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Bullion

Keywords

Gross Fixed Capital Formation; Economic Growth; Human Capital Formation.

Abstract

This study re-examines the impact of capital formation on Nigeria's economic growth. The paper adopts the Dynamic Ordinary Least Square (DOLS) technique on annual time series data covering the period 1981 to 2018. Infrastructure, health and skills competitiveness indices computed from the global competitiveness reports were adapted to capture key specifics of physical and human capital formation. The results from the DOLS show that gross fixed capital formation had a negative and significant impact on economic growth. The results also indicate that external debt and total labour force had a negative effect on economic growth. On the other hand, human capital formation and interest rate had positive effect on economic growth in Nigeria.

Author Bio

The authors are of the Department of Economics, University of Uyo, Nigeria.

Publication Title

Bullion

Issue

2

Volume

45

First Page

58

Last Page

72

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