A FMKL-GLD Quantile Method for Estimating Economic Growth in Nigeria in the Presence of Multicollinearity and Outlier
64th ISI World Statistics Congress - Ottawa, Canada
Format: CPS Abstract
Session: CPS 37 - Statistics and economics I
Tuesday 18 July 8:30 a.m. - 9:40 a.m. (Canada/Eastern)
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.