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THE IMPACT OF HEALTH EXPENDITURE ON THE GROWTH OF THE NIGERIAN ECONOMY: THE ARDL APPROACH
A b s trac t
A nation with healthy people is considered a wealthy nation. Thus, as a result of this, no amount of resources spent on health by a nation is considered too much. This paper is designed to examines the impact of health expenditure on economic growth in Nigeria, using time series data spanning from 1981 to 2013. Ordinary least square regression analysis, Auto-regressive Distributed Lag (ARDL) Model approach and Error Correction M echanism (ECM) are employed as the estimating techniques to test the existence of long-run relationship among the variables and the result shows positive impact that gross capital formation, and total health expenditure determine in part the level of economic growth in Nigeria while life expectancy rate indicates statistical negative impact on the growth contrary to theoretical economic expectation for the period covered by the study. As a result, the following policy measures are suggested among others that government should encourage savings and investments in the economy, increase expenditures on health provisions, induce the level of labour productivity and place priority on the issues of security to lives and properties so as to pave way for growth and development of the Nigerian econom y.
Keywords: ARDL, Econom ic growth, Health Expenditure, Nigerian Econom y