Keywords
social sustainability development
external flows
internal flows
How to Cite
Abstract
The three inter-related pillars of sustainable development have been neglected by the United Nation which informed examining the impact of financial flows on the attainment of quality education (Goal 4). The study employed time-series data sourced from Central Bank Statistical Bulletin and World Development Indicator from 1991 to 2022. The auto-regressive distributed lag was employed to determine the short and long-run relationship between the outcome and explanatory variables. The findings revealed that remittances and external debt had a positive significant effect on primary school enrolment rate, while government expenditure on education had a negative significant effect on primary school enrolment rate. It is therefore recommended that government should ensure transaction cost does reduce remittances and ensure external debt and government expenditure on education are expended to educational sector to improve primary school enrolment rate.
References
Adams, S., Klobodu, E. K. M. (2018). Capital flows and economic growth revisited: evidence from five Sub-Saharan African countries. International Review of Applied Economics, 32(5), 620-640. https://ideas.repec.org/a/taf/irapec/v32y2018i5p620-640.html
Adamu, A. M., Kabuga, N. A., Suleiman, H. H. (2015). Remittance, aid, foreign direct investment, financial development and economic growth in Nigeria: a time series analysis. In Proceedings of 1st international conference and doctoral colloquium on the theme:“development in africa: perspectives, issues and trends”, faculty of social and management sciences, Bayero University Kano, Nigeria held between 17th–18th November. https://www.researchgate.net/publication/316091876_Remittance_Aid_ForeignDirect_Investment_Financial_Development_and_Economic_Growth_in_Nigeria_A_Time_Series_Analysis
Aliedan, M. M. (2021). The impact of international trade on sustainable development in Saudi Arabia. Croatian International Relations Review, 27(88), 74-95. https://doi.org/10.3390/su12135421
Amaefule, C. (2020). Global capital inflows, growth, and trade indicators in Ghana and Nigeria: Evidence from asymmetric co-integration framework. European Journal of Sustainable Development Research, 4(4), em0130. https://www.ejosdr.com/article/global-capital-inflows-growth-and-trade-indicators-in-ghana-and-nigeria-evidence-from-asymmetric-8246
Asongu, S., Nnanna, J. (2019). Foreign aid and sustainable inclusive human development in Africa. DBN Journal of Economics and Sustainable Growth, 1(2), 1-29. https://www.econstor.eu/bitstream/10419/204988/1/1664493727.pdf.18/1/2019
Ayamba, E. C., Haibo, C., Abdul-Rahaman, A. R., Serwaa, O. E., Osei-Agyemang, A. (2020). The impact of foreign direct investment on sustainable development in China. Environmental Science and Pollution Research, 27, 25625-25637. https://10.1007/s11356-020-08837-7
Bamidele, M. I., Elumah, L. O., Adelowokan, O. A. (2022). Financial Development and Poverty Alleviation in Nigeria. African Development Finance Journal, 4(1), 119-139. https://www.researchgate.net/publication/368914594_Financial_Development_and_Poverty_Alleviation_in_Nigeria
Ehigiamusoe, K. U., Lean, H. H. (2019). Foreign capital inflows and economic growth in Nigeria: any nexus?. Journal of African Business, 20(4), 455-471. https://econpapers.repec.org/article/tafwjabxx/v_3a20_3ay_3a2019_3ai_3a4_3ap_3a455-471.htm
Idris, M. (2019). Relative impact of monetary and fiscal policy on output growth in a small-open economy. American Research Journal of Humanities & Social Science (ARJHSS), 2(08), 26-38. https://www.arjhss.com/wp-content/uploads/2019/08/D282638.pdf
Klobodu, E. K. M., Adams, S. (2016). Capital flows and economic growth in Ghana. Journal of African Business, 17(3), 291-307. https://www.tandfonline.com/doi/full/10.1080/15228916.2016.1169784
Lozi, B. M., Shakatreh, M. (2019). The impact of international capital flows on Jordan’s economic growth. International Journal of Economics and Financial Research, 5(9), 214-220. https://doi.org/10.32861/ijefr.59.214.220
Mohamed, S. E. (2020). The Dynamic Effects of Capital Inflows on Economic Growth of the Mediterranean Countries: Panel Co-integration Approach. https://www.researchgate.net/publication/344270702_The_Dynamic_Effects_of_Capital_Inflows_on_Economic_Growth_of_the_Mediterranean_Countries_Panel_Cointegration_Approach
Nenbee, S. G., Danielle, I. E. (2021). Primary school enrolment, public spending on education and economic growth in Nigeria. Mediterranean Journal of Social Sciences, 12(5), 103-103. https://doi.org/10.36941/mjss-2021-0048
Nwosa, P. I., Akinbobola, T. O. (2016). Capital Inflows and economic growth in Nigeria: the role of macroeconomic policies. African Development Review, 28(3), 277-290. https://doi.org/10.1111/1467-8268.12205
Oloke, E., Olabisi, F., Johnson, A. A., Awofala, H. T., Aderemi, T. A. (2022). Nexus between Foreign Capital Inflows and Human Capital Development in Nigeria. EuroEconomica, 41(2). https://dj.univ-uanubius.ro/index.php/EE/article/view/2039
Olowookere, J. K., Olowo, S. O., Mabinuori, O. T., Aderemi, T. A. (2021). Foreign capital inflows and poverty reduction in Nigeria: An implication for sustainable development. EuroEconomica, 40(1). https://dj.univ-danubius.ro/index.php/EE/article/view/894
Onyekwelu, O. V. (2022). International Capital Inflows and Human Capital Development in Nigeria (1988-2020). International Journal of Innovative Development and Policy Studies, 10(2), 59-70. https://www.seahipublications.org/wp-content/uploads/2024/12/IJIDPS-J-7-2022.pdf
Sachs, J., Schmidt-Traub, G., Kroll, C., Lafortune, G., Fuller, G., &Woelm, F. (2020). The Sustainable Development Goals and COVID-19. Sustainable Development Report 2020. Cambridge: Cambridge University Press. https://www.cambridge.org/core/books/sustainable-development-report-2020/E7A0A979B98F855FE1FC7769E2182D59
SOS (2022). 6 Causes of Poverty in Africa. sos.usa.org. https://www.sos-usa.org/about-us/where-we-work/africa/poverty-in-africa
Rehman, S., Ahmad, H. K. (2016). The Impact of Foreign Capital Inflows on Economic Growth. Pakistan Economic and Social Review, 54(2), 191-203. https://pu.edu.pk/images/journal/pesr/PDF-FILES/2-v54_2_16.pdf
Voica, M. C., Panait, M., and Haralambie, G. A. (2015). The Impact of Foreign Direct Investment on Sustainable Development. Petroleum-Gas University of Ploiesti Bulletin, Technical Series, 67(3). https://upg-bulletin-se.ro/old_site/archive/2015-3/10.Voica_Panait_Haralambie.pdf
World Bank (2020). World development indicators & global development finance; 2010. https://documents.worldbank.org/en/publication/documents-reports/documentdetail/988271468149678303/world-development-indicators-2010
World Bank in Nigeria (2022). Nigeria Poverty Assessment 2022: A better Future for All Nigerians. https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099730003152232753/p17630107476630fa09c990da780535511c
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Copyright (c) 2025 Modern Management Review