ICT and Long Run Growth in Nigeria (1970-2008)

This study empirically established the relationship between ICT and long run economic growth in Nigeria using Residual-based Engle-Granger-Dickey-Fuller cointegration test. The source of the data was mainly CBN statistical bulletin. The time series properties of the variable were investigated by conducting a unit root test using annual series data for the period 1970-2008 and found that variables employed were I(1) series with I(0) residual. The result was consistent with the previous results on ICT-growth analysis which revealed a productive contribution of ICT to economic activity in Nigeria. About 1% change in ICT component will lead to a 86% change in the mean of Gross Domestic Product (GDP) over the period of study. The implication of this for the policy makers is that firms and government should increase their budgets allocation on ICT in Nigeria.