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Economic Diversification and Inclusive Growth in Nigeria: Does Institutional Quality Matter?
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Author(s): Amaka G. Metu (Nnamdi Azikiwe University, Nigeria), Chekwube V. Madichie (Nnamdi Azikiwe University, Nigeria), Uchenna N. Anyanwu (Nnamdi Azikiwe University, Nigeria), Chris U. Kalu (Nnamdi Azikiwe University, Nigeria)and Okezie A. Ihugba (Alvan Ikoku Federal College of Education, Owerri, Nigeria)
Copyright: 2021
Pages: 19
Source title:
Handbook of Research on Institution Development for Sustainable and Inclusive Economic Growth in Africa
Source Author(s)/Editor(s): Evans S. Osabuohien (Covenant University, Nigeria), Emmanuel A. Oduntan (Covenant University, Nigeria), Obindah Gershon (Covenant University, Nigeria), Olaronke Onanuga (Covenant University, Nigeria)and Oluyomi Ola-David (Covenant University, Nigeria)
DOI: 10.4018/978-1-7998-4817-2.ch006
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Abstract
Economic diversification is identified as a recipe for achieving inclusive growth and the role of institutions in strengthening the process of diversification cannot be ruled out. This study examined the role of institutions in helping economic diversification to achieve inclusive growth in Nigeria. Inclusive growth was measured using the growth rate of the inequality-adjusted human development index. Based on the Solow growth model and adopting the Johansen cointegration test, the results show that economic diversification in Nigeria does not significantly contribute to inclusive growth. The interaction of diversification with the institutions gave a positive significant result meaning that effective institutions will help economic diversification contribute to inclusive growth. Hence, the government using appropriate institutions can ensure an investment-friendly environment to support economic diversification and encourage inclusive growth in Nigeria.
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