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The Impact of Military Spending on Economic Wellbeing in Nigeria

Michael A. Akume

,

Gylych Jelilov

,

Benedict Akanegbu

Michael A. Akume 1 ,

Gylych Jelilov 1 Benedict Akanegbu 1 
  1. Department of Economics, Nile University of Nigeria, Nigeria 1

Pages: 186-200

DOI: 10.18488/journal.62.2019.64.186.200

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Article History:

Received: 15 February, 2019
Revised: 25 March, 2019
Accepted: 07 May, 2019
Published: 31 July, 2019


Abstract:

The impact of military spending on domestic output is contentious and therefore requires further analysis on a country by country basis to determine its level of significance. Nigeria’s military contributions to the Economic Community of West African States (ECOWAS) sub-region and the recent rise of various insurgencies, particularly, Jam??at Ahl al-Sunna lil-Da?awah wa al-Jih?d’ (Boko Haram) – arguably the most fatal insurgent group – has increased Nigeria’s military expenditure. This study investigates the impact of this increase in military spending on the economic well-being (measured by GDP per capita) of Nigerians using the Autoregressive Distributed Lag (ARDL) bounds testing approach to co-integration for the period from 1988 to 2017. The results suggest that there is a positive relationship between military spending and economic well-being in Nigeria. However, the impact on citizens’ wellbeing is not instantaneous as the variable is only significant after the current year spending; which does not last longer than a year. The study therefore recommends that defense spending be strategic, and that all earmarked funds for defense be deployed appropriately so that increases in wellbeing can be more long-term as opposed to lasting for only one year.
Contribution/ Originality
This study contributes to existing literature on military spending and growth. This study uses an adapted model.

Keywords:

ARDL, Economic well-being, Military spending, Economic development, Government expenditure, Nigeria.

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Funding:

This study received no specific financial support.

Competing Interests:

The authors declare that they have no competing interests.

Acknowledgement:

All authors contributed equally to the conception and design of the study.

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