Factors of macroeconomic growth in Nigeria: wages demand, taxes, and entrepreneurship development

This paper contributes to clarifying the scientific debate on the impact of entrepreneurship development and wages increases on Nigeria’s macroeconomic development. The main purpose of this research is to estimate the impacts, problems, and consequences between wages growth and the growth of a long-...

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Published inInvestment management & financial innovations Vol. 17; no. 1; pp. 242 - 252
Main Authors Zhuravka, Fedir, Shkarupa, Olena, O. Aiyedogbon, John, Adeyinka, Olure-Bank, Shkarupa, Ivan
Format Journal Article
LanguageEnglish
Published Sumy Business Perspectives Ltd 30.03.2020
LLC "CPC "Business Perspectives
Subjects
budget deficit
Economic growth
Economic indicators
Entrepreneurship
inflation
labor union
Macroeconomics
State budgets
wages
wages-price spiral
Nigeria
Ukraine
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Summary:This paper contributes to clarifying the scientific debate on the impact of entrepreneurship development and wages increases on Nigeria’s macroeconomic development. The main purpose of this research is to estimate the impacts, problems, and consequences between wages growth and the growth of a long-term relationship between wages and investment. The article deals with the current state of Nigeria’s macroeconomic indicators. The methodological tools for the research are the ARDL and DOLS methods, which were used to study the relationships between the macroeconomic indicators. The research period is 1987–2019. The research empirically confirms and theoretically proves that the country operates under unstable and uncertain conditions, so it is difficult to achieve macroeconomic stability. Also, the article presents the results of the analysis, which has shown a positive and statistically significant effect of raising the minimum wages on economic growth both in the long and short term. The study results can be useful for state authorities, private sector, as well as for the researchers. AcknowledgementsThis research was prepared as a part of the Scientific Project “Modeling the Transfer of Eco-Innovations in the Enterprise-Region-State System: Impact on Ukraine’s Economic Growth and Security” (No. 0119U100364), that is financed by the state budget of Ukraine.
ISSN:1810-4967
1812-9358
DOI:10.21511/imfi.17(1).2020.21