Original Research

The macroeconomic determinants of technological progress in Nigeria

Olusegun Ayodele Akanbi
South African Journal of Economic and Management Sciences | Vol 14, No 3 | a17 | DOI: https://doi.org/10.4102/sajems.v14i3.17 | © 2011 Olusegun Ayodele Akanbi | This work is licensed under CC Attribution 4.0
Submitted: 06 August 2010 | Published: 25 August 2011

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Abstract

This study empirically examines the macroeconomic determinants of technological progress (total factor productivity) in Nigeria that is consistent with the endogenous growth theory. The estimations are carried out with time-series data from 1970 to 2006 using the Johansen estimation techniques. The study is distinct from most of the existing literature since it made an attempt in generating a time-varying technological progress. It employs the Kalman filter technique to determine the evolution of the Solow residual estimated from a Cobb-Douglas production function. The results conform to the existing literature that macroeconomic instability, the level of financial development, and the level of human development are highly significant determinants of technological progress in Nigeria.


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1. Sustainability of fiscal policy in an oil-rich economy: the case of Nigeria
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