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- ItemOpen AccessRemittances and financial integration in ECOWAS(West African Institute for Financial and Economic Management (WAIFEM), 2024) Iwegbu, O.; Nnoruga, O.M.; Olunkwa, N.C.; Nwokoma, N.I.This study examines the effect of remittance inows on financial integration within the ECOWAS sub-region. The data employed in analysing the result covers the period 1996–2020. Panel autoregressive distributed lag model was deployed in estimating the models. Some of the findings indicate that there is a positive and significant impact of remittance inflows on financial integration. However, remittance inflows do not support financial integration when measured using interest payments on public debts. Again, trade openness and exchange rate are significant determinants of financial integration. The study recommends that regulatory and infrastructural rigidities which can limit remittance inflow into the region must be addressed by the respective governments and monetary authorities. As such, strategies should focus on developing robust financial infrastructure to accelerate the inflow of remittances into the region.
- ItemOpen AccessComparative economic performance in selected ECOWAS countries(West African Institute for Financial and Economic Management (WAIFEM), 2024) Olunkwa, N.C.; Nnoruga, O.M.; Iwegbu, O.; Nwokoma, N.I.The Economic Community of West African States, a regional economic union, has continued to develop policies that will promote economic cooperation and regional development among its members. Despite efforts since 1975 by the 15 member states, the desired development has appeared elusive. This study evaluates the macroeconomic performance of selected member states, namely Nigeria, Cote d'Ivoire, Ghana, Senegal and Mali, which account for over 90% of the regions' output, concerning attaining the founders' goals of the regional body. Descriptive statistics are employed in analysing the data under six dimensions: output growth, sectoral economic performance, economic environment, monetary stability, external sector performance and fiscal activity. Some findings indicate that Nigeria's largest GDP is declining, while Cote d'Ivoire's growth rate is the most improved. Nigeria also has the largest domestic investment; however, Cote d'Ivoire experienced the fastest growth. The services sector contributed most to GDP throughout the period except for Mali, where agriculture slightly dominated its contribution to GDP. Ghana's quality of the institution and ease of doing business is the best compared to others, although this is below the global average. Senegal has the largest credit mobilisation to the private sector, while Ghana is the most open economy in international trade. The study acknowledges that macroeconomic stability is imperative for any country aiming to achieve sustainable, equitable and inclusive growth. Hence, an environment that enhances the ease of doing business must be provided to boost the capacity of the private sector and its impact on the living standards of the people of the sub-region.
- ItemOpen AccessBudget 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.
- ItemOpen AccessEffectiveness of electronic banking on Nigeria’s industrial and service sector(Unilag Press, 2022) Iwegbu, O.; Nwokoma, N.I.Electronic banking has indeed transformed the operational system in the banking sector and has driven financial inclusion in Nigeria’s industrial and service sector. The main aim of this study is to examine the effectiveness of electronic banking on Nigeria’s industrial and service sector between the periods of first quarter 2012 to the fourth quarter, 2020. The study employed the Autoregressive Distributed Lag Model method to estimate the long-run relationship among the variables. The result shows that only electronic transactions via the mobile payment platforms have significant impact on industrial sector output in the long run while the electronic transactions via the mobile payment platforms and ATMs have positive impact on industrial sector output. In the long run, only electronic transactions via ATMs have positive impact on services sector contribution to GDP. The study recommends that, the government should set up effective and committed agencies and initiatives that would further help boost mobile banking operations in the services and industrial sector. It is expected that these agencies and initiatives would help to accelerate mobile financial services in Nigeria which would ultimately increase the people's financial access to a greater extent in the upcoming days. Also, some of the electronic banking channels have a negative impact on the services and industrial output, this id corroborated to the unwillingness using the electronic platforms due to e-banking frauds. Thus, conscious efforts must be made by the monetary authority to ensure that each deposit money banks have effective cyber security team which would help to monitor and prevent e-banking frauds that will likely arise due to the use of electronic channels in banking transactions.
- ItemOpen AccessMonetary 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.