Quantitative Analysis of IFRS Adoption and Economic Growth in Nigeria
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Background of the Study
Economic growth is a primary objective of governments worldwide, as it signifies improvements in a nation's productivity, living standards, and overall development. In Nigeria, a developing economy, achieving sustained growth requires efficient economic policies, financial transparency, and investor confidence. The adoption of International Financial Reporting Standards (IFRS) in 2012 was a significant policy reform aimed at enhancing financial reporting quality, promoting investment, and fostering economic growth.
IFRS provides a globally recognized framework for preparing financial statements, enhancing transparency and comparability. For Nigeria, a country with a growing economy and increasing integration into global markets, IFRS adoption was anticipated to attract foreign direct investment, streamline economic activities, and improve resource allocation. However, the link between IFRS adoption and economic growth remains largely unexplored in the Nigerian context. While some argue that IFRS adoption facilitates investment and economic activities, others contend that the benefits are marginal due to implementation challenges and limited compliance.
This study seeks to provide a quantitative analysis of how IFRS adoption has influenced Nigeria's economic growth, shedding light on its direct and indirect impacts on the economy.
Statement of the Problem
Despite over a decade since IFRS adoption in Nigeria, its impact on economic growth is not well-documented. There is a need for quantitative evidence to establish whether IFRS has contributed to key indicators of economic growth, such as investment inflows, GDP growth, and financial market development.
Aim and Objectives of the Study
1. To analyze the relationship between IFRS adoption and economic growth in Nigeria.
2. To examine the impact of IFRS adoption on foreign direct investment and financial market development.
3. To identify challenges affecting the role of IFRS in fostering economic growth in Nigeria.
Research Questions
1. What is the relationship between IFRS adoption and economic growth in Nigeria?
2. How has IFRS adoption influenced foreign direct investment and financial market development?
3. What challenges hinder the effective role of IFRS adoption in promoting economic growth?
Research Hypotheses
1. H₀: There is no significant relationship between IFRS adoption and economic growth in Nigeria.
2. H₀: IFRS adoption does not significantly influence foreign direct investment and financial market development.
3. H₀: Challenges do not significantly hinder the role of IFRS in promoting economic growth.
Significance of the Study
This study will provide empirical evidence on the role of IFRS adoption in driving economic growth in Nigeria. The findings will guide policymakers, investors, and financial institutions in leveraging IFRS to promote sustainable economic development.
Scope and Limitation of the Study
The study focuses on Nigeria's economic indicators, such as GDP growth, foreign direct investment, and financial market development, during the post-IFRS adoption period. Limitations include the availability of reliable data and external factors influencing economic growth.
Definition of Terms
• IFRS Adoption: Implementation of International Financial Reporting Standards for financial reporting.
• Economic Growth: An increase in a country's production of goods and services over time.
• Foreign Direct Investment (FDI): Investment made by a company or individual in one country in business interests in another country.
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