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    EFFECT OF ECONOMIC DIVERSIFICATION AND INNOVATION ON YOUTH UNEMPLOYMENT IN NIGERIA
    (Covenant University, Ota, 2026-08) Adamolekun, Omolola Janet; Covenant Univbersity Dissertation
    This study examined the connection between innovation, economic diversification, and youth unemployment in Nigeria and evaluated the degree to which innovation and economic diversification had an impact on youth unemployment. This was done in order to investigate the relationship between economic diversification, innovation, and youth unemployment in Nigeria between 1994 and 2024. The study made use of secondary data. Data on youth unemployment (proxy for youth unemployment), scientific and technical journal articles (proxy for innovation), and mobile phone subscriptions were obtained from the World Bank World Development Indicators. However, the Shannon Index (a proxy for economic diversity) and trade openness were calculated using information from the Central Bank of Nigeria (CBN) statistics bulletin, and information on government spending was also obtained from the same source. Data was analysed in accordance with the study objectives using the Augmented Dickey Fuller (ADF) Unit root test, Autoregressive Distributed Lag (ARDL) bounds test for cointegration, and Autoregressive Distributed Lag (ARDL) estimation based on the discovery that variables were at a mixture of orders of integration of zero and one. According to the study's findings, there was a long-term relationship between innovation, economic diversification, and youth unemployment in Nigeria. However, the error correction term showed that 59.80% of deviations from equilibrium are corrected over the long term. Innovation was found to have a significant positive relationship with youth unemployment in the short term and a significant negative relationship with youth unemployment in the long run, while economic diversification had an insignificant relationship with youth unemployment in both the short and long term. Furthermore, whereas government spending was important for lowering youth unemployment in the long run only, mobile phone subscriptions increased youth unemployment in both the short and long term. Additionally, the relationship between innovation and economic diversification had a significant impact on youth unemployment in both the short and long term. However, in the short term, this interaction increased youth unemployment while in the long term it amplified the decline in youth unemployment. Based on the aforementioned findings, the study suggested, among other things, that the Nigerian government prioritise targeted investment in education and skill development, especially in STEM fields, digital literacy, and vocational training; that public spending be redirected toward industries with high employment potential, such as education, technology, and industrial development; and that policies be shifted from access to utilisation of digital infrastructure by encouraging digital entrepreneurship, remote work opportunities, and tech-enabled small businesses.
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    FISCAL FEDERALISM: PANACEA TO CHALLENGES OF ACCOUNTABILITY AND DEVELOPMENT IN NIGERIA
    (Covenant-International Conference on African Development Issues (C-ICADI), 2018-11) Ewetan, Olabanji O.; Osabohien, Romanus; Matthew, Oluwatoyin A.; Babajide, Abiola
    Fiscal federalism is a key principle of federal system of government instituted to address the critical challenges of accountability and development. This paper examines the extent to which fiscal federalism had mitigated the challenges of accountability and development in Nigeria, using historical data, for the period 1981-2016. Empirical evidence from the two models estimated using the bounds testing co-integration procedure also known as autoregressive distributed lag estimation procedure reveals that fiscal federalism promotes accountability and economic development in Nigeria. The finding of this paper also suggests that for maximum impact on longrun economic development and promotion of public sector accountability in Nigeria, government should ensure the simultaneous decentralisation of expenditure and revenue powers or responsibilities to sub-national governments ceteris paribus
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    Investigating the Dynamic Nexus between Non-Oil Taxes and Economic Growth in Nigeria: An ARDL Approach
    (International Journal of Energy Economics and Policy, 2022) Oghuma, Richard Iyere; Eluyela, Damilola Felix; Iyoha, Francis O.
    This paper examines the dynamic nexus between non-oil taxes and economic growth in Nigeria. The volatile nature of oil prices has threatened the balance and stability of public expenditure and the budgetary system as a tool for stimulating growth in Nigeria, hence the motivation to look into the prospects of the non-oil sector as a driver of growth. Secondary data covering the period 1994-2019 was used for this study. This period is selected to ensure that there are no missing data especially for VAT which began in 1994, therefore, using earlier periods will introduce missing data into the estimation. Standard time series econometric techniques were utilized in the study such as descriptive analysis, unit root testing, co-integration test and granger causality testing. The Autoregressive distributive lag model (ARDL) was then employed in the model estimation. The long-run results show the effect of non-oil taxes on economic growth in Nigeria and observed that the effect of log (VAT) on economic growth is negative. Specifically, the result indicates that an increase in VAT revenue by 1% results in decline in GDP by about 0.21% and the result is significant at 5%. In the case of CED, the result shows that the economic growth is impacted positively. Specifically, a 1% rise in CED revenue stimulates growth by 0.113%, and the result is significant at 10%. Also, the effect of PIT revenue on growth is negative and significant at 5% and specifically, a 1% increase in PIT revenue results in decline in economic growth by 0.599%. The result shows that CIT has a positive impact on economic growth, and it is significant at 5%. This implies that a 1% increase in CIT revenue increases economic growth by 0.5757%. The findings of the above have the following implications. First, the negative effect of PIT and VAT on growth suggests that there is a need for fiscal authorities to re-examine these taxes and hence high VAT and PIT rates may be counter-productive for growth. Secondly, CIT and CED show positive growth effects and hence there is a need for effective and accountable expenditure framework that will ensure optimization of public expenditure in this regards.