Published April 3, 2023 | Version v1
Journal article Open

Effect of Exogenous Revenues on the Economic Development in Anambra State

Description

This study ascertained the effect of exogenous revenues on the economic development in Anambra State from 2012-2020. The specific objectives of the study are: to evaluate the effect of external debts on the economic development in Anambra, to appraise the effect of export revenue on the economic development in Anambra State and to determine the effect of Foreign Direct Investment (FDI) on the economic development in Anambra State. Secondary data were collected from Anambra state Inland Revenue Service, Debt Management Office (DMO) and World Investment Report (WIR). The data were analyzed using Ordinary Least Square (OLS) regression. The result of the analysis showed that external debt has positive and significant effect on the economic development in Anambra State. Findings also revealed that both export revenue and Foreign Direct Investment (FDI) have positive and significant effect on the economic development in Anambra State. The study recommends that Anambra state government should only seek external borrowing when vital priority project is being considered and should place a limit on external borrowing. Finally, since FDI has a positive effect on the economic development in Anambra state, government should continue to pursue policies that would favour more FDI inflows and encourage re-investment of earnings.

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