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Advanced Economic Modeling for Sustainable Development and Policy Innovation in Nigeria
Subject area: Management and Commerce · Area of research: Economic Modeling
Abstract
This paper explores the critical role of advanced economic modeling in promoting sustainable development and policy innovation in Nigeria. It begins by outlining the importance of sustainable development within the Nigerian context, emphasizing the need for robust analytical tools to guide effective policymaking. The theoretical foundations of economic modeling are discussed, introducing fundamental concepts, principles, and various modeling approaches relevant to achieving sustainable development goals. A review of current economic models employed in Nigeria is provided, alongside an examination of innovative modeling techniques that can enhance economic planning and decision-making. The paper highlights these advanced models' potential benefits and impacts, including improved policy effectiveness, economic diversification, environmental sustainability, and social equity. Key challenges to implementing advanced economic modeling in Nigeria are identified, such as technical expertise, data quality, and institutional barriers, while also presenting opportunities for improvement through capacity building, technological adoption, and stakeholder collaboration. The paper concludes with specific policy recommendations for leveraging advanced economic models to drive sustainable development and suggests future research directions to further refine and expand the application of these models in Nigeria.
Keywords
Advanced Economic Modeling, Sustainable Development, Policy Innovation, Nigeria, Data Infrastructure, Capacity Building
How to cite this paper
@article{1706651,
author = {Eme Akinsehinde Dada, May Equitozia Eyeregba, Chukwunweike Mokogwu, Titilayo Deborah Olorunyomi},
title = {Advanced Economic Modeling for Sustainable Development and Policy Innovation in Nigeria},
journal = {Iconic Research And Engineering Journals},
year = {2024},
volume = {8},
number = {6},
pages = {211-220},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1706651.pdf},
abstract = {This paper explores the critical role of advanced economic modeling in promoting sustainable development and policy innovation in Nigeria. It begins by outlining the importance of sustainable development within the Nigerian context, emphasizing the need for robust analytical tools to guide effective policymaking. The theoretical foundations of economic modeling are discussed, introducing fundamental concepts, principles, and various modeling approaches relevant to achieving sustainable development goals. A review of current economic models employed in Nigeria is provided, alongside an examination of innovative modeling techniques that can enhance economic planning and decision-making. The paper highlights these advanced models' potential benefits and impacts, including improved policy effectiveness, economic diversification, environmental sustainability, and social equity. Key challenges to implementing advanced economic modeling in Nigeria are identified, such as technical expertise, data quality, and institutional barriers, while also presenting opportunities for improvement through capacity building, technological adoption, and stakeholder collaboration. The paper concludes with specific policy recommendations for leveraging advanced economic models to drive sustainable development and suggests future research directions to further refine and expand the application of these models in Nigeria.},
keywords = {Advanced Economic Modeling, Sustainable Development, Policy Innovation, Nigeria, Data Infrastructure, Capacity Building},
month = {December},
}