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This study modeled the effect of Revenue, Expenditure, Foreign Direct Investment and Exchange rate on Nigerian Gross Domestic Product (obtained from CBN from 1961-2010) in the presence of heteroskedasticity on Nigeria’s macroeconomic variables using the Weighted Least Squares method. Furthermore, it investigated the changing structures in the data using Bai and Perron structural breaks approach. Results showed the existence of heteroskedasticity and the model with correction for heteroskedasticity shows that Revenue, Expenditure, Foreign Direct Investment provides a positive and significant effect on GDP while the Exchange rate negatively affect the GDP while the model with heteroskedasticity showed that Revenue, Expenditure, Foreign Direct Investment significantly affect GDP positively while Exchange rate has negative effect on the GDP. The model with correction for heteroskedasticity is by far more efficient than the model with heteroskedasticity as evidenced by the information as well as other adequacy criteria. Finally, the Bai-Perron Multiple Breakpoint Test identified five (5) breaks within this periods namely; 1973, 1980, 1987, 1994 and 2001 and this persistent break is not healthy for economic growth of Nigeria.

Investigating the Effect of Nigeria’s Macroeconomic Variables on Economic Growth in the Presence of Heteroskedasticity and Structural Breaks