Nigerian Growth Model: Lessons from China
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Date
2013
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Abstract
China has experienced rapid economic growth since 1977
when the country begins its reform. Before this time, the
growth in Nigeria was above that of China; but the country
has surpassed Nigeria since early 1980s as it has a constant
and steady growth since then. The Nigerian economic
growth kept fluctuating. The paper investigated therefore,
the trend in the economic growth of both countries and tries
to investigate the factors that lead to such economic growth
in China so as to apply it to the Nigerian economy. Both
descriptive and inferential statistics are used to investigate
this. It was revealed that the Chinese reforms that started
in 1977 has led to the stability in the growth rate of the
country. The trend showed that the growth in China is
driven by export and foreign investment. An investigation
of these variables on economic growth in Nigeria has
shown that, export had positive but not significant impact
on economic growth in Nigeria. Investments on the other
hand had positive and significant impact on economic
growth. The public expenditure also had positive and
significant impact on economic growth. It is recommended
that the export base should be diversified to have advantage
of export driven growth.