Department of Economics

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Browsing Department of Economics by Author "Oluwasegun Olawale Benjamin"

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    Determinants of Welfare Effect of Trade Flows in sub-Saharan Africa: Empirical Evidence from SADC and COMESA
    (Public Administration & Regional Studies, 2023) Olaifa, Felix Gbenga; Oluwasegun Olawale Benjamin; Ebenezer Adesoji Olubiyi
    This study investigated the determinants and welfare effects of intra-Sub Saharan Africa trade from 1996 to 2021. The study utilized Negative Binomial Pseudo Maximum Likelihood for the analysis. The study's findings revealed that Gross Domestic Product (GDP), population, distance, time taken for import, bilateral real exchange rate, voice and accountability, law and order, and government effectiveness are the key determinants of trade flows in SADC. Furthermore, the results indicated that GDP, population, distance, common official language, landlocked of both countries, time taken for import procedures to be completed, bilateral real exchange rate, reduction in political instability and absence of violence, and regulatory quality determined trade flows in COMESA. The study also found that intra-regional trade leads to welfare reduction for SADC member countries and a welfare-enhancing situation for COMESA. Thus, the study recommended that policymakers give transportation facilities the required attention to reduce trade barriers. Also, the policymakers in SADC should introduce policies and incentives that will encourage members to import from other members of the bloc. Finally, policies towards making the governance institutions and security apparatus viable should be implemented to promote trade and enhance welfare in SADC and COMESA. Keywords: trade flow; welfare; sub-saharan African; sadc; comesa; NBPML
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    Government Capital Expenditure and Private Investment In Nigeria: Co-integration Regression and Toda-Yamamoto Causality Analysis.
    (Advanced Journal of Social Science, 2019-07-19) Felix Gbenga Olaifa; Oluwasegun Olawale Benjamin
    This paper analyzed the relationship between government capital expenditure and private investment in Nigeria using time series data spanning from 1981 to 2016. Government capital expenditure was disaggregated into different components and ADF unit root test was employed to establish the stationarity properties of the variables in the model. The result of Johanson co-integration test revealed that the variables have long run relationship. Co-integration regression results suggested that capital expenditure on physical assets and defense displaced private sector investment while government capital expenditure on human capital and public debt servicing promote private sector investment in Nigeria. The results of T-Y causality revealed the bidirectional causality between private sector investment and government capital expenditure in Nigeria. Based on these findings, the paper recommends that government capital expenditure should be channel to human capital in order to promote private sector investment in Nigeria. In addition, the Nigerian government should pay more attention to capital expenditure on physical assets since it has a significant impact on private sector investment. Lastly, Nigeria government should address the issue of budget delay, corruption, and mismanagement in Nigerian institutions. Keywords: Government Capital Expenditure, Infrastructure, Defense and Internal Security, Human Capital and Private Sector Investment.
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    Natural Resource Endowment and Economic Growth; Evidence from some selected sub-Saharan African countries
    (Malete Journal of Accounting and Finance, 2023-12) Felix Gbenga Olaifa; Ebenezer Adesoji Olubiyi; Oluwasegun Olawale Benjamin; Philip Olugbenga Adebayo
    Sub-Saharan African (SSA) countries are on average blessed with relatively large number of natural resources when compared with other regions of the world. Despite this obvious natural resource endowment, economic growth on the sub-region has not been encouraging. This scenario has prompted studies geared towards examining the extent to which natural resource endowment has impacted on growth in resource rich Sub-Saharan African countries. The objective of this study is therefore to investigate the nexus between ownership of natural resources by some selected SSA countries and their performance in terms of growth. Seven countries in SSA were selected including, Cameroon, Cote d’Ivoire, Gambia, Ghana, Kenya, Nigeria, and South Africa. Data on economic growth, arable land, forest land rent, tertiary education enrolment, and labour force growth obtained from World Development Indictors of the World Bank were used. Using the Pedroni Panel cointegration estimation, result showed that overall, natural resource endowment does not translate to growth as is expected. Hence it is concluded that ownership of natural resources does not translate to growth in SSA. Although high rent on these resources increases government revenue in the immediate, the disincentive it creates to investors and cultivators of these resources in the long run should be the uppermost consideration The study therefore recommends that while authorities are formulating and implementing policies as regards rent on natural resources, they should carefully bear in mind the possible long-run implications on growth. Keywords: Natural resource, Economic growth, Sub-Saharan Africa, Endowment, Pedroni Panel cointegration.