The rebirth of democratic dispensation in Nigeria was threatened with multi facet challenges of high external indebtedness, rising rate of inflation from single to double digit, unabating high rate of unemployment, slow paced but fluctuating GDP growth rate, foreign reserve inadequacy, and the terrain of the country’s power generation/distribution misfortune, which all had been the evident lengthened involvement of the military in the Nigeria political history. Adopting data extracts from the CBN annual reports, SEC statistical bulletins and the NBS, the relevant macroeconomic variables selected for this study were subjected to the OLS regression analysis towards ascertaining the extent of relationship existing between the macroeconomic indicators selected and the nation’s growth level. Result obtained in this study showed that although a unique relationship exist between the country’s national currency exchange rate to a US dollar, inflation rates, monetary policies, and the extent or level of GDP growth the country has attained, the sustenance and continued maintenance of an upward growth remain a source of worry to Nigerians and national economists, considering the country’s unsolved problems of energy generation and distribution which in turn has undermined the performance of the industrial and employment sectors.
Abdullateef, U. & Waheed, I. (2010). External reserve holdings in Nigeria: Implications for investment, inflation and exchange rate, Journal of Economics and International Finance, 2(9): 183-189.
Adeniran, J.O., Yusuf, S.A., & Adeyemi, O.A. (2014). The Impact of Exchange Rate Fluctuation on the Nigerian Economic Growth: An Empirical Investigation”, International Journal of Academic Research in Business and Social Sciences, Vol. 4, No. 8, pp. 224-233.
Adio, W. (2014). Rebased GDP and Un-rebased Realities, ThisDAY Live, 7th April, http://www.thisdaylive.com/articles/rebased-gdp-and-un-rebased-realities/175548/
Akanbi, F. (2014). Latest Review Further Gives Credibility to GDP Rebasing, ThisDAY Live, 20th July, http://www.thisdaylive.com/articles/latest-review-further-gives-credibility-to-gdp-rebasing/184013/
Akeju, K.F., & Olanipekun, D.B. (2014). Unemployment and Economic Growth in Nigeria, Journal of Economics and Sustainable Development, 5(4): 138-144.
Awojobi, O.N., Ayakpat, J., & Adisa, O.D. (2014). Rebased Nigerian Gross Domestic Product: The Role of the Informal Sector in the Development of the Nigerian Economy, International Journal of Education and Research, Vol. 2, No. 7, pp. 301-316.
BusinessNews (2014). Rebasing: Economic growth declines to 5.49%, 13th July, http://businessnews.com.ng/2014/07/13/rebasing-economic-growth-declines-5-49/
Chima, O. (2013). Between GDP Rebasing and Economic Growth, ThisDAY, February 6. http://www.thisdaylive.com/articles/between-gdp-rebasing-and-economic-growth/138561/
DLM Research (2014). Economic Review and Outlook: Nigeria Economy, January 21, www.dunnlorenmerrifield.com
Hausmann, R., Pritchett, L., & Rodrik, D. (2005). Growth Accelerations. Journal of Economic Growth, 10(4): 303–329.
Jamo, I.A. (2013). Democracy and Development in Nigeria: Is there a Link?, Arabian Journal of Business and Management Review (OMAN Chapter), 3(3): 85-94.
Lu, F. & Shi, J. (2013). The Empirical Research of the Impact of GDP and Exchange Rate on Foreign Exchange Reserve Scale in China-Based on Quantile Regression Model, Research Journal of Applied Sciences, Engineering and Technology, 5(6): 2113-2117/
Mahmoud, A.A., & Mohammed A.R. (2012). The Relationship Between Unemployment and Economic Growth in Jordan and Some Arab Countries, World Applied Sciences Journal, 18(5): 673-680.
Masha, I. (2010). New Perspectives on Inflation in Nigeria, CBN Economic and Financial Review, 38(2): 34-56.
Mosikari, T.J. (2013). The Effect of Unemployment Rate on Gross Domestic Product: Case of South Africa, Mediterranean Journal of Social Sciences, 4(6): 429-434.
Nnamani, D.O., & Chilaka, F.C. (2012). Economic Reforms and Social Service Delivery in Nigeria 1999-2007: Issues and Options, Arabian Journal of Business and Management Review (OMAN Chapter), 2(4): 9 - 23.
Nwachukwu, T. (2014). Nigeria’s GDP Rebasing: Implications for Growth and Development, Prestonconsults, http://prestonconsultsltd.com/vol1iss1.html
Okonjo, I.N. (2014). Responses to the 50 Questions on Nigeria’s Economy Posed by the House of Representatives’ Committee on Finance, Ministry of Finance, 16th January.
Okoye, E.I., Nwoye, U..J, & Egbunike, C.F. (2012). Translating Vision 20:2020 Strategies: The Impact of a Zero-Corruption Approach to Implementation-Monitoring-Evaluation (IME) Frameworks, a paper presented at the first National Conference of the Department of Accountancy, Federal Polytechnic, Oko, Anambra State. Theme: Nigeria Vision 20:20:20: A vehicle for Economic Transformation and Sustainability, August 28-29.
Osinubi, (2005). Macroeconometric Analysis of Growth, Unemployment and Poverty in Nigeria, Pakistan Economic and Social Review, XLIII(2): 249-269.
Oyedele, T. (2014). Does size matter?, PriceWatersHouse, www.pwc.com/ng, May.
Pettinger, T. (2013). Effect of Lower Interest rates, Investopedia, December 10, http://www.investopedia.com/articles/06/gdpinflation.asp
Sodipe & Ogunrinola (2011). Employment and Economic Growth Nexus in Nigeria, International Journal of Business and Social Science, 2(11): 232 – 239.
Udoka, C.O., & Anyingang, R.A. (2012). The Effect of Interest Rate Fluctuation on the Economic Growth of Nigeria 1970-2010, International Journal of Business and Social Science, 3(20): 295 – 302.
Nwoye, U. J., Obiorah, J. N., & Ekesiobi, C. (2015). Effect of Nigeria Macroeconomic Environment on the Performance of the National Economy: Implications. International Journal of Academic Research in Business and Social Sciences, 5(7). 35-43.
Copyright: © 2015 The Author(s)
Published by Knowledge Words Publications (www.kwpublications.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode
