This study investigates the impact of credit allocation given by Deposit Money Banks (DMB) to the agricultural and manufacturing sectors on the performance of the Nigerian economy from 1986 to 2020. In achieving this objective, the study... more
This study investigates the impact of credit allocation given by Deposit Money Banks (DMB) to the agricultural and manufacturing sectors on the performance of the Nigerian economy from 1986 to 2020. In achieving this objective, the study employs the Autoregressive Distributed Lag (ARDL) to evaluate the short-run and long-run impacts as well as the Granger causality tests to examine the nature of causality. The ARDL bounds test reveals the presence of long-run co-integration among the variables. The ARDL technique discloses that DMB credit allocation to the manufacturing sector has a negative and insignificant effect on economic growth in both the first and second lags. The ARDL technique also shows that DMB credit allocation to the agricultural sector has a positive and insignificant effect on economic growth in Nigeria. The granger causality test shows that there is no causal relationship between DMB credit to the manufacturing and agricultural sectors and economic growth. The stud...
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This study investigates the impact of credit allocation given by Deposit Money Banks (DMB) to the agricultural and manufacturing sectors on the performance of the Nigerian economy from 1986 to 2020. In achieving this objective, the study... more
This study investigates the impact of credit allocation given by Deposit Money Banks (DMB) to the agricultural and manufacturing sectors on the performance of the Nigerian economy from 1986 to 2020. In achieving this objective, the study employs the Autoregressive Distributed Lag (ARDL) to evaluate the short-run and long-run impacts as well as the Granger causality tests to examine the nature of causality. The ARDL bounds test reveals the presence of long-run co-integration among the variables. The ARDL technique discloses that DMB credit allocation to the manufacturing sector has a negative and insignificant effect on economic growth in both the first and second lags. The ARDL technique also shows that DMB credit allocation to the agricultural sector has a positive and insignificant effect on economic growth in Nigeria. The granger causality test shows that there is no causal relationship between DMB credit to the manufacturing and agricultural sectors and economic growth. The study recommends that the government through financial authorities must ensure that DMB credits are monitored and channeled appropriately to the agricultural and manufacturing sectors so as to prevent such funds from entering private pockets.
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This paper investigates the nexus between defence expenditure and economic performance in Nigeria using data from 1981-2018. The methodology used for this study is Vector Autoregressive (VAR) Model. The variables used for the analysis... more
This paper investigates the nexus between defence expenditure and economic performance in Nigeria using data from 1981-2018. The methodology used for this study is Vector Autoregressive (VAR) Model. The variables used for the analysis include; gross domestic product, poverty rate and unemployment rate used as measurement of economic performance; other variables are defence expenditure, internal security expenditure and gross capital formation. The data was tested for stationarity test and the results were missed series that is I(0) and I(1). This was followed by Johansen's co-integration test. The result showed the existence of long-run relationship among the variables. The VAR results showed that Defence Expenditure has not contributed significantly to economic growth, poverty and unemployment while internal security expenditure contributed to economic growth, poverty reduction and unemployment. The study recommends that the government should address the insecurity by ensuring that allocated funds to defence and internal security are judiciously expended in order to achieve peace in Nigeria and this will be able to promote economic growth, poverty reduction and unemployment. Well utilized funds for internal security will foster peace and security in the country and help in the attainment of the goal 8 of the Sustainable Development Goals (SDG's) as well as setting the foundation for inclusive economic growth and development.
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This paper is a timely examination of the novel Corona Virus (Covid-19) that is currently ravaging the entire world. The main objective of this research is to study the impact of this global pandemic on the aviation sector in Nigeria. The... more
This paper is a timely examination of the novel Corona Virus (Covid-19) that is currently ravaging the entire world. The main objective of this research is to study the impact of this global pandemic on the aviation sector in Nigeria. The methodology adopted is basically qualitative, explorative and analytical in nature, involving the use of secondary data via journal publications, government official documents, health authorities' data and internet materials. This due to the fact that the virus is novel and very recent. The study found out that the Covid-19 pandemic has thrown the entire global economic, political and social systems into turmoil. The Nigerian economy and aviation sector in particular, has been in a meltdown, which had been thrown into a huge crisis. Some of the negative impacts of the scourge on the Nigerian aviation industry include closure of airports and banning of flights, increasing industry debt profile, negative impact on tourism, increased competitive pricing and severe loss of jobs. In terms of future prognosis, it will be quite a while before the sector recovers and whenever it reopens , the most immediate visible change will be social distancing, touch less travel with passengers needing to be fit to travel. The turnaround time for local and international travels will increase as aircraft will be need to sanitize each time the planes land. Furthermore, there will be increased movement towards the digital space and most of the flight operations will be on digital platforms.
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This study examines the effect of innovation on Small and Medium Enterprises (SMES) performance in Abuja Municipal Area Council, FCT-Abuja. The research design adopted for this study is the descriptive research design; while structured... more
This study examines the effect of innovation on Small and Medium Enterprises (SMES) performance in Abuja Municipal Area Council, FCT-Abuja. The research design adopted for this study is the descriptive research design; while structured questionnaire was administered to 265 SMEs in Garki, Wuse and Utako districts of AMAC, FCT. The study sought out how innovation (product innovation and marketing innovation) enhances performance of SMEs Abuja Municipal Area Council of FCT. Reliability test was conducted to examine the extent to which the measuring instruments will produce consistent scores using Cronbach reliability test, Alpha values of 0.8289, indicating that the tool was suitable for the analysis. ANOVA was used to analysis the data in order to know the effect of innovation on SMEs performance. The findings from the result showed that product innovation has a significant relationship with SMEs performance in AMAC. It was discovered that marketing innovation has a significant relationship with SMEs performance. The study thus recommends that SMEs can achieve a higher performance by carefully selecting their operating markets, focusing on particular product groups and innovation types, avoiding spread of marketing activities. In addition, SMEs must prioritize their marketing innovations by improving their marketing strategy in this era of e-commerce to suit the ever-changing advertising business environment.
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This study examines the relationship between long-term housing finance needs and housing development in Nigeria. This study is based on the argument that the supply of housing is a function of series of economic factors such as real house... more
This study examines the relationship between long-term housing finance needs and housing development in Nigeria. This study is based on the argument that the supply of housing is a function of series of economic factors such as real house price, inflation rate and credit availability, exchange rate and GDP growth. Co-integration and error correction estimation techniques were used to determine long-run relationship and speed of adjustment from the disequilibrium to equilibrium respectively. The results reveal the existence of long-run relationship among the variables used in model. The short-run estimation shows that changes in the previous year of housing loan have a positive significant effect on the current value of housing finance. The result also reveals that changes in the previous two periods’ lag of mortgage bank deposits and income have positive and significant impact on housing finance in the short-run. All these suggest that policies to boost housing finance development in Nigeria would be fruitful in the long term. The study recommends that Nigeria government should give the necessary financial support to mortgage institutions in the country as this will help to strengthen their operational potentials and the huge housing deficit closed. There is also an urgent need for development partners and the private sector to join the government to tackle the crisis.
Keywords: Finance, Housing, Development
JEL Classification: F65, G21, O18
Keywords: Finance, Housing, Development
JEL Classification: F65, G21, O18
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This study investigates and proposes the use of gas automobile fuels (LPG & CNG) as transport fuel in Nigeria, by showing the policies and incentives that have been utilized by other countries and an analysis of the cost efficiency and... more
This study investigates and proposes the use of gas automobile fuels (LPG & CNG) as transport fuel in Nigeria, by showing the policies and incentives that have been utilized by other countries and an analysis of the cost efficiency and environmental effect of the use of auto-gas fuels. The use of CNG and LPG as auto fuel in Nigeria presents benefits with regards to efficiency and environmental friendliness will be highlighted in this research work with emphasis on the economic advantage. Demand for natural gas is likely to overtake other fossil fuels due to its availability, accessibility, versatility and cleanliness. This research shows that adopting gas automobile fuels (LPG & CNG) as an automotive fuel has few barriers but in the long run is very viable in terms of emissions of Green-house gases to the environment and financially economical. From the study, we suggest that policies and incentives would be helpful for the implementation of auto-gas as a transport fuel with regards...
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This study examined the nexus between exchange rate fluctuation and foreign direct investment in Nigeria from 1986 to 2020. The research was conducted using relevant econometric tools which include unit root test, co-integration test and... more
This study examined the nexus between exchange rate fluctuation and foreign direct investment in Nigeria from 1986 to 2020. The research was conducted using relevant econometric tools which include unit root test, co-integration test and Autoregressive Distributed Lag (ARDL) model. The results of ADF unit root test revealed that only interest rate is stationary at level while exchange rate, foreign direct investment, gross capital formation and inflation rate became stationary at first deference. The bounds test showed that there is a long run relationship between the foreign direct investment inflows, interest rate, exchange rate, gross capital formation and trade openness in Nigeria. The findings revealed a negative relationship between exchange rate and foreign direct investment in Nigeria and all the lagged value of exchange rate are statistical significant at 5% level of significant, which an indication of exchange rate importance on foreign direct investment inflows into Nigeria to a two standard error shock of exchange rate showed that exchange rate effect on foreign direct investment is persistence and significantly positive over the a period of up to 8 years after the shock. The exchange rate, though relatively stable, has a profound effect on foreign direct investment in Nigeria. The study recommended that given the perceived over-valued naira, a deliberate effort toward revaluation of the naira to reflect the true value of dollar to naira exchange rate will obviously increase the exchange rate and as such makes it cheaper to invest in Nigeria by foreign businesses.
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This paper investigates the nexus between monetary policy instruments and the real sector of the Nigerian economy. The Vector Autoregressive Distributed (VAR) lag model was employed as the methodology. Findings show that an increase in... more
This paper investigates the nexus between monetary policy instruments and the real sector of the Nigerian economy. The Vector Autoregressive Distributed (VAR) lag model was employed as the methodology. Findings show that an increase in agricultural output, service output, exchange rate, and inflation rate in the previous period will lead to an increase in agricultural output in the current period. An increase in manufacturing output and interest rate in the previous period will lead to a decrease in agricultural output in the current period. An increase in agricultural output, service output, and manufacturing output in the previous period will lead to an increase in service output in the current period. An increase in agricultural output, manufacturing output, exchange rate, inflation rate, and money supply in the previous period will lead to an increase in manufacturing output in the current period. The study recommends that the monetary authority continue to revitalize the agricultural and manufacturing sectors by its policies and measures that provide credit to the sectors at a single-digit rate to boost production and job creation. The monetary authority should also target the exchange rate policy that will encourage investment in the real sector of the Nigerian economy.
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This study focuses on the problem of infrastructure as it affects electronic commerce, small and medium enterprises in Nigeria from the period 1990-2014. With a dichotomous dependent variable, the use of probit model estimated with... more
This study focuses on the problem of infrastructure as it affects electronic commerce, small and medium enterprises in Nigeria from the period 1990-2014. With a dichotomous dependent variable, the use of probit model estimated with maximum likelihood method was deployed. Nine regressors (financial cost, business size, infrastructure, government support, managerial support, security concern, I.T capability, market readiness and employment generation) model, their marginal effects and first difference effects were derived. The study reveals that ecommerce is impactful on SME performance in Nigeria and very capable in attracting investments into the ICT sector of the Nigerian economy. The study suggests that small and medium scale enterprises need to own, maintain and publish products and services on the internet through creation of domain websites to access global markets and maximize the benefits of ecommerce. In addition, the need for government to create enabling laws for handling ...
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This study is carried out to empirically examine the implication of unemployment and inflation on poverty level in Nigeria from 1980-2014. Three variables are used in this paper which are Poverty level, Unemployment Rate and Inflation... more
This study is carried out to empirically examine the implication of unemployment and inflation on poverty level in Nigeria from 1980-2014. Three variables are used in this paper which are Poverty level, Unemployment Rate and Inflation Rate. The variables were subjected to unit root test and they were all stationary at first difference I(1). Using the Johansen test, the variables were found to be co-integrated at 5% level of significance. Vector Auto Regressive (VAR) Model was used to determine the short-run relationship between the variables and the forth lag was selected based on the lag selection criterion. Forecast Error Variance Decomposition (FEVD) was obtained using the cholesky decomposition of the VAR residual. The result obtained showed the proportion of the variations in Poverty, inflation and unemployment rate attributed to their respective lag values. Granger causality test was carried out from the VAR model, and the result indicated that there is a bi-causality between ...
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This study investigates the relative impact of money supply and government expenditure on economic growth in Nigeria. In order to achieve the objectives, we proposed and specified models with parameters, which were estimated and used to... more
This study investigates the relative impact of money supply and government expenditure on economic growth in Nigeria. In order to achieve the objectives, we proposed and specified models with parameters, which were estimated and used to test the hypothesis on relative impact of money supply vis-a-vis government expenditure. The Beta Coefficients techniques and Two Stage Least Square were employed to analyze the data. The empirical result showed that the government expenditure is relatively more effective compared with money supply on economic activities. Government expenditure as a fiscal policy instrument is greater, more reliable (predictable) and faster than the use of money supply as a monetary policy instrument in stabilizing the economy. Since both government expenditure and money supply are policy instruments use to stabilize the economy, government should rely more on government expenditure than money supply. However, the combination and harmonization of both money supply an...
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This study examines the development of mortgage finance in Nigeria and its impact on economic growth. Aggregate housing finance data for by both banks and non-financial institutions was used to measure housing finance. Other variables... more
This study examines the development of mortgage finance in Nigeria and its impact on economic growth. Aggregate housing finance data for by both banks and non-financial institutions was used to measure housing finance. Other variables considered include financial debt proxy by M2Per capita, financial instability proxy Interest rate and the level of development of the capital market measured by market capitalization. Time series data covering the period 1990-2016 was obtained from Central Bank statistical bulletin, National Bureau of Statistic and World Bank. The methodology adopted in the study is Vector Autoregressive Model (VAR) was estimated using linear regression method. The results of the analysis indicated that there is a one-way causal link runs from mortgage finance to economic growth. In addition, mortgage finance was found to be a significant determinant of increasing pattern of economic growth over a long period of time. Due to the level of the country’s financial depth,...
This study examined the impact of insecurity and government spending on security on Small and Medium Scale Entreprises in Nigeria. To achieve this, a model was formulated to empirically analyze the impact of insecurity and government... more
This study examined the impact of insecurity and government spending on security on Small and Medium Scale Entreprises in Nigeria. To achieve this, a model was formulated to empirically analyze the impact of insecurity and government spending on security on Small and Medium Scale Entreprises in Nigeria using Error Correction Model (ECM) with statistical test of significance. The independent variables were Insecurity Index (INS) and Budgetary Allocations to Defense (BAD) on security while the dependent variable is SMES. The ECM result obtained showed the major findings which are; Budgetary Allocations to Defense (BAD) has positive impact on SMES, with the impact being statistically insignificant. Insecurity Index (INS) has a positive and statistically significant impact on SMES. In the study, the recommendations made include: Government should ensure that security expenditure is properly managed in a manner that it will raise the nation's production capacity and promote infrastructure development.
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This paper investigates the impact of Deposit Money Banks (DMBs) on poverty reduction; a focus on microfinance banks in Nigeria from 1990-2019. The co-integration test is conducted using Bound Test and Autoregressive Distributed Lag... more
This paper investigates the impact of Deposit Money Banks (DMBs) on poverty reduction; a focus on microfinance banks in Nigeria from 1990-2019. The co-integration test is conducted using Bound Test and Autoregressive Distributed Lag (ARDL) model which are employed for the analyses. From the study, the current period of loans from microfinance banks and one period lag of interest rate have positive and significant impact on poverty level. Current period of access to microfinance banks and current period of interest rate have positive but insignificant impact on the poverty level. One period lag of access to microfinance banks and current period of deposits liabilities of microfinance banks have negative and insignificant impact on poverty level.
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This study investigates the nexus between real crude oil price and exchange rate in Nigeria from January 1999 to December 2019. The study employed Monthly data which includes the bilateral exchange rate between Nigeria (Naira) and the... more
This study investigates the nexus between real crude oil price and exchange rate in Nigeria from January 1999 to December 2019. The study employed Monthly data which includes the bilateral exchange rate between Nigeria (Naira) and the United State (Dollar), and the spot price of crude oil measured in West Intermediate Price (WTI). The Johansen cointegration was explored to test the cointegrating relationship between Exchange rate, crude oil price, interest rate and external reserve. The findings show there is a longrun relationship between the variables. Meaning a 1 percent increase in crude oil price will lead to a 2.66 percent increase in naira per US dollar exchange rate. As for external reserve, a 1 percent increase will result in a 1.15 percent decrease in the exchange rate. While a 1 percent increase in interest rate will lead to a 3.75 percent increase in the exchange rate. However, it takes a 0.9 percent speed of adjustment for the equilibrium to be restored from the shortrun disequilibrium. The study, therefore, recommends that adequate measures should be taken to de-link long-run movements of the naira exchange rate from crude oil price changes due to its high volatility rate.
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This study investigates the nexus between real crude oil price and exchange rate in Nigeria from January 1999 to December 2019. The study employed Monthly data which includes the bilateral exchange rate between Nigeria (Naira) and the... more
This study investigates the nexus between real crude oil price and exchange rate in Nigeria from January 1999 to December 2019. The study employed Monthly data which includes the bilateral exchange rate between Nigeria (Naira) and the United State (Dollar), and the spot price of crude oil measured in West Intermediate Price (WTI). The Johansen cointegration was explored to test the cointegrating relationship between Exchange rate, crude oil price, interest rate and external reserve. The findings show there is a longrun relationship between the variables. Meaning a 1 percent increase in crude oil price will lead to a 2.66 percent increase in naira per US dollar exchange rate. As for external reserve, a 1 percent increase will result in a 1.15 percent decrease in the exchange rate. While a 1 percent increase in interest rate will lead to a 3.75 percent increase in the exchange rate. However, it takes a 0.9 percent speed of adjustment for the equilibrium to be restored from the shortrun disequilibrium. The study, therefore, recommends that adequate measures should be taken to de-link long-run movements of the naira exchange rate from crude oil price changes due to its high volatility rate.
Research Interests:
Research Interests:
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Research Interests:
Research Interests:
Abstract The study examined the impact of energy use on carbon emission in Nigeria from 1990-2019. The variables used in the study which were Carbon Emission, Oil Consumption (OP), Gas Fuel (GF) and Fossil Fuel Consumption (FFC). The... more
Abstract
The study examined the impact of energy use on carbon emission in Nigeria from 1990-2019. The variables used in the study which were Carbon Emission, Oil Consumption (OP), Gas Fuel (GF) and Fossil Fuel Consumption (FFC). The variables were subjected to unit root test and they were all stationary at first difference I(1). Since the variables were not all stationary at level co-integration test was used to determine the long-run relationship between the variables. The variables were found to be co-integrated. The Structural Vector Error Correction Mechanism (SVECM) was employed. From the results, the study found that energy consumption has positive and significant relationship with Carbon Emission in Nigeria. In the light of the findings derived from this study, the recommendations made include: The government should strive to achieve optimum energy mix for the country. This will mean reducing carbon emitting energy sources and increasing energy generation from sources that are environmental friendly.
Keywords: Energy Utilization, Pollution, Carbon Emission, Nigeria
The study examined the impact of energy use on carbon emission in Nigeria from 1990-2019. The variables used in the study which were Carbon Emission, Oil Consumption (OP), Gas Fuel (GF) and Fossil Fuel Consumption (FFC). The variables were subjected to unit root test and they were all stationary at first difference I(1). Since the variables were not all stationary at level co-integration test was used to determine the long-run relationship between the variables. The variables were found to be co-integrated. The Structural Vector Error Correction Mechanism (SVECM) was employed. From the results, the study found that energy consumption has positive and significant relationship with Carbon Emission in Nigeria. In the light of the findings derived from this study, the recommendations made include: The government should strive to achieve optimum energy mix for the country. This will mean reducing carbon emitting energy sources and increasing energy generation from sources that are environmental friendly.
Keywords: Energy Utilization, Pollution, Carbon Emission, Nigeria
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his study examines the relationship between foreign portfolio investment and Nigerian economic growth from 1986 to 2018. The annual time series data for the study were sourced from the Central Bank of Nigeria and National Bureau of... more
his study examines the relationship between foreign portfolio investment and Nigerian economic growth from 1986 to 2018. The annual time series data for the study were sourced from the Central Bank of Nigeria and National Bureau of Statistics and the methodology employed for the analysis was Autoregressive Distributed Lag model. Evidence from results showed that current value and one period lag of Foreign Portfolio Investment (FPI) showed negative and insignificant impacts on the Gross Domestic Product (GDP). There is unidirectional causality between GDP and FPI. The causality flows from GDP to FPI. The study concludes that the level of fluctuation of FPI into Nigeria at the moment signifies that the economy needs total reform in order to gain the confidence of the foreign investors. The study therefore, recommends that government should double its effort at improving the investment. The government should support the prevailing investors through improvement in infrastructural development; provision of services and changes within the regulatory framework by relaxing laws on profit repatriation among others.
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In this study, the nexus between rail transportation expenditure and economic growth in Nigeria is examined from 1970 to 2018. For the estimation, the error Correction Method was used. The result confirms that there is a long-run... more
In this study, the nexus between rail transportation expenditure and
economic growth in Nigeria is examined from 1970 to 2018. For the
estimation, the error Correction Method was used. The result confirms that
there is a long-run cointegrating relationship among the variables. Findings
from the study showed that government expenditure on rail transport has a
positive and significant impact on gross domestic product. Number of
freights in rail has a negative and insignificant impact on gross domestic
product and number of passengers in rail has a positive and significant
impact on gross domestic product. It is recommended that government
should give adequate attention to rail transportation by improving rail
infrastructures through the provision of more coaches, locomotives,
rehabilitate old rail tracks and construct new once which will link rural and
urban centers together. This will enable rail transportation to be better
alternative to road and air transportation; and will contribute more to the
economic growth.
Keywords: Economic growth; Expenditure; Nigerian Economy; Rail
Transportation.
economic growth in Nigeria is examined from 1970 to 2018. For the
estimation, the error Correction Method was used. The result confirms that
there is a long-run cointegrating relationship among the variables. Findings
from the study showed that government expenditure on rail transport has a
positive and significant impact on gross domestic product. Number of
freights in rail has a negative and insignificant impact on gross domestic
product and number of passengers in rail has a positive and significant
impact on gross domestic product. It is recommended that government
should give adequate attention to rail transportation by improving rail
infrastructures through the provision of more coaches, locomotives,
rehabilitate old rail tracks and construct new once which will link rural and
urban centers together. This will enable rail transportation to be better
alternative to road and air transportation; and will contribute more to the
economic growth.
Keywords: Economic growth; Expenditure; Nigerian Economy; Rail
Transportation.
Research Interests:
This study investigates and proposes the use of gas automobile fuels (LPG & CNG) as transport fuel in Nigeria, by showing the policies and incentives that have been utilized by other countries and an analysis of the cost efficiency and... more
This study investigates and proposes the use of gas automobile fuels (LPG & CNG) as transport fuel in Nigeria, by showing the policies and incentives that have been utilized by other countries and an analysis of the cost efficiency and environmental effect of the use of auto-gas fuels. The use of CNG and LPG as auto fuel in Nigeria presents benefits with regards to efficiency and environmental friendliness will be highlighted in this research work with emphasis on the economic advantage. Demand for natural gas is likely to overtake other fossil fuels due to its availability, accessibility, versatility and cleanliness. This research shows that adopting gas automobile fuels (LPG & CNG) as an automotive fuel has few barriers but in the long run is very viable in terms of emissions of Greenhouse gases to the environment and financially economical. From the study, we suggest that policies and incentives would be helpful for the implementation of auto-gas as a transport fuel with regards to fiscal and regulatory such as; excise-duty exemption or rebate, grants/tax credits for gas fueling vehicles conversion/acquisition, vehicle sales-tax exemption or income/profit tax credit and more. If Auto-gas for automotive fuel is considered and implemented in the Nigerian Transportation system, it will move the Nigerian fuel market from an inelastic feature to an elastic feature.
Research Interests:
Developing countries including Nigeria must industrialize to benefit from international trade, because primary product export experience deteriorating terms of trade and have low income elasticity of demand. The paper examined the impact... more
Developing countries including Nigeria must industrialize to benefit from international trade, because primary product export experience deteriorating terms of trade and have low income elasticity of demand. The paper examined the impact of synchronizing trade and industrialization policy with a view to promote economic growth in Nigeria. We utilized content, descriptive and multivariate regression analysis to achieve the objectives of the study. The analysis found that Nigeria have adopted various trade and industrial policies designed to promote growth. The industrial sector is still lagging behind when compared to other countries in same region. The import input contents of manufactured product is still very high. Constrains to industrial production have hovered around exchange rate misalignment, high production cost, macroeconomic instability, infrastructural deficiency, among others. The findings from the regression analysis reveal that domestic trade and industrialization has a positive and significant effect on economic growth. Importation and exportation are individually not significant factor of economic growth in Nigeria, although exportation has a positive effect while importation has a negative effect on economic growth. It is recommended that policies that will promote domestic trade, exportation and industrialization and the ones that will discourage the importation (especially non industrial goods) should be synchronized towards achieving sustainable economic growth in Nigeria.
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This paper is a timely examination of the novel Corona Virus (Covid-19) that is currently ravaging the entire world. The main objective of this research is to study the impact of this global pandemic on the aviation sector in Nigeria. The... more
This paper is a timely examination of the novel Corona Virus (Covid-19) that is currently ravaging the entire world. The main objective of this research is to study the impact of this global pandemic on the aviation sector in Nigeria. The methodology adopted is basically qualitative, explorative and analytical in nature, involving the use of secondary data via journal publications, government official documents, health authorities' data and internet materials. This due to the fact that the virus is novel and very recent. The study found out that the Covid-19 pandemic has thrown the entire global economic, political and social systems into turmoil. The Nigerian economy and aviation sector in particular, has been in a meltdown, which had been thrown into a huge crisis. Some of the negative impacts of the scourge on the Nigerian aviation industry include closure of airports and banning of flights, increasing industry debt profile, negative impact on tourism, increased competitive pricing and severe loss of jobs. In terms of future prognosis, it will be quite a while before the sector recovers and whenever it reopens , the most immediate visible change will be social distancing, touch less travel with passengers needing to be fit to travel. The turnaround time for local and international travels will increase as aircraft will be need to sanitize each time the planes land. Furthermore, there will be increased movement towards the digital space and most of the flight operations will be on digital platforms.
Research Interests:
The study investigates the impact of electricity consumption on Nigerian economy between 1986 and 2018. The data were sourced from National Bureau of Statistics, World Development indicators and The International Energy Agency. The... more
The study investigates the impact of electricity consumption on Nigerian economy between 1986 and 2018. The data were sourced from National Bureau of Statistics, World Development indicators and The International Energy Agency. The estimation technique employed for the analysis is Autoregressive Distributed Lag Model. The variables used are Electricity consumption (ELC), Cost of fuel/gas (CFG) and Economic growth rate (GDPR). The variables were subjected to stationarity test. The result showed that GDPR and CFG were stationary at level I(0) while ELC became stationary at first difference I(1). The variables are also free of multicollinearity. The ARDL result confirmed that both ELC and GDPR are positively and significantly correlated in the short-run but in the long-run, ELC impacted negatively and insignificantly on economic growth in Nigeria, while CFG exerts positive but insignificant impact on economic growth. The study therefore, recommends that measures be taken towards electricity conservation to enhance efficient consumption of electricity towards increasing economic growth in Nigeria. The government should enact policies in the sector towards availability of electricity considering the negative influence that electricity consumption has on economic growth in the long-run. The cost of fuel and gas should be at a rate that will accommodate all income class in the economy in order to aid access to electricity consumption which will in turn increase economic growth.
Keywords: Electricity, Consumption, Economic Growth
Keywords: Electricity, Consumption, Economic Growth
This paper investigates the impact analysis of infrastructural renewal on Nigerian economy. The data used were time series between 1981 to 2017 for government spending on road, communication, education and private capital were used for... more
This paper investigates the impact analysis of infrastructural renewal on Nigerian economy. The data used were time series between 1981 to 2017 for government spending on road, communication, education and private capital were used for the analysis. The sources of the data are from National Bureau of Statistics, Central Bank of Nigeria and World Development Index. In order to avoid spurious results, Augmented Dickey Fuller's stationarity test and Johansen's co-integration test was conducted while Vector Error Correction Model (VECM) was employed as methodology to analyse the results. Findings show that government spending on infrastructure has long-run relationship with Nigerian economy. Government expenditure on road and communication has positive and significant impact on Nigerian economy. Government expenditure and private investment has negative but significant impact on Nigerian economy. The study recommends that government should improve expenditure on road and education in order to boast economy and bring the economy to path of progress and prosperity. Since the government alone cannot provide all infrastructures for the citizens, it should partner with private sector using Public Private Partnership in the provision of infrastructure amenities in order to increase economic growth in Nigeria.
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The study investigated the impact of rail freight and passengers volume on economic growth in Nigeria (1970-2017). Annual time series data were sourced from Nigerian Railway Corporation, Federal Ministry of Transport, Central Bank of... more
The study investigated the impact of rail freight and passengers volume on economic growth in Nigeria (1970-2017). Annual time series data were sourced from Nigerian Railway Corporation, Federal Ministry of Transport, Central Bank of Nigeria and National Bureau of Statistics. The data were tested for stationarity using Augmented Dickey Fuller (ADF) test while the co-integration was conducted using Johansen's test. The estimation technique employed for the time series data was Error Correction Model (ECM). The results show that, there is long-run equilibrium relationship between the key variables, Gross Domestic Product (GDP), Volume of Freight (VOF) and Volume of Passengers (VOP). ECM also has the expected negative sign and is between the accepted region of less than unity. The result showed VOP has a positive relationship with GDP but does not have significant impact on GDP. VOF has a negative relationship but has significant impact on GDP. The negative impact of VOF on economic growth can be attributed to total neglect of railway sub-sector in Nigeria by successive government. The study therefore recommends that government should continue to increase capital expenditure in the rail sub-sector in order to rehabilitate old and provide modern rail tracks, purchase modern coaches and locomotives will aid movement of passengers and goods across cities and the hinterland which will boost economic activities, increase output, facilitate trade and generate employment across the country.
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This study is carried out to empirically examine the implication of unemployment and inflation on poverty level in Nigeria from 1980-2014. Three variables are used in this paper which are Poverty level, Unemployment Rate and Inflation... more
This study is carried out to empirically examine the implication of unemployment and inflation on poverty level in Nigeria from 1980-2014. Three variables are used in this paper which are Poverty level, Unemployment Rate and Inflation Rate. The variables were subjected to unit root test and they were all stationary at first difference I(1). Using the Johansen test, the variables were found to be co-integrated at 5% level of significance. Vector Auto Regressive (VAR) Model was used to determine the short-run relationship between the variables and the forth lag was selected based on the lag selection criterion. Forecast Error Variance Decomposition (FEVD) was obtained using the cholesky decomposition of the VAR residual. The result obtained showed the proportion of the variations in Poverty, inflation and unemployment rate attributed to their respective lag values. Granger causality test was carried out from the VAR model, and the result indicated that there is a bi-causality between inflation and poverty. There is two-way causality between unemployment rate and poverty. There is one-way causality between unemployment rate and inflation rate. From the conclusion, it recommended that since unemployment causes poverty in Nigeria, government should review the education curriculum which will include practical skill acquisition programme in the educational system so as to produce graduates that are employers of labour rather than employment seekers. The government should give incentives to producers to enable them increase domestic production which will bring down price level. Nigerian government should strive to reduce poverty level by formulating and implementing poverty reduction programme like social security which will reduce inflation and unemployment rate and will lead to economic growth.
