A FMKL-GLD Quantile Method for Estimating Economic Growth in Nigeria in the Presence of Multicollinearity and Outlier
Abstract
In this study, we estimate parameters to determine Nigerian economic growth in the presence of multicollinearity and outliers. We employed the FMKL-GLD quantile model to quarterly data from 1986 to 2021 from the Central Bank of Nigeria. The FMKL-GLD quantile models at 25%, 50% and 75% quartiles respectively were fitted. Results, show that based on the location, scale and space parameters from FMKL-FGLD and GLD Q-Q plots as well as the estimated parameter of RGDP, FMKL-FGLD was the best model that described the economic situation in Nigeria by showing that the economy was growing in retrogressive direction and the need for drastic effort and strong-willed to curtail the situation.