Department of Economics

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    Foreign Direct Investment and Economic Growth in Nigeria: An Empirical Analysis
    (American Academic & Scolarly Research Journal, 0013-01-01) Yaqub Jameelah .Omolara, Adam Shehu Lukman, Jimoh Ayodele
    The integration of Nigeria with the global economy increased since the 1990s with greater inflow of foreign direct investment (FDI). FDI is assumed to benefit a developing economy by supplementing domestic investment, generating employment and through the transfer of technology. Studies on the impact of foreign capital on the Nigerian economy, like those of other developing countries remain inconclusive. Most of these studies ignored the possibility of bi-directional causality between foreign direct investment and economic growth. This paper therefore examines the impact of FDI on economic growth in Nigeria, using Vector Auto-regression (VAR) modelling to capture the structure of inter-relationships among relevant variables. The empirical analysis shows that FDI does not granger cause economic growth. Moreover it could not be established that FDI is a statistically important determinant of real GDP in Nigeria. Growth in real GDP is mostly explained by its own shocks. The implication of this is that the policy linkage between real GDP and FDI is weak and there is need for policy to ensure provision of adequate infrastructure in order to maximise the potential benefit of FDI in Nigeria. Keywords: Foreign Direct investment, Economic growth, Nigeria, Empirical analysis, Openness.
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    Rethinking Entrepreneurship for Sustainability: An Application of the Spirit, Body and Soul (SBS) Model to Developing Economies
    (Pioneer Publishers, 0025-04-10) Muritala Awodun, Lukman Adam
    Entrepreneurship has truly driven the developed economies to growth and development, and the case of developing economies cannot be different. Despite the huge population and natural resource dominance of these economies, development in terms of infrastructure and growth has been distorted. This paper takes a critical look at the understanding of the concept of entrepreneurship with the aim of ensuring sustainable entrepreneurship in the developing economies. To achieve this, the paper examines the SBS model of entrepreneurship relating its applicability to the developing economies for there to be any form of sustainable development. Following the lead of scholars such as Baumol (1968); Dees (2001); Coyne & Leeson (2004); Austin et.al. (2006); Baumol & Strom (2007) Desai & Acs (2007); Schumpeter (2008); Boettke & Coyne (2009); Kirzner (2009); Simons et. al. (2011); Desai (2013); Lucas & Fuller (2015); Hippel (2017), the paper adopted the approach of giving ‘life’ to entrepreneurship through the application of the spirit, body and soul (SBS) model, where entrepreneurship or being enterprising is likened to the human ‘body’, entrepreneurial to the ‘spirit’, and entrepreneurialism to the ‘soul’ with the submission that sustainable entrepreneurship must connect the trio in the entrepreneur who is the ‘person’ that creates the product and the enterprise, as the ‘business’ that work in partnership to create sustainable development. Keywords: Entrepreneurship, Sustainability, Development, Developing Economies, SBS model
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    Corruption and state capacity in sub-Saharan Africa: A cross country analysis
    (0217) Akande, Rashidat Sumbola
    Corruption has been a major hindrance to the development of most African states. Corruption in governance can distort policymaking and therefore affect state capacity. The capacity of the state is divided into the extractive (fiscal capacity) and productive capacity (legal capacity). This study focused on the extractive capacity and did a cross-country regression analysis using panel data across the Sub-Saharan Africa region to explore the fixed and random effect specification of the variables. The result obtained indicated that corruption has a negative influence on the fiscal capacity (measured as tax revenue) of countries in Sub-Saharan Africa. The paper also showed that corruption alone might have no significant effect on tax revenue if governance is not included. This implies that good governance is a very important determinant of state capacity, and it is highly correlated with corruption. The result suggests that good governance which includes its key requirements of accountability, transparency, political stability, and rule of law, will improve the fiscal capacity of a state, as this will make corruption difficult to take root.
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    Globalization and the Performance of Banks
    (2008-01-01) Adam Shehu Lukman
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    THE EFFECT OF FOREIGN DIRECT INVESTMENT AND MULTINATIONAL CORPORATIONS ON SUSTAINABLE DEVELOPMENT IN NIGERIA: HALO OR HAVEN? EMPHASIS ON CO2 ANTHROPOGENIC EMISSION
    (Universiti Kebangsaan Malaysia, 2010-10-15) Adam, Shehu Usman; Turkahan, Ali Abdul Manap
    Although data on single-country environmental indicators exist in short-span leading to the use of cross-section or panel data by most related studies, there has been attempts to understand country-specific analysis of FDI-Environment nexus. This study explores the relationship between FDI and the operations of Multinational Corporations (MNCs) on sustainable development in Nigeria- the major destination for FDI inflow to West Africa. Using CO2 emission as the measure of environmental degradation, we employ annual data spanning from 1970 through 2005 to investigate whether the “pollution haven” or “pollution halo” scenario holds in Nigeria. By applying the Autoregressive Distributed Lag (ARDL) approach to cointegration to examine the nature of the relationship, we found that FDI is negatively related to CO2 emission. This suggests a scenario of “pollution halo”; implying that if CO2 is considered a measure of environmental degradation, more FDI inflow is beneficial and compatible with sustainable development since we found no evidence for “pollution haven” for the aggregate FDI inflows to all sectors. We suggest future research in this area to employ sector-specific data on FDI inflow so that a direct delineation could be made between the environment-degenerating and environment-benign destinations of FDI inflows to Nigeria. Besides, other measures of environmental quality such as water pollution and the destruction to aquatic habitat, most especially in the South-South region of Nigeria, could also be explored since the result from this study may not be generalized for other measures of environmental quality (Deacon and Norman, 2006). The unique contribution of this study lies in the fact that, it is the first single-country focused study to examine FDI-Environment nexus for the case of Nigeria.
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    Re-investigating the Tenability of Environmental Kuznets Curve for Carbon Dioxide Emission: An ARDL Cointegration Approach for Nigeria
    (2011) Adam, Shehu Usman; Rafia, Afroz; Jarita, Duasa; Turkhan, Ali Manap
    Environmental economics takes into consideration on issues such as the conservation and valuation of natural resources, pollution control, waste management and recycling, and the efficient creation of emission standards. Economics provides important tool to make decisions about the use, conservation, and protection of natural resources because it provides information about choices people make, the costs and benefits of various proposed measures and the likely outcome of environmental policies. Since environment and economy are interdependent, there have been extensive studies conducted on the relationship between economic development and environmental quality. Chapter 1 of this book test the well-known Environmental Kuznets Curve (EKC) hypothesis on Nigeria, using Autoregressive Distributed Lag (ARDL) cointegration approach.
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    Paradigmatic Change and Wealth Creation
    (2011-12) Awodun Muritala, Oyedele John, Adam Lukman
    It is long settled that economic growth, especially when sustainable is a necessary condition for development, Growth theories are also often discussed within the context of macro economics. This study fills this analytical gap, rally therefore, most applied studies on economic growth limit their analytical horizon to the national and subnational level thereby ignoring the mass of the population where the daily to day economic activities take place. The objective is to determine whether or not the exogenous and the endogenous growth theories apply to a subnational entity of Kwara State of Nigeria, with a population of over three million. Using the case study method, the indicators of growth were in terms of specific projects undertaken in the state between 2003 and 2011 were reviewed. Findings show that the Neoclassical theory of growth aptly explains growth in output and wealth experienced by the state during the period under review. The study recommends that the state must sustain the focus on getting results rather than worrying about constraints. Keywords: Neoclassical, Exogenous, Endogenous, Pragmatic
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    Trade Liberalization and Economic Growth in Nigeria; A cointegration Analysis
    (2013) Olaifa, Felix Gbenga; Kolawole Subair; Musa Ilias Biala
    Trade liberalization is one of the most controversial policies in international economics and finance. Copious of arguments have been put forward about if free trade and reduction of trade barriers will help the economy or not. Those in favour of the policy believe that it can stimulate economic growth of African economies while others maintained that trade liberalization may not provide positive contribution to long run growth of African economies. This study adopts the ordinary least squares in estimating the influence of trade liberalization on economic growth in Nigeria between1970 and 2012 with a view to examining whether a long term relationship exists between the two and also to check for structural change that may have occurred with the implementation of a free trade regime in 1986.Trade liberalization was conceived as openness and proxied as the ratio of total trade to GDP. Time series data sourced from the World Development indicator (WDI) of the World Bank and the Central Bank of Nigeria (CBN) statistical bulletin and annual reports were analysed. Result shows that liberalization supports economic growth in Nigeria with an evidence of a long run relationship. Strong evidence was found to support a structural change taking place in 1986 with the adoption of free trade policy. However export was reported to be negatively related to growth. The study concluded by recommending that an enabling environment that will engender further growth such as better infrastructural base, adequate financing support adherence to international best practice in export and sound institutional structure be put in place for sustainability. KEYWORDS Openness, trade liberalization, economic growth and structural change.
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    TRADE LIBERALIZATION AND ECONOMIC GROWTH IN NIGERIA; A COINTEGRATION ANALYSIS
    (2013) Musa Ilias Biala
    TRADE LIBERALIZATION AND ECONOMIC GROWTH IN NIGERIA; A COINTEGRATION ANALYSIS
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    Effects of Foreign Aids, Oil Price, and Conflict on Low-Income OIC Countries’ Economic Growth
    (McGraw-Hill, 2013) Niran, A. K; Siddique, S. F; Adam, Shehu Usman
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    Trade liberalization and economic growth in Nigeria: A Cointegration Analysis
    (2013) Felix Gbenga Olaifa; Kolawole Subair; Musa Ilias Biala
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    Impact of poverty reduction program of the kwara state government of nigeria on the beneficiaries
    (2013-03) Mustapha, Rafiu A.; Akande, Rashidat Sumbola; Jimoh, Sodiq Olaiwola
    Poverty reduction program and effort in Nigeria is as old as the country itself. In-spite of huge money the federal government, state government and local government expended on the program aimed at reducing the poverty rate in the country, poverty rate continue to increase. Hence, it is necessary to find out the impacts of the poverty reduction program on the poverty status of the beneficiaries. The study was empirically carried-out to assess the impact of poverty reduction program of the Kwara State government (Nigeria) on the beneficiaries employing Binary Logit Model (BLM). The study focused on the “KekeMaigida” (commercial tricycle) poverty reduction program and obtained data from 112 beneficiaries, using a structured questionnaire. Questionnaires were distributed randomly (probability sampling method) in major commercial tricycles terminals in Ilorin metropolis. The study used both descriptive and inferential approach for the analysis. It was found that there is negative significant impact between income after, wealth before and wealth after the scheme, and household size of the beneficiaries. Therefore, the study concluded that poverty reduction program of the Kwara State (Nigeria) has impact on the beneficiaries. Then, the study suggested that the state government should extend the poverty reduction program to cover more youth in the state so as to reduce the poverty rate.
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    Econometrical Analysis of Determinants of Cash Flow of Institutional Lenders in Nigerian Agriculture: Macroeconomic Variables Perspective
    (IOSR-JHSS International Journal of Humanities and Social Sciences, 2013-10-15) Shitu, Abdul Muftah; Mshelia, I. Shaibu
    The purpose of the study is to examine the determinants of cash flow of institutional lenders in Nigerian agriculture. These determinants are deposit liability, Interest rate, reserve requirement, profit (revenue) and tenure of cash flow. The paper analyses the relationship between these macroeconomic variables and cash flow of institutional lender in Nigerian agriculture. Econometric method was used and linear functional form provided the best fit to estimate the relationship. The results revealed that deposit liability, interest rate and reserves requirement of the monetary authority were important and significant in explaining variability in the level of cash flow of institutional lenders in Nigerian agriculture. Correlation analysis indicated a strong and positive relationship (r = 0.98) movement between the determinants of cash flow. There was a high coefficient of determination (R2) value of 96%. However, the elasticity of the estimated co-efficient revealed that percentage (%) change in the deposit liability, reserves requirement and interest rate made cash flow in agricultural sector to change by 0.52%, 15% and -71.5% considerably. The study concludes that for health cash flow to be meaningful and productive in Nigerian agriculture, early disbursement of credit, feasibility studies, elimination of defective and dysfunctional productive environment, check mating diversion of credit by farmers and evaluating and monitoring of repayment program must be sustained by institutional lenders and other collaborative bodies. Moreover, supportive government credit guidelines and reformed monetary policy as well as desirable financial services, products and technologies need to be proactive to guarantee effective cash flow into Nigerian agriculture. Key Words: cash flow, institutional lenders, agricultural productivity, credit and macro economic variables.
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    Enquiring into the Sustainability of Nigerian Economy: A Time series Analysis
    (Market Forces, 2014-12) Mufutau Ayinla Abdul-yakeen; Kola Subair; Felix Gbenga Olaifa
    The study obtains time-series data of three independent variables (Public Expenditure, Debt, and Reserve) and a dependent variable (Gross National Product) between 1971 and 2011 in Nigeria with the aim of verifying the sustainability of the economy. Following Keynesian Model, it formulates hypotheses, estimates parameters, and uses Augmented Dickey-Fuller test to test their significance by using E-View 7. It discovers that Nigerian economy is solvent and sustainable with positive relationship between Public Income, Expenditure and Reserve but negative relationship between the Public Income and Public Debt. It recommends increase and judicious use of external debts and appreciates internalization of public reserves by disbursement of some of the proceeds to the Traditional Financial Institution (TFI) to attain the desired economic objectives of Nigeria. Despite its applicability, desirability and productivity; the surmountable limitations of its recommendation are fear of corruption and marginalization among others. Key Words: Assets, Nigeria, Solvency, Sustainability, Traditional Financial System.
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    Creative Management and Creative Leadership
    (FIFTYFIFTY INSTITUTE LTD, 2015-03-01) Lukman ADAM, Muritala AWODUN
    ABSTRACT This chapter of the book examines the concept of creativity from an understanding that creativity has to be managed and championed through leadership. The chapter therefore narrow down the concept of creativity to the internal organization and how creative thinking within an organization could be managed and led. Creative leadership was explicitly defined along with creative management and attempts to differentiated the two from one another was made. Key words: creative people, creative leadership, creative management, internal organization, creative thinking, Creative Management and Creative Leadership
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    Political Economy of Unequal Exchange and Economic Development Strategy in Developing Countries: Nigeria Experience
    (IOSR International Journal of Humanities and Social Sciences, 2015-09-17) Shitu, Abdul Muftah
    The objective of the study is to examine the historical Perspective of systematic transformation and incorporation of Nigerian economy into the world capitalist system. The world economy today is based on global relationship of production and distribution (Exchange) which has led to polarization of the world system into the concept of the Metropolis and Satellite. The colonial experience of many developing countries both in Latin America and Africa Countries underline a relationship of exploitation, domination and continuous dependency of less Developed Countries (LDCS) on the centre rather than achieving an autonomous capitalist development. Most of the LDCS are still tied to the apron-string of the forces of neo-colonialism and imperialism due to the contradictory dialectical economic structures of capitalism. These contradictions include contradictions of exploitation, appropriation and expropriation, polarization between the Metropolis and the Satellite. There is contradiction of continuity and change as seen in the economic malfunction and imperfection of the macroeconomic indices for growth and development of most Developing Countries. The paper therefore analyses the historical perspective of transformation and absorption of Nigerian economy into the world system and recommends various policy options that would lead to sustainable growth and development in the economy. Key Words: Less Developed Countries (LDCS), development, under-development, world system, colonialism, capitalism, exploitation, Unequal exchange and dependency.
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    Testing Convergent and Discriminant Validity for the Dimensions of Solid Waste Pollution Concern in Lagos
    (Faculty of Social Sciences, OAU, Ife, 2016) Adam, S. U. and Ajefu, J. B.
    This study was primarily motivated by the non-existence of a continuous level scale for measuring solid waste pollution concern in its related economic valuation studies. Consequently, this study employed confirmatory factor analysis (CFA) technique to determine the most appropriate specification among its popular dual-factor and tripartite factor specifications. This was achieved by conducting both the convergent and discriminant validity tests as well as the chi-square difference test for the two popular theoretical frameworks for the variable. The result obtained shows that both model specifications significantly explain the variation in households' concern for solid waste pollution. However, the tripartite-factor model was observed to offer a better specification for measuring solid waste pollution concern.
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    IMPACT OF EDUCATION ON LIVING STANDARD IN NIGERIA
    (2016-06-11) Rashidat Sumbola Akande
    Education brings about awareness and increases opportunities for growth and development. On the individual level, education brings about economic opportunities and improves individual standard of living. On the aggregate level, education improves labour skills leading to increase in productivity and overall standard of living. The present study employed the Johanson Cointegration Test and Vector Error Correction Model (VECM) to investigate the relationship between education and standard of living. The variables used include per capital real GDP, government expenditure on education and health. The result suggested a long-run relationship between the variables, implying a rapid adjustment towards equilibrium.
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    Part-time employment during school and its impact on academic performance: Evidence from Student Employment Programme of Kwara State University
    (2017) Musa Ilias Biala
    Part-time employment during school and its impact on academic performance: Evidence from Student Employment Programme of Kwara State University