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Test of the Tourism-Led Economic Growth Hypothesis in Nigeria

Authors: ONAKOYA Adegbemi , Banji, Olubunmi J

Publication Type: Journal article

Journal: Ogun Journal Of Accounting And Banking & Finance (ojaf)

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Abstract

The study tested the hypothesis on tourism-led growth on the Nigerian economy. The preliminary evaluation of the data showed the absence of normality of all the variables excluding domestic savings. The series were verified for stationarity using Augmented Dickey Fuller and Phillip-Perron Unit Root tests. The research thereafter estimated the short and long run regression relationship by deploying the Vector Error Correction model (VECM) and the Johansen system co-integration tests respectively. Also tested was the validity of the model using the Breusch-Godfrey serial correlation test in addition to the Impulse Response Function, the latter being a check on the impact of external shock on the economic trend. The tourism revenue impact on the real GDP was revealed to be positive in the long run. This provided support for proposition that tourism promotes economic growth in Nigeria. The absence of short run impact was also reported, a fact confirmed by the Impulse Response Function test. Also, uni-directional Toda Yamamoto causality subsists from tourism to growth of the economy. Governments are enjoined to join forces, in the public-private model, with the private sector in the development and maintenance of tourist attraction centres.

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ONAKOYA,A. Banji,,O.J . (0000). Test of the Tourism-Led Economic Growth Hypothesis in Nigeria, 1 (), 198-198.

ONAKOYA,A. Banji,,O.J . "Test of the Tourism-Led Economic Growth Hypothesis in Nigeria" 1, no (), (0000): 198-198.

ONAKOYA,A. and Banji,,O.J and . (0000). Test of the Tourism-Led Economic Growth Hypothesis in Nigeria, 1 (), pp198-198.

ONAKOYAA, Banji,OJ, . Test of the Tourism-Led Economic Growth Hypothesis in Nigeria. 0000, 1 ():198-198.

ONAKOYA,Adegbemi , and Banji,,Olubunmi J . "Test of the Tourism-Led Economic Growth Hypothesis in Nigeria", 1 . (0000) : 198-198.

O.Adegbemi & B.Olubunmi J , "Test of the Tourism-Led Economic Growth Hypothesis in Nigeria" vol.1, no., pp. 198-198, 0000.

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