sustainability and economic growth in Nigeria (p-value = 0.0005 &lt; 0.05 and 0.0071 &lt; 0.05). The study concludes that external debt plays a crucial role in an economy. The optimal utilization of external debt by the government would avoid debt overhang and crowding out of investments which will boost economic growth. The study therefore recommends that the government should ensure economic and political stability in order to enjoy the benefits of external debt and make the debt burden minimal. This can be achieved through overhauling the security and political system for the better and government should acquire external debt largely for economic reasons rather than social or political reasons. This would increase the productivity of the nation. Read more

This study investigates the impact of non-tariff barriers and financial services liberalization on economic growth under the African Continental Free Trade Area in Sub-Saharan Africa from 2010 to 2025. Employing dynamic panel data analysis using two-step System generalized method of moments and moderation models, the study addresses endogeneity, persistence, and unobserved heterogeneity across countries. Results indicate that both non-tariff barriers and financial services liberalization significantly enhance growth, and their positive effects are strengthened under African Continental Free Trade Area participation, consistent with endogenous growth theory, which emphasizes investment, knowledge spillovers, and productivity gains as drivers of long-term growth. The moderation analysis further show that African Continental Free Trade Area reinforces the growth benefits of trade and financial reforms, while high inflation can constrain these effects. The findings imply that policymakers should harmonize non-tariff barriers, deepen financial reforms, maintain macroeconomic stability, and strengthen institutional quality to maximize the growth potential of continental integration. Future research should explore sector-specific effects, digital financial services, sustainability interactions, and micro-level heterogeneity to refine policy interventions. Overall, the study provides evidence that African Continental Free Trade Area, combined with sound domestic reforms, can serve as a catalyst for sustainable and inclusive growth in Sub-Saharan Africa. Read more

This study presents a bibliometric and bibliographical analysis of 1,148 articles by 43 scientists at the Institute of Agricultural Research and Training (IAR&amp;T), Obafemi Awolowo University, Nigeria, from 1970 to 2020. It examined authorship pattern-collaboration, subjects-year wise distribution, relative growth rate, and research doubling time. Results showed a significant rise in research output, with 67% of publications from 1995-2020, &gt; 2 times the output from 1970-1994 (33%). Prominent subjects include Animal Science (23%), Food Science (17%) and Soil Science (11%). Findings reveal significant authorship collaborations and subject specific growth rates in Animal Science, Food Science and Soil Science with (23%), (17%), (11%), (10.3%) respectively. Four-author articles dominates with (35%) of total authorship patterns. The study highlighted gaps in fields like Agricultural Engineering and Crop Physiology, emphasizing the need for more interdisciplinary collaboration and targeted resource allocation to underrepresented areas. Findings provide a foundation for future research directions and strategic planning. Read more

This study examined the relationship between packaging innovation strategies and marketing performance of food and beverage manufacturing firms in Rivers State, Nigeria. The study adopted the correlational research design and the positivism research philosophy. The population of this study comprised 30 registered food and beverage manufacturing firms in Rivers State. The census sampling technique was adopted in this study. The sampling unit was made up of managers of the registered food and beverage manufacturing firms in Rivers State. Data were collected from the respondents using a structured questionnaire. The data collected were analyzed statistically while the hypotheses were tested using Pearson Correlation (r) and the SPSS version 24. The findings revealed that packaging design innovation has a significant relationship with sales growth of food and beverage manufacturing firms in Rivers State. The study also found a significant relationship between packaging design innovation and market share growth of food and beverage manufacturing firms in Rivers State. The study equally discovered a significant a relationship between packaging material innovation and sales growth of food and beverage manufacturing firms in Rivers State. The study also reported a significant relationship between packaging material innovation and market share growth of food and beverage manufacturing firms in Rivers State. From the findings, it was concluded that packaging innovation strategies such as packaging design innovation and packaging material innovation are significant predictors of marketing performance of food and beverage manufacturing firms in Rivers State. Therefore, it was recommended that food and beverage manufacturing firms in Rivers State should adopt packaging innovation strategies as it would improve their marketing performance. Read more