Paper Title
Does Deficit Financing Promote Economic Growth? The Nigerian Experience
Article Identifiers
: Keywords
Fiscal Deficit; Financing; External Borrowing; Public Debt and ECM
Abstract
The Nigerian government has been running huge deficits since the civil war years. The deficit as percentage of GDP has continued to be on the increase and evidence is in the escalating public debt. This study examined the effect of fiscal deficit financing on economic growth in Nigeria by using the Error correction mechanism to estimate the specified model based on the Neo-Classical Theoretical underpinning of economic growth. The result reveals that an increase in External Deficit Financing will bring about a 0.8 per cent increase in economic growth, an indication that External Deficit Financing has a positive relationship with economic growth. Also, an increase in non-banking deficit financing will bring about a 2.24 per cent increase in economic growth, an indication that non-banking deficit financing has a positive relationship with economic growth. For banking source of deficit financing, the result also revealed that an increase in Banking Deficit Financing will bring about a 6.7 per cent increase in economic growth, an indication that Banking Deficit Financing has a positive relationship with economic growth. However, none of the explanatory variables were statistically significance. The granger causality result showed that there is no causal relationship between Real Gross Domestic Product and External Deficit Financing. Therefore, the study concludes that that there is no significant relationship between the sources of fiscal deficit financing and economic growth Nigeria.
Downloads
How To Cite (APA)
Dr. Boniface Linus Akpan & Dr. Aniefiok Benedict Udo (December-2023). Does Deficit Financing Promote Economic Growth? The Nigerian Experience. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(12), c831-c845. https://ijnrd.org/papers/IJNRD2312280.pdf
Issue
Volume 8 Issue 12, December-2023
Pages : c831-c845
Other Publication Details
Paper Reg. ID: IJNRD_202790
Published Paper Id: IJNRD2312280
Downloads: 000122021
Research Area: Social Science and HumanitiesÂ
Author Type: Foreign Author
Country: Uyo, Akwa Ibom State, Nigeria
Published Paper PDF: https://ijnrd.org/papers/IJNRD2312280.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2312280
About Publisher
Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)
UGC CARE JOURNAL PUBLICATION | ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
Publisher: IJNRD (IJ Publication) Janvi Wave | IJNRD.ORG | IJNRD.COM | IJPUB.ORG
Copyright & License
© 2025 — Authors hold the copyright of this article. This work is licensed under a Creative Commons Attribution 4.0 International License. and The Open Definition.
You are free to share, adapt, and redistribute the material, provided proper credit is given to the original author. 🛡️ Disclaimer: The content, data, and findings in this article are based on the authors’ research and have been peer-reviewed for academic purposes only. Readers are advised to verify all information before practical or commercial use. The journal and its editorial board are not liable for any errors, losses, or consequences arising from its use.
Publication Timeline
Article Preview: View Full Paper
Call For Paper
IJNRD is a Scholarly Open Access, Peer-Reviewed, Refereed, and UGC CARE Journal Publication with a High Impact Factor of 8.76 (calculated by Google Scholar & Semantic Scholar | AI-Powered Research Tool). It is a Multidisciplinary, Monthly, Low-Cost, and Transparent Peer Review Journal Publication that adheres to the UGC CARE 2025 Peer-Reviewed Journal Policy and aligns with Scopus Journal Publication standards to ensure the highest level of research quality and credibility.
IJNRD offers comprehensive Journal Publication Services including indexing in all major databases and metadata repositories, Digital Object Identifier (Crossref DOI) assignment for each published article with additional fees, citation generation tools, and full Open Access visibility to enhance global research reach and citation impact.
The INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT (IJNRD) aims to advance applied, theoretical, and experimental research across diverse academic and professional fields. The journal promotes global knowledge exchange among researchers, developers, academicians, engineers, and practitioners, serving as a trusted platform for innovative, peer-reviewed journal publication and scientific collaboration.
Indexing Coverage: Google Scholar, SSRN, ResearcherID-Publons, Semantic Scholar (AI-Powered Research Tool), Microsoft Academic, Academia.edu, arXiv.org, ResearchGate, CiteSeerX, ResearcherID (Thomson Reuters), Mendeley, DocStoc, ISSUU, Scribd, and many other recognized academic repositories.
How to submit the paper?
By Our website
Click Here to Submit Paper Online
You can now publish your research in IJNRD. IJNRD is a Transparent Peer-Reviewed Open Access Journal Publication (Refereed Journal), aligning with New UGC and UGC CARE recommendations.
For more details, refer to the official notice: UGC Public Notice
Submit Paper Online
Important Dates for Current issue
Paper Submission Open For: November 2025
Current Issue: Volume 10 | Issue 11 | November 2025
Impact Factor: 8.76
Last Date for Paper Submission: Till 30-Nov-2025
Notification of Review Result: Within 1-2 Days after Submitting paper.
Publication of Paper: Within 01-02 Days after Submititng documents.
Frequency: Monthly (12 issue Annually).
Journal Type: IJNRD is an International Peer-reviewed, Refereed, and Open Access Journal with Transparent Peer Review as per the new UGC CARE 2025 guidelines, offering low-cost multidisciplinary publication with Crossref DOI and global indexing.
Subject Category: Research Area
Call for Paper: More Details
Approval, Licenses and Indexing: More Details
