Economics-Scholarly Publications

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    Open Access
    Monetary policy, development finance institutions and agricultural sector performance in Nigeria
    (Fiscal and Financial Economists Society of Nigeria in conjuction with Fiscal and Monetary Economics Forum, Department of Economics, University of Lagos: Lagos, Nigeria., 2022) Iwegbu, O.; Nwaogwugwu, I.C.
    This study examines the relative impact of monetary policy stance and the activities of development finance institutions on agricultural sector performance. The study asserts that the relatively unchanged monetary policy stance of the Central Bank weakens its effectiveness on agricultural sector performance as empirically proven and thus, this study employs the Autoregressive Distributed Lag Model (ARDL) with data spanning through 1981 till 2019 to achieve its objective. The results from the study show that although the monetary policy is effective in stimulating the activities of the agricultural sector in the short run, it is not in ensuring long term improvements of the sector in the long run. However, the activities of the development finance institutions proved effective in enhancing the productivity of the sector by providing liquidities on a long-term basis. The policy implication of this study is that the conventional monetary policy does not stimulate long term improvements in the agricultural sector while activities of the development finance institutions such as the provision of loans are more effective in stimulating the performance of the sector. Monetary authority through regulations will need to devise more effective ways of empowering the ability of the development finance institutions to mobilize financial resources that are needed for the stimulation of the activities of the sector.
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    Open Access
    Financial market environment and efficiency of microfinance banks in Nigeria
    (Ilorin Journal of Economic Policy, 2023-02-10) Adegboye, A.C.
    This study examines the efficiency of microfinance banks (MFBs) in Nigeria based on the financial market environment. The efficiency of MFBs is estimated using the DEA framework, while the market environment is considered with competition within the MFB sector and the entire financial system. The Tobit regression technique is used to estimate the impacts of a competitive financial environment on the efficiency of MFBs. The data used cover the period of 2010 to 2019 for 49 Nigerian Microfinance Banks. The study reveals a clear upward trend in the efficiency scores of the MFBs, although the gap between efficient and inefficient MFBs is found to be widening. Commercial-oriented MFBs are also found to be more efficient than socialoriented MFBs. Macroeconomic instability, external competition, and structural change in the economy are found to weaken the efficiency of MFBs, while the intra-sectoral competition, technology infrastructure, skills, and effective regulation boost efficiency. Also, factors that drive the efficiency of commercialoriented MFBs are different from those that drive social-oriented MFBS. Policies that help to refocus MFBs towards the core social operations and improve their efficiency are recommended.
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    Open Access
    Structural Changes and Employment Growth in Sub-Saharan Africa: Does Demographic Structure Matter?
    (Economic Research Institute, Chung-Ang University, South Korea, 2023-06-12) Adegboye, A.C.; Arodoye, N.L.
    This study examines the effects of structural changes on employment growth in the sub-Saharan African (SSA) region using demographic structure as an intermediary factor. Data used covers 37 SSA countries for the period 2000 to 2018 and the Generalised Method of Moments (GMM) and decomposition techniques are employed to show the indirect and direct relationships respectively. Economic structure in the region is found to mainly promote total employment with services sector having a larger capacity for absorbing labour, especially in low-productivity activities. There is also evidence that demographic changes in SSA region, while acting as a strong base for drawing employment, has led to significant losses in productive employment yields. Countries with large labour force tend to produce highly vulnerable and less productive employment, especially for the youths. Demographic change, rather than economic structure, have more long run implications for employment in the SSA region.
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    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
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    Open Access
    Is Population Growth a Requisite for National Economic Growth? A Revisit of the Debate Using Panel Data Analysis
    (VNU University of Economics and Business, Vietnam., 2022) Osobase, A.O; Ohioze, W.F; Samuel, O.M; Tope, J.O; Charles A.O
    This current paper reassesses the controversial discourse regarding the impact of population growth on national economies using data from 66 countries that constitute 85 per cent of the global population. The panel data spans through the periods 2001-2019. The variables include GDP per capita (regressand), aggregate population, fertility rate, life expectancy, crude death rate and gross fixed capital formation. The fixed effects estimator and panel causality tests were utilized to estimate the data. Findings from the fixed effects model suggests that GDP per capita is adversely and significantly predicted by the aggregate population and fertility rate whereas, gross fixed capital formation and crude death rate exert a positive significant effect on the regressand. Surprisingly, the panel causality result advances that there is a two-way causality between the regressand and the regressors. Following the findings, it is recommended that pragmatic policy measures that will control the rising fertility rate, encourage skill acquisition programs and raise employment generation for the rising population will be a welcome development.