Live Covid-19
United States 89,360,080
Cases: 89,360,080
Deaths: 1,042,678
Recovered: 84,916,391
Active: 3,401,011
India 43,471,282
Cases: 43,471,282
Deaths: 525,139
Recovered: 42,836,906
Active: 109,237
Brazil 32,358,451
Cases: 32,358,451
Deaths: 671,466
Recovered: 30,846,850
Active: 840,135
France 31,083,859
Cases: 31,083,859
Deaths: 149,533
Recovered: 29,620,989
Active: 1,313,337
Germany 28,293,960
Cases: 28,293,960
Deaths: 141,189
Recovered: 26,702,200
Active: 1,450,571
United Kingdom 22,720,345
Cases: 22,720,345
Deaths: 180,330
Recovered: 22,145,429
Active: 394,586
Italy 18,523,111
Cases: 18,523,111
Deaths: 168,353
Recovered: 17,469,969
Active: 884,789
Russia 18,433,394
Cases: 18,433,394
Deaths: 381,165
Recovered: 17,861,605
Active: 190,624
South Korea 18,368,857
Cases: 18,368,857
Deaths: 24,555
Recovered: 18,204,741
Active: 139,561
Turkey 15,123,331
Cases: 15,123,331
Deaths: 99,032
Recovered: 15,005,249
Active: 19,050
Spain 12,734,038
Cases: 12,734,038
Deaths: 107,906
Recovered: 12,218,358
Active: 407,774
Vietnam 10,746,470
Cases: 10,746,470
Deaths: 43,087
Recovered: 9,681,318
Active: 1,022,065
Argentina 9,367,172
Cases: 9,367,172
Deaths: 129,070
Recovered: 9,163,334
Active: 74,768
Japan 9,329,520
Cases: 9,329,520
Deaths: 31,281
Recovered: 9,135,363
Active: 162,876
Netherlands 8,184,179
Cases: 8,184,179
Deaths: 22,378
Recovered: 8,063,483
Active: 98,318
Australia 8,162,153
Cases: 8,162,153
Deaths: 9,930
Recovered: 7,905,095
Active: 247,128
Iran 7,238,126
Cases: 7,238,126
Deaths: 141,389
Recovered: 7,062,657
Active: 34,080
Colombia 6,175,181
Cases: 6,175,181
Deaths: 140,070
Recovered: 5,984,546
Active: 50,565
Indonesia 6,088,460
Cases: 6,088,460
Deaths: 156,737
Recovered: 5,914,933
Active: 16,790
Mexico 6,034,602
Cases: 6,034,602
Deaths: 325,716
Recovered: 5,192,957
Active: 515,929
Poland 6,015,634
Cases: 6,015,634
Deaths: 116,429
Recovered: 5,335,673
Active: 563,532
Portugal 5,171,236
Cases: 5,171,236
Deaths: 24,149
Recovered: 4,745,321
Active: 401,766
Ukraine 5,017,038
Cases: 5,017,038
Deaths: 108,638
Recovered: 4,906,519
Active: 1,881
North Korea 4,744,430
Cases: 4,744,430
Deaths: 73
Recovered: 4,736,220
Active: 8,137
Malaysia 4,566,055
Cases: 4,566,055
Deaths: 35,765
Recovered: 4,500,856
Active: 29,434
Thailand 4,525,269
Cases: 4,525,269
Deaths: 30,667
Recovered: 4,470,490
Active: 24,112
Austria 4,438,883
Cases: 4,438,883
Deaths: 18,792
Recovered: 4,314,940
Active: 105,151
Israel 4,344,800
Cases: 4,344,800
Deaths: 10,958
Recovered: 4,259,884
Active: 73,958
Belgium 4,225,222
Cases: 4,225,222
Deaths: 31,903
Recovered: 4,122,858
Active: 70,461
South Africa 3,993,843
Cases: 3,993,843
Deaths: 101,793
Recovered: 3,880,462
Active: 11,588

Impact of Contributory Pension Investment on Economic Growth in Nigeria (2007-2019)

Impact of Contributory Pension Investment on Economic Growth in Nigeria (2007-2019)

ABSTRACT

This study examined impact of contributory pension fund on economic growth in Nigeria from 2007-2019. Its specific objectives were to examine the impact of pension industry investment in foreign money market security on gross domestic product in Nigeria; to assess the impact of pension industry investment in local money market security on gross domestic product in Nigeria; and to examine the impact of pension industry investment in quoted ordinary shares on gross domestic product in Nigeria. The study adopted ex-post facto design. Three hypotheses formulated were analyzed using autoregressive distributed lag model. The results reveal that pension industry investment in foreign money market security had significant impact on gross domestic product in Nigeria. Next was that pension industry investment in local money market security had no significant impact on gross domestic product in Nigeria. Also, pension industry investment in quoted ordinary shares had no significant impact on gross domestic product in Nigeria. The implication of the findings is that pension industry investment in foreign money market security facilitated economic growth in Nigeria. On the other hand, pension industry investment in local money market security did not enhance the capacity of domestic firms invested in to engender economic growth. Finally, economic growth was not enhanced through the institutional investment of pension industry in companies quoted on the Nigerian stock exchange. Based on the findings of the study it was concluded that investments of pension industry through short term financial instruments had mixed significance on economic growth in Nigeria. In line with the findings of the study it was recommended that the pension industry investment in foreign financial instrument should be in instruments offered by firms and governments with proven capacity to fulfill their obligations as and when due. Also, investments in local money market instruments should be in such that are proven to be highly liquid, and can be converted to cash at a relatively low cost with low risk premia. Lastly, the investment of the pension industry in quoted companies should tend towards reducing dependence on foreign manufacturers by their investing in cottage factories. This will stir up manufacturing development in the economy.

Keywords: Contributory Pension Investment; Economic Growth; Nigeria

AUTHORSHIP

Eche, Ann Uzoamaka1; Agbaji, Benjamin Chukwuma, PhD2

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