EuroEconomica, Vol 33, No 1 (2014)

Abstract

The paper examines the impact of innovation on economic growth in the Nigerian economy during the period 1970-2011. Applying the Dynamic Ordinary Least Squares model, we find evidence in support of positive impact of innovation, proxied by technology-embodied capital imports, on economic growth. Other variables with significant positive impact are human capital and structure of the economy. On the other hand, factors such as openness to trade, high share of government expenditure as well as institutional quality are found to associate negatively with growth.