An Assessment of the Economic Development Existence in Nigeria
Poverty incidence and unemployment rate of the developing countries have been increasing as they claimed development in their economies, the situation in which Nigeria is not an exception. Thereby, this study set to investigate whether economic development existed in the country in the past 27 years, covering the periods of 1986 – 2012. Likewise, to inform the decision makers and policy implementers about the appropriate usage of the words ‘economic development’, and as well portends its redefining and differentiation between ‘GDP growth and GDP widening’. The study stipulated ideal methods of assessing the existence of economic development based on the extant definitions from the most relevant authors in the field of Development Economics. More so, the study finds new ways of using time-series regression analysis in answering logic-form question of economic development, and this goes with variables’ signing rather than contributions. Based on partial comparative statics analysis, the study finds that economic development only existed in the country in the year1988 – 1990, and 1994 fiscal years during the years in consideration. In addition, based on partial comparative dynamic analysis, the study finds that no economic development has existed in the last 27 years in the country
