Regression Analysis Of The Effect Of Economic Growth Indicators In The Development Of Nigeria

ABSTRACT

 This research work seeks to use regression analysis in studying effect of economic· growth indicators in the development of Nigeria. Linking it to Gross Domestic Product as a measure of standard of living, in the analysis the estimates are based on the technique of Ordinary Least Squares (OLS). The result of analysis indicated that Nigeria needs a massive injection of financial resources to improve basic health, education and sanitation services and other growth and development inducing sectors to levels that would leverage attainment of the Millennium Development Goals (MDGs) by 2015. The findings from the analysis suggest that huge private consumptions did not contribute positively to the life of an average Nigerian. This could be as a result of the high cost of living, constant increase in the price of goods and services. little wages and salary being paid, not enough to nullify the effect of high cost of living within the period. Government consumptionABSTRACT

 This research work seeks to use regression analysis in studying effect of economic· growth indicators in the development of Nigeria. Linking it to Gross Domestic Product as a measure of standard of living, in the analysis the estimates are based on the technique of Ordinary Least Squares (OLS). The result of analysis indicated that Nigeria needs a massive injection of financial resources to improve basic health, education and sanitation services and other growth and development inducing sectors to levels that would leverage attainment of the Millennium Development Goals (MDGs) by 2015. The findings from the analysis suggest that huge private consumptions did not contribute positively to the life of an average Nigerian. This could be as a result of the high cost of living, constant increase in the price of goods and services. little wages and salary being paid, not enough to nullify the effect of high cost of living within the period. Government consumption (a) contributed significantly to the growth of per capita GDP. From our fitted model, as government consumption has a positive coefficient. Gross capita formation (X,) contributed most significantly to the growth of per capita GDP, While the association between export (Xa) and per capita GDP shows that there was no significant contribution of export within the period. (a) contributed significantly to the growth of per capita GDP. From our fitted model, as government consumption has a positive coefficient. Gross capita formation (X,) contributed most significantly to the growth of per capita GDP, While the association between export (Xa) and per capita GDP shows that there was no significant contribution of export within the period.