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The Sovereign Wealth Fund and Nigerian Economic Development

Author

Listed:
  • Endurance Gabriel Udo

    (Department of Economics, School of Arts and Social Sciences College of Education, Afaha Nsit, Akwa Ibom State)

  • Friday Eyo Uko

    (Department of Economics, University of Uyo)

  • Ofonime Moses Akpan

    (Department of Economics, School of Arts and Social sciences College of Education, Afaha Nsit, Akwa Ibom State)

Abstract

The study specifically investigated the impact of sub-national government sovereign wealth funds on the economic development of Nigeria. An ex-post research design was used for the study. Economic development was proxied by per capita income, while sovereign wealth funds were proxied by their three components: stabilization funds, future generation funds, and infrastructure funds. Data for the variables were obtained from the Central Bank of Nigeria for the period 2012–2022. An econometric approach was used to analyze the data. Findings showed that of the three components of SWFs, only future generation funds impact positively and significantly on economic development. In view of the findings, it is recommended that the government ensure effective and efficient management of the various funds by putting in place proper regulatory measures so as to attain the goals for which the funds were established.

Suggested Citation

  • Endurance Gabriel Udo & Friday Eyo Uko & Ofonime Moses Akpan, 2024. "The Sovereign Wealth Fund and Nigerian Economic Development," East African Finance Journal, East African Finance Journal, vol. 3(1).
    • Handle: RePEc:cwk:eafjke:2024-03
    DOI: 10.59413/eafj/v3.i1.3
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