Is Macroeconomic Instability a Preventive Measure in Attaining Sustainable Development Goals in Nigeria?

  • Samson Aladejare Federal University Wukari
  • Ishaku Nyiputen Federal University Wukari
  • Festus Osagu University of Ibadan
Keywords: Macroeconomic; Instability; Sustainable; Development; Goals.

Abstract

This study evaluates the impact of macroeconomic instability on Nigeria’s quest to attain the sustainable development goals set by the United Nations by 2030. The impact of macroeconomic instability was viewed from three different perspectives which are: as a source of macroeconomic outcome, domestic sources, and external sources of instability. The structural vector autoregressive model and the generalized forecast error variance decomposition were adopted to gauge the short-term and future impacts of attaining these goals. Findings from the study suggest that the impact of instability resulting from macroeconomic outcome have been moderate. Nevertheless, they are not to be taken for granted. While shocks from domestic sources have not been really preventive in attempts at meeting the set goals. Shocks from external sources, and specifically emanating from oil price, constitute a huge cause of concern if Nigeria is to achieve the set goals by 2030.

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Published
2020-09-03
Section
Economic Development, Technological Change, and Growth