Asian Tigers: A Lesson for Nigeria`s Economic Transformation

Umaru Musa Ugeh; Richard Angioha; Ndigefe Earnest Johnson; Abu Regina Aloho

doi:10.56201/jbae.vol.11.no9.2025.pg41.52

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Asian Tigers: A Lesson for Nigeria`s Economic Transformation

Umaru Musa Ugeh, Richard Angioha, Ndigefe Earnest Johnson, Abu Regina Aloho

Abstract

This study examined the Asian Tigers: A lesson for Nigeria`s Economic Transformation. The panel data was collected from world development indicator and Central bank of Nigeria respectively, covering 34 years span from 1990 to 2024 were used. The study employed the econometric estimation technique of Autoregressive Distribution Lag (ARDL) model, stationary test were used for the analysis, adopting annual data method of analysis. The results indicate negative and statistically insignificant, the relationship between GDP and GFCF in the long-run. the coefficient 4.057639 for the GFCF revealed that a one percent increase in gross fixed capital formation lead to 4.057639 decrease in GDP. All things being equal. The coefficient of 0.620945 for ENEGY revealed that a one percent increase in GDP, ceteris paribus, increased the economic growth by 62 percent in the long run. Tiger Strategy: They prioritized export-oriented FDI tied to technology and skills transfer. Nigeria can: Create Special Economic Zones with stable policies and infrastructure. Remove bureaucratic delays in land acquisition, licensing, and taxation. Tie FDI incentives to local production, not importation. Furthermore, investors avoid volatile economies. Reduce inflation through disciplined fiscal policy. Achieve exchange rate stability to protect investor assets. Limit public debt and improve capital budget implementation. Given that energy accounts for 62% of the explanatory power in the GDP equation, policy interventions should prioritize expanding affordable and reliable energy infrastructure, promoting industrial energy usage, diversifying the energy mix with renewable and strengthening governance to attract private investment. Doing so will stimulate output across key sectors, enhance productivity, and accelerate GDP growth.

References

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Asian Tigers: A Lesson for Nigeria`s Economic Transformation

Abstract

References

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