Department Of Social Sciences

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Now showing 1 - 14 of 14
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    Open Access
    Alternative Payment Systems Implication for Currency Demand and Monetary Policy in Developing Economy: A Case Study of Nigeria
    (International Journal of Humanities and Social Science, 2013-05-16) Oyelami, Lukman O; Yinusa, Dauda O
    This paper investigates the implication of the alternative payment systems on currency demand and monetary policy using monthly data between 2008 and 2010. Vector Error Correction Model (VECM) was used due to endogenous assumption that predicated our model and the co-integrating behavour of variables employed. Previous theoretical and empirical studies on this issue are scarce for developing economies and to best of our knowledge none exists for Nigeria. The empirical results from Impulse-Response reveal that internet payment and mobile money substitute currency while credit card (ATM) and Point of Sale (POS) compliment it. Similarly, Apart from debit card (ATM) and internet payment (WEB) all other payment channels respond negatively to innovation in interest rate throughout the periods including currency. This finding may have serious implication for the conduct of monetary policy especially in developing countries as it alternative payment systems seem to dampen the effectiveness of monetary policy
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    Open Access
    Bank recapitalization and real sector performance: Empirical evidence from Nigeria
    (International journal of finance and banking studies, 2014-07-20) Akinkoye, Yemi E; Oyelami, Lukman O
    This study investigates the impact of bank recapitalization on real sector performance in Nigeria. Specifically, the study examines the direct effect (bank investment) and indirect effect (loans and advances to real sector) on real sector output growth between the period 1986 and 2012.This study departs from previous studies because we aggregate the three leading sectors (agriculture, manufacturing and building and construction) of the Nigerian economy to arrive at our real sector index. Also, having carefully subjected our data to necessary econometric tests we employed chow test for structural break to test for the existence of policy shift between bank capital base and loan to the real sector of the Nigerian economy as a result of bank recapitalisation policy .Similarly, OLS estimates was used to determine the direct and indirect effect of bank capital base and real sector output growth. The results from structure break tests reveal that bank recapitalization policy causes policy shift in bank capital base and loan to real sector thus the policy is of significant impact to real sector performance .In corollary, the result from the OLS strongly indicates that bank capital base has significant effect on realsector output growth directly and indirectly. We then conclude that Nigerian banks should be adequately capitalised as to play active intermediateting roles expected of them in this modern and competitive global economy
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    Open Access
    Determinants of Financial Inclusion in Sub-Sahara African Countries
    (Covenant Journal of Business & Social Sciences, 2017-12-16) Oyelami, L.O; Saibu, O.M; Adekunle, B.S
    As the exclusion of large percentage of the population has been identified as a major obstacle to inclusive growth and development in developing countries of the world it is against this background this study investigates the determinants of financial inclusion in Sub-Saharan Africa using Panel Autoregressive Distributed Lag (ARDL). The results from the study reveal that financial inclusion in the region is meaningfully influenced by both demand side factors (level of income and literacy) and Supply-side factors (Interest rate and bank innovation proxy by ATM usage). The government in the sub-region should put a policy in place to promote financial literacy and other forms of innovative banking in their respective country as this will go a long way in promoting financial inclusion in the region.
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    Open Access
    Effects of Oil Price Movement on Nigerian Macroeconomic Variables: Evidence from Linear near and Nonlinear ARDL Modelling
    (University of Tehran, Faculty of Economics, 2018-11-20) Oyelami, Lukman O
    The study seeks to investigate both linear and nonlinear effects of oil price movement on critical macroeconomic variables (output, price and exchange rate) in Nigeria using ARDL modelling approach. Previous studies substantially relied on linear methods using a VAR approach to unravel these links without a clear conclusion. In an attempt to seek better results in this study, we employ both linear and nonlinear ARDL modelling techniques that inherently allows for asymmetric effect. Based on the theoretical proposition of ARDL methods that do require that all data are either stationary at the level or at first difference or the combination of the two. We perform unit root tests and other required econometrics tests. Consequently, linear and nonlinear ARDL estimation techniques were carried out. The results from linear and non-linear estimations indicate that oil price movement has statistically significant effects on critical macroeconomic variables in Nigeria (output, price and exchange rate) both in the short-run and long-run but there is evidence of asymmetric effect for output and exchange rate only. Therefore the study concludes there is no asymmetric effect of oil price movement on general price level in Nigeria but there are statistically significant asymmetric effects of oil price movement on output and exchange rate in the country.
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    Open Access
    Exchange rate volatility and sectoral analysis of foreign direct investment inflows in Nigeria (1970–2009)
    (Inderscience, 2014-09-20) Oyelami, Lukman O; Yinusa, Dauda O
    This paper investigates the effect of exchange rate volatility on oil and non-oil FDI inflows in Nigeria using vector error correction model (VECM) for the period 1970–2009. Previous theoretical and empirical studies on this issue produced conflicting results. The empirical results from short run dynamics show that bi-directional causal relationship exists between exchange rate volatility and non-oil FDI and no causal relationship exists between exchange rate volatility and oil FDI. But the results from forecast error variance decomposition (FEVD) indicate that there is no significant differential effect of exchange rate volatility on oil and non-oil FDI in Nigeria. This might suggests that there are other variables that drive oil FDI inflows apart from macroeconomic condition in Nigeria
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    Open Access
    External shocks and macroeconomic responses in Nigeria: A global VAR approach
    (Taylor and Francis, 2016-09-12) Oyelami, L.O; Olomola, P.A.
    This study investigates the macroeconomic responses of the Nigerian economy to external shock between 1986 and 2014. Specifically, we examine the effect of oil price shocks and macroeconomic shocks from developed trading partners on Nigerian macroeconomic performances in order to establish a pattern of reactions to these shocks in the country. We employ global vector autoregression (GVAR) comprising of the US, EU, China, Japan and Nigeria as the reference country. The adoption as of this method of estimation is necessitated by its capability to effectively model complex high-dimensional system and also offers adequate tools to deal with the curse of dimensionality that can arise from a study of this nature. Having critically examined the econometric properties of our GVAR model, the results from our estimation based on impulse response function show that oil price shocks have a direct effect on real gross domestic product and exchange rate in Nigeria but variables like inflation and short-term interest rate do not show immediate response to the shocks. The results also indicate that macroeconomic variables such as short-term interest and inflation show immediate responses to shocks to counterpart variables in developed countries. Based on this, the study concludes that the Nigerian economy is vulnerable to external shocks and such shocks are not limited to oil price shocks. Other forms of shocks such as growth spillover and financial shocks from developed countries are also relevant in shaping macroeconomic performances in Nigeria.
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    Open Access
    Global Commodity Prices and Stock Market Nexus: Sub-Sahara African Perspectives
    (Acta Universitatis Danubius. Œconomica, 2019-06-12) Oyelami, Lukman O
    Many SSA countries are exports dependent and rely heavily on the global price of their primary commodities to make rational economic decisions. It is against this background this study investigates the level of interdependence between global commodities prices and stock market returns in selected SSA countries. For the purpose of this empirical investigation, two largest stock markets were selected based on market capitalization namely Johannesburg Stock Exchange (JSE) and Nigerian Stock Exchange (NSE). Specifically; we examined the relationship between global commodities prices and Stock market returns and the direction of causality between the variables following Eagle Granger causality procedures. In addition, we determined the effect of global commodities’ prices movement on stock market returns using ARDL estimation technique. The results of our analyses show that there is a significant long-run relationship between global commodities prices and stock market returns. Also, there exists a bi-directional causal relationship between global commodities prices and Stock market returns in the two markets. Furthermore, the results of ARDL estimation reveal that global commodities prices have short-run and long-run effects on stock market returns in the two markets.
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    Open Access
    Macroeconomic implications of trade diversification in Nigeria
    (CBN Journal of Applied Statistics, 2018-06-12) Oyelami, Lukman O; Alege, Philips O
    This study seeks to examine the effects of trade diversification on macroeconomic performance in Nigeria. To achieve this, the study employs bound test of ARDL to determine the existence of cointegration between trade diversification and key macroeconomic variables. We further estimate the short-run and long-run effects of Intensive and Extensive trade diversification on Economic growth and exchange rate movements. The results from bound tests confirm co-integration between trade diversification and economic growth on one hand and trade diversification and exchange rate movements on the other hand. Similarly, the results from our estimations show that trade diversification can propel economic growth in the country. Also, the trade diversification can reduce movements in exchange rate especially extensive diversification thus preventing it from a substantial movement that can derail this important variable from its long-run equilibrium. The study recommends that policymakers should pursue vigorously both intensive and extensive trade diversification to propel economic growth and guarantee a stable exchange rate for the Nigerian currency
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    Open Access
    Minimax Multivariate Control Chart Using a Polynomial Function
    (Applied Mathematics, 2011) Adewara, J.A.; Adekeye, K.S; Asiribo, O.E; Adejuyigbe, S.B
    Minimax control chart uses the joint probability distribution of the maximum and minimum standardized sample means to obtain the control limits for monitoring purpose. However, the derivation of the joint probability distribution needed to obtain the minimax control limits is complex. In this paper the multivariate normal distribution is integrated numerically using Simpson’s one third rule to obtain a non-linear polynomial (NLP) function. This NLP function is then substituted and solved numerically using Newton Raphson method to obtain the control limits for the minimax control chart. The approach helps to overcome the problem of obtaining the joint probability distribution needed for estimating the control limits of both the maximum and the minimum statistic for monitoring multivariate process.
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    Open Access
    Multivariate Generalized Poisson Distribution for Interference on Selected Non-Communicable Diseases in Lagos State, Nigeria
    (Journal of Modern Applied Statistical Methods, 2012) Adewara, J.A.; Mbata, U.A
    Multivariate Generalized Poisson Distribution (MGPD) models are applied to make inferences regarding non-communicable diseases, diabetes, hypertension, stroke and ulcer in Lagos State, Nigeria. The generalized Poisson distribution is employed due to its usefulness in modeling count data in the presence of either over- or under- dispersion. Results show that the correlation between ulcer and stroke is not significant. Other pairwise comparisons of diseases are significant, thus implying that a patient who suffers from diabetes or stroke has a high propensity to also be hypertensive
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    Open Access
    New technologies and science teachers education within the context of distance learning: A case study for the University of Lagos
    (Turkish Online Journal of Distance Education-TOJDE, 2015-07) Adewara, J.A.; Lawal, O.O
    The Open and Distance Learning (ODL) education for science teachers is seen as a solution to the problems of equity and access to teacher education in Nigeria. It is used to provide cost-effective Science Teacher Education, and to train large numbers of teachers within a short period of time. The need for training science teachers through ODL systems is becoming more critical and necessary. The study explored the contribution of Science Teacher Education within the context of Open and Distance Learning in the following areas: time spent on electronics devices, skill development in the use of computer technologies and applications, Extent of use of IT in courses and course management system features. The study used a survey method. Stratified sampling technique was adopted. Two hundred and fifty (250) questionnaires were sent out and one hundred and seventy three (173) were returned. The result shows that that there is a significant positive correlation between science teachers education within the context of Open Distance Learning and time spent on electronics devices, skill development in the use of computer technologies and application, Extent of use of IT in courses and course management system features at R=0.688, 0.625, 0.165, 0.607, 0.500, with the p value of < 0.05 level of significance. This result implies that increase on each of these variables will further enhance Science Teacher Education.
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    Open Access
    Relative effects of regional and global trade on carbon emissions in ECOWAS member countries
    (SAGE JOURNAL, 2019-01-05) Oyelami, L.O.
    The effect of trade on environmental quality has always been ambiguous in both developed and developing countries. This has prompted several country- and region-specific studies. It is against this background that this study seeks to investigate the effect of international trade on carbon emissions in the ECOWAS subregion in general and specifically determines the relative effect of regional and global trade on carbon emissions. To achieve this, time-series data on trade and carbon emissions from 1970 to 2014 was employed for 14 ECOWAS member countries based on data availability and the data were duly subjected to required econometric tests to prevent spurious analysis. PMG/MG method of panel ARDL was adopted to estimate the relative effect of regional and global trade on carbon emissions and this is based on the capability of the method to classify relationship into short-run and long-run and also solve endogeneity issues. The results from model estimation show that the effect of trade on environmental quality is a long-term phenomenon and basically support the view that trade has a negative effect on environmental quality. However, regional trade is less harmful and it can guarantee improved environmental quality in the long run. The study therefore recommend that countries in the region should trade more with one another especially in areas where they lack competitiveness as this can better guarantee a more sustainable development for the entire subregion.
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    Open Access
    A Statistical Analysis of the Performance Distance Learning Students and the Full-Time Students at the University of Lagos
    (American Journal of Business Education, 2010) Adewara, J.A.; Adeleke, I.A.; Ogundeji, R.K.; Ahani, E.B.
    The study compares the performance of distance learning students with full-time students in a traditional face-to-face learning environment. This study is one aspect of a larger research project designed to gain insight into factors that may influence the performance of distance learning students. The data used in the study represent the graduating GPA (Grade Point Average) and CGPA (Cumulative Grade Point Average). The result showed that students of Distance Learning Institute (DLI) performed better in business administration than the mainstream students, while the mainstream accounting students perform better than the DLI accounting students. Results indicated that there was a statistically significant difference in final grades of these groups of students
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    Open Access
    Survival Estimation Using Bootstrap, Jackknife and K-Repeated Jackknife Methods
    (Journal of Modern Applied Statistical Methods, 2015-11) Adewara, J.A.; Mbata, U.A
    Three re-sampling techniques are used to estimate the survival probabilities from an exponential life-time distribution. The aim is to employ a technique to obtain a parameter estimate for a two-parameter exponential distribution. The re-sampling methods considered are: Bootstrap estimation method (BE), Jackknife estimation method (JE) and the k-repeated Jackknife estimation method (KJE). The methods were computed to obtain the mean square error (MSE) and mean percentage error (MPE) based on simulated data. The estimates of the two-parameter exponential distribution were substituted to estimate survival probabilities. Results show that the MSE value is reduced when the K–repeated jackknife method is used.