Scaling New Heights: Searching for the Impacts of the Contributions of R&D and Service Sector Employment on the Nigerian Economy
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In spite of the contributions of various components of the Nigerian economy; its real gross domestic products (RGDP) have not reasonably scaled new heights in terms of monetary outputs. The study therefore seeks to empirically establish how the contributions of Research and Development (R&D), and service sector employment have impacted on the Nigerian economy from 1990 to 2019. Methodologically, we source data from the statistical bulletin of Central Bank of Nigeria and adopt econometric method with restrictive emphasis on ARDL cointegrating approach as data analytical method. The findings reveal that the contribution of research and development (CORD) scales new height by impacting significantly on RGDP in the long run; while service sector employment (SVSE) does not. By implication, it means that continuous spending on R&D spurs innovative outcomes that equip human capital to make better contributions to RGDP. We conclude that the contribution of R&D provides the enablement for the growth of the Nigerian economy, and remains the oil that lubricates the processes of economic progress of Nigeria. Hence, scaling up spending in R&D is recommended ' as it presents an opportunity for Nigeria to move from resource-base to knowledge-based economy, and serves as a midwife for Nigerian economic rebirth.