期刊名称：The Journal of Sustainable Development in Africa (JSDA)
电子版ISSN：1520-5509
出版年度：2010
卷号：12
期号：1
出版社：Institute of Sustainable Development in Africa
摘要：This paper uses the co-integration and error correction frameworks of analysis to investigate the extent
to which government size and other factors have been successful in improving the conditions needed to
stimulate private investment in Nigeria. The paper lays emphasis on the implications of policy reforms
initiated since the early 1980s. The results show, surprisingly, that government size did not complement
private investment initiative. This is attributed to, among others, inefficiency in government expenditure
and poor service delivery. The reforms effort in the banking system yielded positive results. This is
because credit to the private sector was a significant factor in stimulating private investment in Nigeria.
In addition, interest rate, political stability and external debt were significant factors. The paper
recommends the need to urgently strengthen the budget preparation and execution process in Nigeria.
This, in the opinion of the author, would substantially improved service delivery and efficiency of
government expenditure.
关键词：Macroeconomic reforms, government size, and co-integration/error correction frameworks
