IMPACT OF MOTOR VEHICLE POLICY ON ECONOMIC GROWTH IN NIGERIA
Abstract
This study examined the impact of motor vehicle policy on economic growth in Nigeria. Specifically, the study assessed the impact of motor vehicle insurance premium on economic growth in Nigeria; determine the impact of comprehensive motor vehicle insurance on economic growth in Nigeria; and evaluate the impact of motor vehicle insurance claim on economic growth in Nigeria. The study employed Gross Domestic Product (RGDP) was used as a proxy for economic growth which is dependent variable while motor vehicle insurance premium (MIP), comprehensive motor vehicle insurance (CMI) and motor vehicle insurance claim (MVIC) were used as the explanatory variables. Also employed Auto Regressive Distributed Lag (ARDL) model as estimated technique, Evidence from the ARDL Bounds test revealed that there exists no stable long run stable relationship between the variables. However, the ARDL Bound test revealed there are no long run relationship among variables. Therefore, short run relationship among variable was revealed and interpreted, techniques shows that value of lag of MIP, lag of CMI was found to be negative and exhibit an insignificant relationship with gross domestic product in the short run while lag of gross domestic product and motor vehicle insurance claims exhibit a positive and significant relationship with gross domestic product. However, in the short run, motor vehicle policy indices had a significant and insignificant impact on economic growth in the short run. Though there are no long run relationship among variables and concluded that motor vehicle indices has significant and insignificant effect on economic growth in the short run. Therefore, recommended that government should promote insurance of motor vehicle against third party; and government should increase ensure movement of funds are regulated so as to curb inflation and guide against exploitation.
Full-Text Access Notice
In accordance with the NERD Policy on promoting peer-reviewed publication, public access to the full text of a project, thesis or dissertation is restricted for three years, allowing the author and supervisors sufficient time to pursue peer-reviewed publication.
During this period, researchers with legitimate academic or research purposes may request authorisation directly from the author to enable NERD to release the indexed full texts of the work using the form below.