Free Essay on Big Data Analytics in Enhancing Nigeria's Economic Growth

Published: 2017-09-28
Free Essay on Big Data Analytics in Enhancing Nigeria's Economic Growth
Type of paper:  Research proposal
Categories:  Economics Data analysis
Pages: 8
Wordcount: 2112 words
18 min read
143 views

1.0. Introduction

Trust banner

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

The concept behind data has often been defined in different wants based on the context and its intent. In the current purpose for the Nigerian case, data may be defined as a component of factual information that is manipulated for the purpose of economic reasoning, debate or calculations. The generation of data may also be conceived as the mechanism of collecting factual set of information concerning particular aspects of development with particular interests such as economic planning. This papers sets pace for the development of immense data generation aimed at engaging an economic debate, calculation and economic development. At the federal levels in Nigeria, the National Bureau of Statistics is one of the government corporations within the bloc of National Planning Commission (Biersteker, 2014, p28).

The corporation is charged with duties of coordinating the country’s statistic system, publishing and storage of data on virtually all aspects of the economy and the society without use of the population census or other associated activities that are placed on the National Population Commission. The National Bureau of Statistics of Nigeria is anticipated to carry out the necessary surveys and census that are required towards gauging the status of economic development while at the same time illuminating functioning of the country’s social-economic system besides present the country through a medium term.

1.1. Problem Statement

Data analysis is an important function in economic planning. In many instances, an economy with poor data management prospects is deemed to fail. Data collection and analysis is an important function of every government while every government department charged with the responsibility of collecting data and subjecting it to the planning department must execute their function with caution for accuracy and adherence to work ethics. Huge economies like Nigeria require complex data analysis and management prospects in order to enhance the potential for future manipulation and correction of possible economic misdeeds. This study proposes a big data analytics process aimed at enhancing the Nigerian economy which has been recently entangled in economic turmoil. Big data analysis is crucial to enhanced resource management.

1.2. Research Questions

i). What approaches can Nigeria undertake to Data Analysis to enhance economic growth?

ii). What are the shortcomings in Nigerian data collection and analysis instruments?

iii). What measures can be adopted to enhance data management in Nigeria?

1.3. Research Objectives

i). To determine the best approaches to Nigerian data analysis for enhanced economic growth

ii). To identify the weaknesses of the Nigerian data collection and analysis instruments.

iii). To provide possible solutions to data management in Nigeria for enhanced economic growth

Chapter 2: Literature Review

2.0. Introduction

Economic development has been one of the fundamental concerns of many economies globally. Economic development is anchored on economic growth as well as the structural transformation of the economy at large. In order to realize the latter, effective data analysis is very crucial assuming that data collection instruments are effectively generating accurate data from the economy both locally and internationally. Economic development is anchored on the changes in the local and international economies that prescribe to changing demands and supplies of various products and services in the economy. The flow and tapping of the resources is also very crucial alongside prevailing tastes and preferences of the local and international consumers. Data entails a body of facts gathered from the economy. It is a basic requirement for economic transformation of any country or region. It helps monitor the current situation as well as project on the future situation of an economy.

2.1. Economic Data Collection and Analysis

The facts attributable to any economy are very important as it facilitates appreciation of the current economic situation with respect to structural growth and changes of the economy which assists in projecting future growth. Besides, the availability of economic data is also essential in enhancing the understanding of the functioning of the economic systems as well as the pace of growth of the economy (Sanusi, 2010, p89). Regarding the knowledge of the state the real and achievable goals of economic growth may also be set for an economy over a given period of time. In this regard, data collection and analysis provides the basis for short-term and long-term predictions of an economy.

One of the fundamental features of the Nigerian economy is that it is a mixed economy comprising of institutional arrangements where both private and public sectors coexists. In this regard, the country’s productive resources are virtually owned by the latter economic agents. However, there is a paramount need to understand the manner in which these agents operate in the economy as well as the level of data simulation that the country encompasses. The data available in the country’s National Bureau of Statistics indicates that the proportion of government final expenditure as part of the GDP has been increasing with the recent available level at 12.5 percent as at 2011 (Boboye & Ojo, 2012, p134). Similarly, the latest data from the World Development Indicators also prescribes to the idea that the whole expenditure by the government of Nigeria excluding grants stood at 8 percent in 2004 but had risen to about 10 percent as at 2008 (Osabuohien & Egwakhe, 2008, p35).

Although there has been evidence that the dominant sector in the economy has been the private sector, there are counter-arguments that the government of Nigeria has been the biggest single controller of a huge component of the country’s GDP and expenditure. One fundamental issue is that increase in government expenditure is a stimulant of economic activity. However, clear data must exist to support this assertion as well as to leverage the levels of government consumption (Adofu & Abula, 2010, p28). Private consumption can also be monitored and leveraged indirectly within an economy often based on the price mechanism.

Chapter 3: Methodology

3.0. Research Resign

This study will be conducted through a set of computer aided interviews as well as face-to-face interviews to identify the key areas of the Nigeria economy. This will be critical in clearing prevailing doubts over the economic growth drivers of the country. Besides, this study will also generate data from secondary sources including government publications that are essential for the determination of accuracy of media posting that shows the economy skewed to the private sectors as opposed to the public sector.

3.1. Research Framework

This study will be based on a framework of understanding the Nigerian Economy based on the environmental aspects that shapes the country’s economy as far as the human population structure is concerned. In this regard, this study will be established on the framework shown below:

3.2. Sampling Procedure

Based on the size of the data across the economy, this study will adopt stratified random sampling strategy that will target the two main sectors of the economy, public and the private sectors. This will provide an opportunity for the development of a data synthesis prospect that will enhance an understanding of mechanisms of big data analysis that would be adopted for enhanced economic growth in Nigeria being a presumed high potential economy but discredited by ineffective data collection, analysis and management within its economic sectors. In essence, the country has a wide capacity for economic growth but the growth has been short-lived over time due to ineffective planning and management of the natural and artificial resources by the two main economic agents, the public and the private sectors.

Expected Results

From this study, it is expected that big data analytics is one of the crucial path to enhanced economic growth of Nigeria. In particular, the adoption of big data analytic mechanism increase the potential for the improvement of structural features of the economy of Nigeria since there has been sufficient evident to demonstrate that a significant segment of the economy is dominated by the informal sector as well as peasant operators. This implies that less advanced data analytics cannot tap into the production from the informal sector as it is devoid of the capacity to reach out to field production.

Majority of the production in the informal sector is likely to go unrecorded or even realized an aspect that derails the overall planning process for the country, eventually derailing economic growth and development. For instance, one of the main sectors of the economy, Agriculture is peasant in nature while the accruing distributive trade is informal. This study will therefore enhance the data collection, analysis and presentation for the economy thus, enhancing its planning process in future.

References

Adofu, I., & Abula, M. (2010). Domestic debt and the Nigerian economy. Current Research Journal of Economic Theory, 2(1), 22-26.

Biersteker, T. J. (2014). Multinationals, the State and Control of the Nigerian Economy. Princeton University Press.

Boboye, L., & Ojo, M. (2012). Effect of external debt on economic growth and development of Nigeria. International Journal of Business and Social Science, 3(12).

Osabuohien, E. S., & Egwakhe, A. J. (2008). External reserve and the Nigerian economy: the dual folded debate. African Journal of Business and Economic Research, 3(2 & 3).

Sanusi, L. S. (2010). Growth prospects for the Nigerian economy. Convocation lecture delivered at the Igbinedion University, Okada, Edo State, Nigeria.

Additional Sources

Okpara, J. O., & Wynn, P. (2007). Human resource management practices in a transition economy: Challenges and prospects. Management Research News, 31(1), 57-76.

Barine, M. N. (2012). Working capital management efficiency and corporate profitability: Evidences from quoted firms in Nigeria. Journal of Applied Finance and Banking, 2(2).

Damisa, M. A., & Yohanna, M. (2007). Role of rural women in farm management decision making process: ordered probit analysis. World Journal of Agricultural Sciences, 3(4).

Adeleye, B. C., Annansingh, F., & Nunes, M. B. (2004). Risk management practices in IS outsourcing: an investigation into commercial banks in Nigeria. International Journal of Information Management, 24(2).

Woldie, A., & Adersua, A. (2004). Female entrepreneurs in a transitional economy: Businesswomen in Nigeria. International Journal of Social Economics, 31(1/2), 78-93.

Ayadi, O. F. (2005). Oil price fluctuations and the Nigerian economy. OPEC review, 29(3), 199 217.

Ajisafe, R. A., & Folorunso, B. A. (2002). The relative effectiveness of fiscal and monetary policy in macroeconomic management in Nigeria. The African economic and business Review, 3(1), 23-40.

Oladapo, A. A. (2006). The impact of ICT on professional practice in the Nigerian construction industry. EJISDC: The Electronic Journal on Information Systems in Developing Countries, (24), 2.

Aibinu, A. A., & Jagboro, G. O. (2002). The effects of construction delays on project delivery in Nigerian construction industry. International journal of project management, 20(8), 593 599.

Tella, S. A., Amaghionyeodiwe, L. A., & Adesoye, B. A. (2007, November). Telecommunications infrastructure and economic growth evidence from Nigeria. In Being a Paper Submitted for the Un-Idep and Afea Joint Conference on Sector-Led Growth in Africa and Implications for Development Dakar, Senegal (pp. 8-11).

Sanusi, L. S. (2012). Banking reform and its impact on the Nigerian economy. CBN Journal of Applied Statistics, 2(2), 115-122.

Somoye, R. O. C. (2008). The performances of commercial banks in post-consolidation period in Nigeria: An empirical review. European Journal of Economics, Finance and Administrative Sciences, 14(1), 62-73.

Ihua, U. B. (2009). SMEs key failure-factors: a comparison between the United Kingdom and Nigeria. Journal of Social Science, 18(3), 199-207.

Ewah, S. O., Esang, A. E., & Bassey, J. U. (2009). Appraisal of capital market efficiency on economic growth in Nigeria. International Journal of Business and Management, 4(12), 219.

Ebel Ezeoha, A. (2008). Firm size and corporate financial-leverage choice in a developing economy: Evidence from Nigeria. The Journal of Risk Finance, 9(4), 351-364.

Apulu, I., & Latham, A. (2011). Drivers for information and communication technology adoption: A case study of Nigerian small and medium sized enterprises. International Journal of Business and Management, 6(5), 51.

Adepoju, A. A., Salau, A. S., & Obayelu, A. E. (2007). The effects of external debt management on sustainable economic growth and development: Lessons from Nigeria.

Nurudeen, A., & Usman, A. (2010). Government expenditure and economic growth in Nigeria, 1970-2008: A disaggregated analysis. Business and Economics Journal, 2010, 1-11.

Ayanwale, A. B. (2007). FDI and economic Growth: Evidence from Nigeria.

Ajiboye, J. O., Adu, E. O., & Wojuade, J. I. (2007). Stakeholders’ perceptions of the impact of GSM on Nigeria rural economy: Implication for an emerging communication industry. Journal of Information Technology Impact, 7(2), 131-144.

Audu, N. P. (2012). The impact of fiscal policy on the Nigerian economy. International Review of Social Sciences and Humanities, 4(1), 142-150.

Umaru, A., & Zubairu, A. A. (2012). Effect of inflation on the growth and development of the Nigerian economy (An empirical analysis). International Journal of Business and Social Science, 3(10).

Kolapo, T. F., Ayeni, R. K., & Oke, M. O. (2012). credit risk and commercial banks'performance in Nigeria: a panel model approach. Australian Journal of Business and Management Research, 2(2), 31.

Auta, E. M. (2010). E-banking in developing economy: Empirical evidence from Nigeria. Journal of applied quantitative methods, 5(2), 212-222.

Longe, E., Longe, O., & Ukpebor, E. (2009). People’s Perception on Household Solid Waste Management in Ojo Local Government Area, in Nigeria. Journal of Environmental Health Science & Engineering, 6(3), 201-208.

Cite this page

Free Essay on Big Data Analytics in Enhancing Nigeria's Economic Growth. (2017, Sep 28). Retrieved from https://speedypaper.net/essays/big-data-analytics-in-enhancing-nigerias-economic-growth

Request Removal

If you are the original author of this essay and no longer wish to have it published on the SpeedyPaper website, please click below to request its removal:

Liked this essay sample but need an original one?

Hire a professional with VAST experience!

24/7 online support

NO plagiarism