INCOME INEQUALITY AND HEALTH STATUS IN NIGERIA: IMPLICATIONS ON ECONOMIC GROWTH

Ogunjobi, J. O. and Oladipo, O.A. and Tokula, D.O. (2024) INCOME INEQUALITY AND HEALTH STATUS IN NIGERIA: IMPLICATIONS ON ECONOMIC GROWTH. Fuoye Journal of Management Sciences, 2 (1). pp. 280-298.

Text Journal Article on Income Inequality and Health Status in Nigeria, FUOYE JMS.pdf Download (1MB)

Abstract

ABSTRACT This study examined the long run effect of income inequality and health status on economic growth in Nigeria between 1992 and 2022. Time series data for thirty one years were used while the authors employed Johansen Co-integration test as an estimating technique to evaluate the data based on the nature of the variables. The outcome of the findings revealed that income inequality has a significant negative effect on economic growth. It also revealed a statistically significant positive relationship between government healthcare spending and economic growth in Nigeria. Furthermore, capital formation, life expectancy and labor force on the other hand, revealed a significant positive effect on economic growth. As a result, this research suggests that governments should reduce the high level of income inequality through job creation and fiscal policies, increase their public expenditure on health and ensure all factors of production are employed and encourage inclusive economic growth. Key Words: Income Inequality, Health Status, Gini-coefficient, Co-integration, Economic Growth.

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