IIARD International Institute of Academic Research and Development

IIARD International Journal of Economics and Business Management (IJEBM )

E-ISSN 2489-0065
P-ISSN 2695-186X
VOL. 10 NO. 7 2024
DOI: 10.56201/ijebm.v10.no7.2024.pg210.226

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Solid Mineral and Economic Growth in Nigeria

Kingdom Mienebimo, Dr Baghebo, Michael

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Abstract

This research investigates the complex relationship between solid mineral exploration and economic growth in Nigeria. The study examines several variables, including real gross domestic product (GDP), solid mineral deposits, gross fixed capital formation, population growth, exchange rates, and inflation rates. These factors are analyzed using economic theories such as the neoclassical and endogenous growth models. Empirical findings highlight the diverse impacts of solid minerals development on economic growth across various nations. The study utilized the Auto Regressive Distributed Lag (ARDL) model, analyzing time series data from 1981 to 2022. Stationarity tests were conducted on the time series data, and all results were evaluated at a 5% significance level. Findings revealed that solid minerals had a positive but statistically insignificant impact on economic growth in Nigeria. The study recommends that the government should develop a solid mineral growth plan and enhance the regulatory framework governing the sector to stimulate economic growth in Nigeria.

keywords:

Solid Mineral, Economic Growth, Autoregressive Distributed Lag Model

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