Browsing by Author "Yusuf Toyin Yusuf"

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    DETERMINANTS OF AGRICULTURAL OUTPUT IN NIGERIA
    (Al-Hikmah Journal of Arts & Social Sciences Education, 2023-12) Yusuf Toyin Yusuf
    Agriculture is seen as an important source of food for man and raw materials for agro-based industries. So as to provide bases for policies aimed at promoting agriculture, various empirical studies have been conducted with a view to identifying the determinants of agricultural production and output of the agricultural sector in Nigeria. But such studies still leave some gaps to be filled, including failure to test the the influence of government expenditure spent on agriculture (GEA) on the effect of agricultural capital stock on agricultural output. Data from the World Development Indicators, Food and Agriculture Organization and International Labour Organization were used for the estimation. The study aims to fill these gaps by adopting Cobb-Douglas production function, and we estimated two categories of equations. The study employed fully modified least squares (FMOLS) in estimating the agricultural output equations. The study found that government expenditure on agriculture (GEA), fertilizer consumption, financial development and trade openness has positive effect on agricultural output in Nigeria. Based on these findings, therefore, policy makers should target policies on inducing GEA, financial development and trade openness in order to achieve increase in agricultural output.
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    Determination of Comparative Advantage of Different Lines of Industrial Production for Export: Evidence from African Countries
    (Department of Economics and Development Studies, Faculty of Social Sciences, Federal University Dutsin-Ma, Katsina State, 2024-06-13) Yusuf Toyin Yusuf; Fatai Akosile
    There is no gain saying in the crucial importance of high and sustainable economic growth, particularly in African countries. So also is the importance of countries using trade as an engine of growth, which is to be facilitated by identifying the possible lines of production for export market where the comparative advantage lies for the purpose of allocating a country’s resources accordingly. This informs the objective of the study which is to determine the comparative advantage of different lines of industrial production for export in Africa. To achieve this objective, the study’s theoretical background rests on the neo-classical theory-based growth accounting framework and Thirlwall’s (1979) theory on the role of industrial exports. Based on this, the study specified two panel economic growth equations and they are estimated with fixed effect (FE) estimation technique. The study therefore found that the greatest comparative advantage of African countries lies in the production of non-industrial goods (NIX) for export, followed by production for exports of non-manufacturing industrial goods (NMIX) while the country has neither a comparative advantage nor a comparative disadvantage in the production of manufactured goods (MX) for export. Based on these findings, policymakers should pursue a strategy aimed at improving the production of non-industrial goods for export in preference to production of non-manufacturing industrial goods for export and refrain from manufacturing in production for export market in order to promote economic growth in the short run and switch their policies in the long run, to focus on how to have comparative advantage in manufacturing by removing those obstacles that presently militate against the current lack of comparative advantage that is observed in the study, that could have contributed to the present lack of comparative advantage.
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    Effect of Information and Communications Technology on Economic Growth in Africa
    (2021) Yusuf Toyin Yusuf; Musa Ilias Biala
    Information and communications technology (ICT) has been identified as one of the factors that drive economic growth and development. Thus, various empirical studies have been conducted with a view to examining the effects of ICT on economic growth. However, such studies failed to examine whether real per capita income influences the effect of ICT on economic growth, and whether the effect of ICT on economic growth differs among sub-regions of African countries. This study, therefore, sought to (a) investigate the effect of ICT on economic growth, (b) examine whether real per capita income influences the effect of ICT on income level and economic growth and (c) whether the effect of ICT on economic growth differs among the sub-regions of African countries. While a panel regression analysis was carried out, Hausman, Poolability and Breusch-Pagan LM tests were employed to choose the appropriate estimator between the fixed-effect and random-effect estimators. Data were obtained from the World Bank’s World Development Indicators and International Monetary Fund classification of Africa countries. Results were evaluated at 0.05 level of significance. The results showed that ICT did not have significant effect on economic growth, and that the effect of ICT on economic growth did not differ among the sub-regions of African countries. However, we found that real income per capita influenced the effect of only mobile cellular subscription (an indicator of ICT) on economic growth. Therefore, policymakers should not rely on ICT for sustained output growth because it can only lead to only one-shot, unsustainable change in income level.
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    IMPACT OF EXCHANGE RATE ON DOMESTIC CREDIT: EVIDENCE FROM NIGERIA
    (Faculty of Management and Social Sciences, Kwara State University, Malete, Nigeria, 2024-05-23) Yusuf Toyin Yusuf; Sodiq Olaiwola Jimoh; Felix Gbenga Olaifa; Fatai Akosile
    This study investigates the relationship between exchange rate fluctuations and domestic credit dynamics in Nigeria. Employing non-linear autoregressive distributed lag (NARDL) and linear autoregressive distributed lag (ARDL) models, this research explores the effects of Real Effective Exchange Rate (RER) on Domestic Credit (DOD) over a significant period. The findings of the non-linear ARDL analysis reveal a notable positive short-run effect of RER on DOD. Specifically, the depreciation of the naira appears to discourage market participants from assuming higher risks, resulting in a decrease in credit volumes. Conversely, an appreciation of the naira encourages market participants to take greater risks, leading toan improvement in credit volumes. However, the linear ARDL analysis demonstrates a contrasting negative effect of RER on DOD. In the context of the linear ARDL results, the appreciation of the naira seemingly discourages market participants from taking increased risks, consequently causing a deterioration in credit volumes. Based on the findings, a key policy recommendation emerges. Policymakers are advised to consider devaluing the naira to dissuade market participants from assuming higher risks, thereby potentially reducing credit volumes in the short run. This recommendation aims to address the observed dynamics between exchange rate movements and credit volumes, offering a strategic approach to influence market behaviors and credit outcomes in Nigeria's economic landscape.
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    Informal Sector and Financial Development in Sub-Saharan Africa
    (Pakistan Journal of Humanities and Social Sciences, 2023-12-28) Sodiq Olaiwola Jimoh; Rashidat Sumbola Akande; Hauwah AbdulKareem; Odunayo Bidemi Jimoh; Taofeekat Temitope Sulaimon; Yusuf Toyin Yusuf; Israel Adegboye; Aminat Mama Usman
    Since a persistent increase is seen in the size of the informal sector and its continuous coexistence alongside the formal sector and institutional development, this study empirically examines the effect of informal sector size on the financial development in Sub-Saharan Africa for the period 1996-2019. The study represents financial market development by the financial market depth, which is regressed against informal sector size, growth rate of GDP, interest rate, trade openness, and institutional quality index. The study relied on the estimates of the Discroll-Kraay and IV-2LS. Results indicate that informality repressed financial development, while trade openness, growth rate of gross domestic product, interest rate, and institutional quality have a positive impact on financial development. It is therefore recommended for policymakers to reduce the size of informality to improve the financial sector.
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    Information and Communications Technology and the Level of Income in Africa
    (Faculty of Economics, Commercial & Management Sciences Ziane Achour University of Djelfa, Algeria., 2022) Musa Ilias Biala; Yusuf Toyin Yusuf
    Information and communications technology has been identified as a factor that drives income, economic growth, and development. Because of this, several studies have been conducted to ascertain ICT's effects on economic growth. However, such studies failed to examine whether real per capita income influences the effect of ICT on income level and whether the effect of ICT on income level differs among regions of African countries. This study, therefore, investigated the effect of ICT on income level. Specifically, it examined whether real per capita income influences the effect of ICT on income level and whether the effect of ICT on income level differs among the sub-regions of African countries. Thus, empirical models were estimated using the panel regression analysis with fixed-effect and random-effect estimators. The results show that ICT positively affects income level in Africa, and real income per capita influences the effect of ICT on income level. In contrast, the effect of ICT on income level differs among African regions. The effect is larger in Eastern, Southern, and Northern African countries than in other regions. Therefore, authorities should consider investment in ICT as a tool or mechanism for enhancing income.
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    Revisiting the environmental Kuznets relation in Nigeria: An empirical study of economic and environmental trends
    (2024) Musa Ilias Biala; Titus Adegoke Adeniyi; Yusuf Toyin Yusuf
    This study reexamines the Environmental Kuznets Curve (EKC) in the context of Nigeria, exploring the relationship between economic growth and environmental degradation. The EKC hypothesis suggests that as an economy grows, environmental degradation worsens initially, but improves once a certain income threshold is reached. While some studies support this theory, others have produced mixed results, largely due to the oversimplification of the relationship between economic growth and environmental quality. The study specifically focuses on Nigeria, assessing the EKC hypothesis using indicators of environmental degradation such as CO₂ emissions, fossil fuel consumption, resource depletion, and erosion. The study aims to determine if a relationship exists between these environmental indicators and per capita GDP, whether the relationship follows the EKC pattern, and if Nigeria has reached the income threshold where economic growth begins to benefit the environment. Using time-series data from 1981 to 2023 sourced from the World Bank, the study employs threshold regression analysis to test the EKC. Results indicate that while some models support the EKC theory, the relationship is not consistent across all environmental indicators. The study concludes that for Nigeria to achieve sustainable and balanced growth, the government should implement green technologies, promote renewable energy, adopt circular economy models, and enforce stricter environmental regulations to mitigate pollution, preserve resources, and combat climate change. These measures could help Nigeria transition to a more environmentally sustainable growth trajectory.