Department of Economics

Permanent URI for this community

https://ir.unilag.edu.ng/handle/123456789/3450

Browse

Browsing Department of Economics by Title

Now showing 1 - 20 of 282
  • Item
    Open Access
    6) Insurance Service Sub-Sectors and Output Performance In Nigeria: A Generalized Linear Model Approach
    (The Nigerian Journal of Risk and Insurance (NJRI), 2019) Odior, E.S.O.
    This study examines the insurance services sub-sectors impact on output performance in Nigeria from the period 1981-2017. Using service exports and imports as proxy for insurance services. Methodically, this study test for stationary, test for the cointegration using the Engle-Granger single-equation and use the Generalized Linear Model (GLM) method to analysis the static impact. The results confirm one cointegrating relationship amongst the variables used in the study. The results also reveal that the insurance service exports has a positive significant impact on output performance, while insurance service imports does not have significant impact on output performance in Nigeria in the static analysis. For product innovations in the insurance industry and effective out growth, this study recommends that policy legislation should provide adequate transparency and efficiency. Also, formulation of policy by the government should targeted at providing institutional improvement, especially in risk management.
  • Item
    Open Access
    9) Causality and Exogeneity Issues in Socio-Economic Determinants of Good Health in Nigeria
    (Lafia Journal of Economics and Management Sciences, 2019-12) Odior, E.S.O.
    The premise of this study is to empirically appraise and identify the factors that can promote good health in Nigeria. The study use a VEC and Granger causality/block exogeneity tests methods to explain the linear relationship between the endogenous and exogenous variables and to test whether the endogenous variable life expectancy at birth (LEP) (proxied as good health) can be treated as exogenous. The results show that health expenditures, income per capita, education expenditure, physical environment and unemployment rate are significant in explaining LEP in the long run, while population growth rate did not. In the short run, the result shows that the past value of good health, health expenditure, income per capital and physical environment were positively associated with current LEP, while population growth and unemployment rate were negatively associated LEP. The granger causality/block erogeneity Wald test results show that LEP granger-cause health expenditure, education expenditure and population growth rate. The study therefore, recommended that there is need for government and corporate private organisation to pay attention to these variables that are directly related to good health and adequate macroeconomic policy need to be postulated by the government to reduce cost of health.
  • Item
    Open Access
    Abundant natural resources, ethnic diversity and inclusive growth in sub-Saharan Africa: A mathematical approach
    (Applications and Applied Mathematics: An International Journal, 2021) Adenuga, J.I.; Ajide, K.B.; Odeleye, A.T.; Ayoade, A. A.
    The sub-Saharan African region is blessed with abundant natural resources and diverse ethnic groups, yet the region is dominated by the largest number of poor people worldwide due to in- equitable distribution of national income. Existing statistics forecast decay in the quality of lives over the years compared to the continent of Asia that shares similar history with the region. In this paper, a five-dimensional first-order nonlinear ordinary differential equation was formulated to give insight into various factors that shaped dynamics of inclusive growth in sub-Saharan Africa. The validity test was performed based on ample mathematical theorems and the model was found to be valid. The model was then studied qualitatively and quantitatively via stability theory of non- linear differential equations which depended on the policy success ratio and classical fourth-order Runge-Kutta scheme implemented in Maple, respectively. The results from the analysis showed that inclusive growth from abundant natural resources and ethnic diversity in sub-Saharan Africa was a function of policy reform whereby an increase in both equitable distribution of national in- come and accessibility of common man to the goods and services provided by the state to narrow inequality gap was accompanied with a low level of nepotism.
  • Item
    Open Access
    Agricultural output performance, employment generation and per capita income in Nigeria
    (Biz Econs Quarterly, 2020) Ochada, I.M.; Ogunniyi, M.B.
    Agriculture sector in Nigeria has been identified as a vital sector as it offers the teaming population the creation of employment thereby increasing the per capita income of the individuals in the economy. This study focused on the agricultural output performance, employment generation and per capita income in Nigeria from 1981-2016. Per capita income, employment generation proxy as agriculture value added per worker and agricultural output data gotten from CBN bulletin and World Bank data base were used as variables. The unit root test reveals stationary after first differencing. Johansen cointegration indicates no co-integrating equation which implies no stable long run equilibrium among agricultural output, employment generation and per capita income in Nigeria. The VAR using both impulse response and variance decomposition indicates positive dynamic interactions among agricultural output, employment generation and per capita income in Nigeria. More emphases therefore need to be placed on the agricultural sector as its output has the capacity to improve the quality of life of the people and create employment.
  • Item
    Open Access
    Alleviating Poverty through Microfinance: Nigeria's Experience
    (2016) Lawanson, O.I
    Poverty is a global phenomenon, especially in the less developed countries like Nigeria and it has aroused the concern of people all over the world, including individuals, Non-Governmental Organizations. (NGO's), Multilateral Institutions such as the World Bank and the United Nations Development Programme (UNDP),. as well as national governments. Microfinance is still a relatively new phenomenon in Nigeria as it was just employed as a strategy for poverty reduction in December 2005. The first Microfinance Bank can be traced back to 1976, when Muhammad Yunus set up the Grameen Bank, as an experiment, on the outskirts of Chittangong University camp liS in the village of Jobra, Bangladesh. Since the Microfinance policy was put in place ill December 2005, the .effect has rarely been felt; it hasn't had the adequate trickle-down effect on the Nigerian citizenry because the gap between the rich and the poor is still on the increase. Poverty is a critical phenomenon that calls for an urgent attention and solution all over the world, especially in the underdeveloped nations of the world where it has eaten deep into the lives of many. The need to alleviate poverty arises in order- to enhance the quality of life through the creation of favorable standards of living by effective production and distribution of consumer goods and Services. This study seeks to determine the effect that Microfinance Institutions have had on reduction, or alleviation of poverty in Nigeria ..
  • Item
    Open Access
    An empirical investigation of the nexus between Happiness and Productivity
    (European Journal of Humanities and Social Sciences, 2011) Odeleye, A.T.
    This study analyses the effects of specific factors on happiness and its reversal causation on productivity which in turn impact economic growth. It assumes that these factors act as transmission mechanisms which impact economic activities of the Ajaguro Community, a rural development area of Lagos State, Nigeria. Results show that marital status, higher levels of education, quality of life and job satisfaction influence happiness and consequently economic growth. It discovers that age, gender, ethnicity and job position have no significant impact on happiness and economic growth. These results suggest the need for Nigerian policy makers to adopt programs that can boost happiness of her citizenry for better economic performance.
  • Item
    Open Access
    An analysis of causal nexus between foreign direct investment, exchange rate and financial market development in Nigeria (1970 to 2009)
    (African Journal of Economic and Sustainable Development (AJESD), 2012) Saibu, Olufemi Muibi
    The study investigated the causal relationship between FDI, exchange rate and financial market development using quarterly data from Nigeria. This was with a view to determine whether there existed any significant causal nexus was from FDI exchange rate to financial market development or the other way round in Nigeria. The study adopted vector error correction mechanism. Exchange rate was included with a view to determining whether macroeconomic instability adversely affected financial market development in Nigeria. The results show that FDI had no significant causal effect on financial market development while there are bidirectional causality between financial market development and exchange rate. In addition, a further analysis of effects of FDI and exchange rate on financial market development showed that both FDI and exchange rate had negative effects on financial market development; thus implying that FDI and macroeconomic instability adversely affect the development and provision of financial services in Nigeria.
  • Item
    Open Access
    AN ANALYSIS OF HOUSEHOLDS’ SAVING BEHAVIOUR IN LAGOS STATE OF NIGERIA: THE POST RECESSION ERA
    (YDÜ SOSBİLDER, 14(1), 29-63. Near East University Journal of Social Sciences, 14(1), 29 -63. Near East University., 2021-04) Osobase, A. O.; Adeyemi, E. A.
    Following the recession experienced in the Nigerian economy, there were negative significant transformations in the socioeconomic and political structures of the economy, as jobs were lost, underemployment and unemployment scale up, labour productivity declined, stagnated wages as well as sharp decline in micro and macro-levels savings. Based on the aforementioned, this current study explores the subject matter of household savings level, likewise investigates the determinants of household savings behaviour in Lagos state of Nigeria. Purposive sampling is adopted to select ten Local Government Areas (LGAs) in the study area while information is obtained through a standardized questionnaire from 520 out of 800 household heads (representing 65% response rate). The data is analyzed using descriptive statistic, hierarchical multiple regression (HMR) and robust standard errors (RSR) techniques. The finding shows that 52.4% of the respondents are male with an average monthly income of $204.65 (N74697.95K) and savings of $27.75 (N10130.5K),while the female counterparts have mean monthly income and savings of $101.50 (N37050.28K) and $11.86 (N4329.609K) respectively. The mean income for all households is $169.16 (N61745.41K). The average propensity to saves is depicted as 0.13 while the average propensity to consume for all households is 0.87. The empirical outcome using the HMR reveals that household income and male head of household positively and significantly impact on savings. On the other hand, food consumption expenditure, educational level of household head, household size and economically active population of household have negative significant impact on savings. Furthermore, the RSR result suggests that all the explanatory variables with the inclusive of occupation of household head have significant impact on savings. Based on the findings, the study suggests that government and policy makers should improve household savings capacity by implementing policies that will improve productivity, generate employment opportunities and boost household income.
  • Item
    Open Access
    An Analysis Of Neoclassical Growth Model With Foreign Capital Close Linkages
    (De-Caritas Centre for Studies in Human Development in Africa (DECSHDA), 2016-03) Ojapinwa, T. V.; Odekunle, L. A.
    This paper shows that the relevance of foreign capital inflow in boosting economic growth and prosperity originated from both classical and neoclassical theories of growth which postulate that foreign capital inflow can supplement domestic investment funds to enhance the capacity of the economy to grow. Foreign capital inflows can provide the financial system WIth substantial resources if they are saved in form of deposits which could lead to a greater allocation of investments such as credits among not only the foreign capital-receiving population but also the non-receiving, in the long run. Foreign capitals that pass through the financial system are generally needed to ft/I the prevailing gap so that countries can grow more rapidly than their internal resources would otherwise allow.
  • Item
    Open Access
    An Analysis of Nigeria's Fiscal Policy Design and Reflections
    (ASUU Journal of Social Sciences, 2017) Nwaogwugwu, I.C
    Nigeria s fiscal policy issues have dominated the discussion in many years over matters of design and management as efforts by the government to redirect the economy through fiscal actions have not yielded desired results. This paper therefore, makes an attempt at reviewing the design and reflections of Nigeria s fiscal policy between 1960 and 2011. This period has been divided into five sub-periods of fiscal policy regimes based on the similarity of policy and its manifestations. Relying on descriptive statistics the paper reveals that fiscal policy regime shifts are not consistent with the overall economic policy of the state. Thefiscal targets and instrument variables were also poorly defined and mismatched both in content and operations. The paper therefore recommends a robust fiscal policy design and regime that will effectively complement the nation s monetary policy actions.
  • Item
    Open Access
    An Analysis of Social Listening and Use of Social Media as Marketing Tools Among University Students in Nigeria
    (Journal of American Academic Research, 2020-03) Ogunniyi, M.B.; Ogunshakin, T.O.
    Timeless art of listening before speaking starts from childhood, unfortunately, many listen to respond rather than listen to understand. All over the world today, so many conversations happen on social media but very few people/organisations listen to them and fewer still, learn from them. Although this problem may seem inconsequential, it has a great effect on the success of every one of us either as individuals or corporate entities. In an era where content is king, engagement is queen and data(information)is the new currency, this research analyses how Nigerian University students tap this enormous data generated from the amount of time Nigerians spend on social media to advance their businesses;it also analyses how they utilise social media and social listening as viable marketing tools in running smart business. This study recommends that University students in Nigeria, as well as other brands, governmental and non-governmental organisations should make use of social media and the social listening aspect of it to effectively boost online presence, clientele range and record significant increase in ROI.
  • Item
    Open Access
    Analysis of the impact of natural resources and globalization on environmental quality and economic growth: The study of SANE nations
    (FrancoAngeli, 2023-01-23) Charles A.O; Anthony O.O; Wilson, F.O; Samuel, O.M; Tope, J.O
    The outcome of resources and globalization on growth and the quality of the environment among SANE (South Africa, Algeria and Nigeria) nations from 1990 to 2020 was investigated in this study. Economic growth and environmental degradation are the dependent variables, whereas the independent variables are natural resources, population, foreign direct investment, trade openness, globalization, domestic credit to private sector by banks and investment. The study utilizes FMOLS and Granger Causality estimation procedure. Findings from the environmental degradation outcome suggest that per capita gross domestic product, gross fixed capital formation and globalization have positive significant impact on the regressand while trade openness has adverse significant impact on environmental degradation. The result from the economic growth model indicates that natural resources and total population positively and significantly influence per capita gross domestic product. The Granger causality outcome predicts a uni-directional relationship that runs from environmental degradation to globalization, and a one-way causality from globalization to per capita gross domestic product. Also, a uni-directional causal relationship was observed from natural resources to globalization. Based on the outcome, the study recommends that investment in clean technologies should be given high precedence, and since these greener technologies are capital intensive, there is a need for the provision of adequate finance to the private sector to procure these technologies as these would help to alleviate the challenge of degradation of the environment, and increase the value of the environment in the SANE nations
  • Item
    Open Access
    An Analysis of the Socio-Economic Implications of Stationary Articulated Vehicles in Lagos Metropolis
    (ASUU Journal of Social Sciences [Journal of Research and Development, 2019) Ogunniyi, M.B.; Attoh, F.
    This paper examines the socioeconomic costs of the stationary articulated vehicles on the city of Lagos infrastructure, such as roads and bridges, including the effects on commercial activities; social interaction and health of the residents of Lagos metropolis. Using the key informant Interview and in-depth interview method, the authors generated data from a purposive sample of 200 Lagosians compromising artisans, civil servants, businessmen and women, transporters and government officials. Simulating the data with Pie Charts, Simple percentage and narration responses; strengthened with theoretical framework on Classical Theory of Traffic congestion; the authors argued that the socioeconomic costs of allowing the continuous stay of those vehicles on the critical infrastructure of Lagos city will result in infrastructure failure, such as failure of rods and bridges, high costs of doing business as well as health issues. These effects negate the desire of the state to transform into a smart mega city in no distant future. It is recommended that the study will essentially give direction to ameliorating the perennial challenge.
  • Item
    Open Access
    An Appraisal of Teaching and Learning of Mathematics in Colleges of Education
    (Ikere Journal of the Science Teacher, 2007) Ogunniyi, M.B.
    Problem solving sine qua non for mathematics. The teaching and learning mathematics is a problem solving. Colleges of Education were established to cater for shortages of teachers in primary and junior secondary schools. Mathematics as one of the major subjects suffered a lie of problems going by the output of these colleges of Education nowadays. This paper attempts to identify some of these problems such as the position they occupies in the league of teacher education, sourcing of clientele among bright secondary school leavers and recruitment( admission policy) of students of the programme among others. Upon the facts that the philosophy and objective last of NCE mathematics remain I filled some recommendations were made to ameliorating the pleasant position of thing in the colleges. This includes provision of necessary instruments for academic excellence, formulation of a better commission procedure and the regular training and retraining(via seminar and shops an conferences) of personnel from time to time by these colleges.
  • Item
    Open Access
    Appraising the Efficacy of Contemporary Public Budget Reforms in Africa –The case of Nigeria
    (WRFASE International Conference, 2023) Iwegbu, O.; Nwokoma, N.I.
    This study examines the efficacy of contemporary public budget reforms in Africa over the 2011-2019 period using Nigeria as a case study. It examines the timeliness of the budget process through the period of it being signed into law and its implementation. It also examines the effect of government spending on economic growth. The exploratory style of investigation was used in the analysis in addition to the ordinary least square estimation techniques used in determining the causality effects of government spending and economic growth. Findings from the study show that capital expenditure significantly and positively enhances economic performance over the period while the current expenditure does not. In addition, results show that the disciplined implementation significantly improves economic growth though the actual macroeconomic indicators largely fell short of the budget assumptions. Most of the budget categories also performed below expectations. It is thus recommended that attention should be placed in addressing the causative factors of poor budget efficacy such as issues of projects duplication, budget padding and misplacing of project priorities among others. This will improve the performance of the budget and ensure sustained economic growth.
  • Item
    Open Access
    Bail-Outs, Banking and Currency Crises: A Theoretical Analysis of Basic Model with Close Linkages
    (Department of Economics, University of Jos, Jos, Nigeria., 2016) Ojapinwa, T.V
    The coincidence of banking and currency crises associated with the financial crisis has drawn renewed attention to the factor linking the two phenomena. This paper analyzed the underlying close links between currency and banking crises following Valesco model. The study argued that the twin-like relationship that exist between currency and banking crises operate through governments' bailout The study also argued that the continued government guarantees for the liabilities of the domestic banking system through governments' budget can consistently deplete bailout reserves and eventually degenerate into a currency failure. This argument is in line with the underlining assumption that, 'whether or not depositors are insured, the public expects governments to intervene to save most depositors from losses when financial intermediaries run into trouble: This implies that the warnings that bailout will not be forthcoming appear to be simply not believable. The study concludes that, bail-outs are an inevitable interconnectedness between currency and banking crises of modern economies.
  • Item
    Open Access
    Boardroom female participation, intellectual capital efficiency and firm performance in developing countries Evidence from Nigeria
    (Journal of Economics, Finance and Administrative Science, 2019) Isola, W.A.; Adeleye, B.N.; Olohunlana, A.O.
    This paper aims to focus on the implications of female participation in the board on the management of intellectual capital for improved firm performance, particularly in the Nigerian-banking sector. It uses the resource dependency theory to ascertain the link between female board participation, intellectual capital and performances. The paper adopted longitudinal panel analysis to analyze data obtained from the annual reports of selected listed commercial banks in Nigeria. The random effect regression was adopted as the method of analysis. The decision was informed by conducting the Hausman test. The results revealed that female board participation has insignificant influence on bank performances, whereas intellectual capital efficiencies positively contribute to bank performances. However, significant influences were exhibited upon the interactions of female board participation and components of intellectual capital efficiency on bank performances. Because of the focus of the research work, which is centered on the banking sector of the Nigerian economy, the findings of the research may not be sufficiently suitable for other sectors of the country. This, however, leaves the coast for other researchers to extend research on intellectual capital and gender participation to other non-financial sectors and other countries. The outcome implies that there is a need for increased female participation in the boardroom to harness optimal intellectual capital efficiencies for firm performance. It further confirmed that intellectual capital unlocks the hidden treasure of firms.
  • Item
    Open Access
    A Bound Test Analysis of the Effects of Global Economic Shocks on Nigerian Economy:The Role of Fiscal and Monetary Policies
    (Australian Journal of Business and Management Research, 2013) Saibu, O.M.; Apanisile, T.O.
    This study examines the effectiveness of both fiscal and monetary policies in mitigating external shocks on Nigerian economy. In addition, it determines which of the macroeconomic policy was more effective in mitigating the possible adverse effects of external shocks; The study uses annual data from 1960 to 2011 and data are sourced from Statistical Bulletin of CBN. Also, Mundel-Flemming theoretical framework is adopted to model the interaction between domestic and international macroeconomic policy variables. The time series properties of the variables are examined before the Autoregressive Distributed Lag (ARDL) analytical technique is adopted to estimate the model. Beta coefficient is also generated to determine the effectiveness of each of the policies. The result showed that external shocks had hindered the effectiveness of domestic policy overtime. The result also shows that monetary policy is more effective than the fiscal policy but a coordination of both fiscal and monetary would give a better result.
  • Item
    Open Access
    Budget deficit on economic development in Nigeria
    (Modern Business Press, 2024-06) Nnoruga, O.M.; Olunkwa, N.C.; Iwegbu, O.; Nwokoma, N.I.
    This study investigates the effect of budget deficit on economic development, using time series data spanning from 1981 to 2023. To determine the effect of budget deficit on economic development, the study employs the Autoregressive Distributive lag and bound cointegration technique with the results indicating that a long-run equilibrium relationship exists between budget deficit and economic development in Nigeria over the period. The result further affirms that budget deficit has a negative and significant effect on per capita income and the human development index in the long run. It however, it does not have any effect on the human development index in the short run. Based on the findings, the study recommends that policy makers should prioritize strategies aimed at addressing budget deficits while simultaneously safeguarding investments in human capital and fostering inclusive economic growth. This necessitates implementing measures to enhance fiscal discipline, such as rationalizing government spending, improving tax administration, and exploring revenue diversification options.
  • Item
    Open Access
    Capital flight Effects on Government Income and Budget Balance in Nigeria (2019-2030): A Dynamic SCGE Modelling Approach
    (International Journal of Development and Economic Sustainability, 2024-05) Odior, E.S.O.; Iwegbu, O.
    This research analyse the dynamic effects of capital flight on government income and budget balance in Nigeria. The study used a dynamic structuralist computable general equilibrium (SCGE) model to run simulations that indicate the nature of capital flight effect on Nigerian government income and budget balance over the period 2019–2030. The findings show that a successive increase in capital flight in Nigeria will exerts a negative effect on government income and positive effect on government budget balance in the immediate, short, medium and very long term. This study concluded that the government income is vulnerable to capital flight and is affected by successive outflow of legal or illegal capital. On the basis of the findings, this study recommends the following strategies to curb capital flight from Nigeria, these include, plugging the holes through which money leaks, transparency and quality of bilateral trade data, checking the role of multinational corporations in trade misinvoicing, CBN should introduce selective, targeted, and time-bound capital controls to stem outflows, especially outflows through banking channels. Government should thus depend more on domestic borrowing as a means of supplementing its resources. Government and policymakers must establishment of well-functioning political and judicial institutions that will ensure political stability within a country and overly expansionary monetary and fiscal policies, an incompatible exchange-rate policy, and a repressive set of financial policies should be designed to divert resources toward the public.