Live Covid-19
United States 100,863,106
Cases: 100,863,106
Deaths: 1,106,860
Recovered: 98,283,998
Active: 1,472,248
India 44,674,667
Cases: 44,674,667
Deaths: 530,628
Recovered: 44,138,235
Active: 5,804
France 38,067,974
Cases: 38,067,974
Deaths: 159,093
Recovered: 36,974,097
Active: 934,784
Germany 36,557,861
Cases: 36,557,861
Deaths: 158,198
Recovered: 35,869,800
Active: 529,863
Brazil 35,408,852
Cases: 35,408,852
Deaths: 690,231
Recovered: 34,262,104
Active: 456,517
South Korea 27,331,250
Cases: 27,331,250
Deaths: 30,769
Recovered: 26,382,172
Active: 918,309
Japan 25,220,452
Cases: 25,220,452
Deaths: 50,344
Recovered: 20,754,250
Active: 4,415,858
Italy 24,488,080
Cases: 24,488,080
Deaths: 181,733
Recovered: 23,799,178
Active: 507,169
United Kingdom 24,024,746
Cases: 24,024,746
Deaths: 197,253
Recovered: 23,754,601
Active: 72,892
Russia 21,617,601
Cases: 21,617,601
Deaths: 392,231
Recovered: 21,018,980
Active: 206,390
Turkey 17,005,537
Cases: 17,005,537
Deaths: 101,400
Recovered: –
Active: 16,904,137
Spain 13,614,807
Cases: 13,614,807
Deaths: 116,108
Recovered: 13,403,322
Active: 95,377
Vietnam 11,517,722
Cases: 11,517,722
Deaths: 43,177
Recovered: 10,608,922
Active: 865,623
Australia 10,754,429
Cases: 10,754,429
Deaths: 16,244
Recovered: 10,546,102
Active: 192,083
Argentina 9,739,856
Cases: 9,739,856
Deaths: 130,034
Recovered: 9,590,198
Active: 19,624
Netherlands 8,544,770
Cases: 8,544,770
Deaths: 22,920
Recovered: 8,498,809
Active: 23,041
Taiwan 8,369,226
Cases: 8,369,226
Deaths: 14,478
Recovered: 8,036,406
Active: 318,342
Iran 7,559,855
Cases: 7,559,855
Deaths: 144,640
Recovered: 7,335,301
Active: 79,914
Mexico 7,132,792
Cases: 7,132,792
Deaths: 330,525
Recovered: 6,400,759
Active: 401,508
Indonesia 6,680,203
Cases: 6,680,203
Deaths: 159,978
Recovered: 6,469,238
Active: 50,987
Poland 6,354,402
Cases: 6,354,402
Deaths: 118,340
Recovered: 5,335,940
Active: 900,122
Colombia 6,318,021
Cases: 6,318,021
Deaths: 141,911
Recovered: 6,142,640
Active: 33,470
Austria 5,576,695
Cases: 5,576,695
Deaths: 21,232
Recovered: 5,508,210
Active: 47,253
Portugal 5,546,290
Cases: 5,546,290
Deaths: 25,517
Recovered: 5,500,769
Active: 20,004
Greece 5,404,690
Cases: 5,404,690
Deaths: 34,309
Recovered: 5,338,821
Active: 31,560
Ukraine 5,341,284
Cases: 5,341,284
Deaths: 110,586
Recovered: 5,216,858
Active: 13,840
Malaysia 5,000,332
Cases: 5,000,332
Deaths: 36,713
Recovered: 4,941,114
Active: 22,505
Chile 4,937,047
Cases: 4,937,047
Deaths: 62,571
Recovered: 4,858,162
Active: 16,314
North Korea 4,772,813
Cases: 4,772,813
Deaths: 74
Recovered: 4,772,739
Active: 0
Israel 4,727,322
Cases: 4,727,322
Deaths: 11,878
Recovered: 4,704,016
Active: 11,428

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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