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- ItemNatural 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 AdebayoSub-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.
- ItemWhat are the Drivers of Human Capital Development in Nigeria(Journal of Sustainable Development in Africa, 2018) Ebenezer Adesoji Olubiyi; Musa I Biala; Felix Gbenga OlaifaHuman development is worrisomely weak in Nigeria despite several efforts by the government to improve it. Specifically, about half of the citizens still live under $1.9 a day. Consequently, the World Bank ranked Nigeria low among human development countries in 2016. This study employs Sen’s capability approach to investigate the drivers of human development. To gain a deeper understanding of how human development is influenced by its drivers, the components of human development—education, health and income indexes—are modelled and estimated using data covering 1990 to 2016. Results from the autoregressive distributed lag (ARDL) method show that human development is affected, albeit differently, by these drivers both in the short run and in the long run. Specifically, funds from international donors and remittances show evidence of “fungibility” while control of corruption is good for human welfare. Immunization against measles raises health status but much still need to be done in this area. Carbon emission is detrimental to human development and so, it is recommended that this should be addressed with effective rules of law. Keywords: Human Development, Education Index, Health Index, Income Index, Autoregressive Distributed Lag
- ItemAnalysis of Trade Effects of Parallel Exchange Rate in Nigeria(Asian Journal of Economics, Business and Accounting, 2024) Oluwatosin Juliana Oyetayo; Felix Gbenga Olaifa; Ebenezer Adesoji OlubiyiThe study examines the potency of parallel exchange rates in the movement of international trade in Nigeria. The monetary authorities have embarked on various exchange rate regimes basically because the supply of foreign exchange is not enough to meet the demand. Consequently, a parallel market for exchange rates exists and has become a strong and functional market in the country. But the reason for managing foreign exchange and by extension, introducing various exchange rate regimes was to correct the balance of trade disequilibrium. Yet the balance of trade deteriorates, particularly that of non-oil trade balance. Does the parallel exchange rate contribute to this or does it ameliorate it?
- ItemTrade Liberalization and Economic Growth in Nigeria; A cointegration Analysis(2013) Olaifa, Felix Gbenga; Kolawole Subair; Musa Ilias BialaTrade 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.
- ItemDeterminants 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 OlubiyiThis 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