Journal • CITN Journal

Editorial Board

Editor-in-Chief

Professor Rafiu Oyesola Salawu

Department of Management & Accounting, Faculty of Administration, Obafemi Awolowo University, Ile-Ife

Managing Editor

Professor Godwin Emmanuel Oyedokun

Department of Management & Accounting, Lead City University, Ibadan, Nigeria

Editorial Board Secretary

Mary-Fidelis Chidoziem Abiahu

Director, Research and Professional Standard, Chartered Institute of Taxation of Nigeria

Editorial Board Members

Professor Chinedum Nathaniel Nwezeaku

Federal University of Technology, Owerri

Professor John Adeoti

Nigeria Institute of Social and Economic Research (NISER), Ibadan

Professor Uche Jack-Osimiri

Faculty of Law, River State University, Port Harcourt

Professor Aruwa Suleiman Akwu-Odo Salihu

Nasarawa State University, Keffi Nasarawa State Nigeria

Dr. Eiya Ofiafoh Ofiafoh (Associate Professor)

Department of Accounting, University of Benin, Benin City, Nigeria

Dr. Stephen Chukwuemeka Mark Abani

MCSA Worldwide Projects Limited, Abuja, Nigeria

Dr. Kenny Adedapo Soyemi

Department of Accounting, Olabisi Onabanjo University, Ago Iwoye, Ogun State, Nigeria

Professor Joseph Uchenna Uwaleke

Department of Banking & Finance, Nasarawa State University, Keffi Nasarawa State, Nigeria

Barrister Chukwuemeka Eze

Faculty of Law, Nasarawa State University, Keffi Nasarawa State, Nigeria

Mr. Simon Nwanmaghyi Kato

Federal Inland Revenue Service, Chairman’s Office, Abuja, Nigeria

MEASUREMENTS OF ECONOMIC DEVELOPMENT: DOES HUMAN DEVELOPMENT INDEX MATTER IN THE CONTEXT OF NIGER

Description

MEASUREMENTS OF ECONOMIC DEVELOPMENT: DOES HUMAN DEVELOPMENT INDEX MATTER IN THE CONTEXT OF NIGER

Authors

Peter Okoeguale Ibadin and Ofiafoh Eiya

Abstract

The economic development literature is replete with measures that capture the operationalisation of economic development, one of which is the Gross Domestic Product (GDP). The GDP is the most widely used metric for assessing an economy’s performance, or economic development, as it measures the market value of all final goods and services produced within a country in a given period. Currently, there is the argument that GDP or its ally, the Gross National Product (GNP), is not an adequate measure of economic development because it does not measure progress in the wellbeing of people. Measures and measurements of economic development go beyond the mere expressions provided by the GDP, GNP or any other variants used in the ensuing model of GDP or GNP. The relatively current index, the Human Development Index (HDI), has been strongly expressed as a measure of economic development; but there are some limitations when the HDI is applied to all economic situations. It is against this backdrop that this paper proposes a HDI that will accommodate the peculiarities of Nigeria, given the poor level of education and health facilities in the country. To this end, the paper proposes modified variants of HDI, namely the standard of living and the education indexes which should be reviewed to reflect the aforementioned and identified level of development in the country. Beyond this, a comparable level of economic development with global best practices should spur up concerted and sincere efforts among stakeholders in building and developing human capacity through adequate educational funding across all levels, as well as providing good health-care facilities that will ensure human longevity and improved living standards of the people.

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