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- ItemClean Energy and Financial Development as Determinants of Sustainable Development in sub-Saharan Africa(De-centre: Journal of Interdisciplinary Studies (DJIS, 2025-09-02) Saidu MusaSub-Saharan Africa is prominently involved in a range of established policies and international initiatives aimed at advancing clean energy and financial development, which are pivotal for addressing environmental concerns, stimulating economic growth, and promoting sustainable investment. However, access to clean energy, insufficient political commitment, and a lack of clear policy guidance remain major issues. This study investigated the relationship between clean energy access, financial development, and sustainable development in sub-Saharan Africa, aiming to address critical research gaps. Financial Development exhibited a positive and significant relationship with gross domestic product per capita via analysis using panel data and employing panel Fully Modified Least Squares (FMOLS) regression, after determining that all the variables are stationary at I(1) except one, which is stationary at I(0). This suggests that a well-developed financial sector positively impacts economic growth by facilitating access to capital. Also, Renewable Energy Consumption demonstrated a negative association with gross domestic product per capita, possibly due to initial investment costs and technological constraints. The interaction effect between financial development and renewable energy also showed a negative impact on gross domestic product per capita, indicating a mitigating influence when both factors are considered together. Additionally, Trade Openness and Foreign Direct Investment exhibited notable impacts on gross domestic product per capita, with higher levels of trade openness and foreign direct investment potentially leading to lower economic growth. Based on the findings, the policy recommendations of this study are to strengthen the financial sector with efficient credit allocation, promote clean energy adoption despite challenges, mitigate trade openness impacts through diversification, and evaluate FDI for sustainable development alignment that enhances local benefits.
- ItemOWNERSHIP ATTRIBUTES AND FIRM VALUE: EVIDENCE FROM LISTED NON-FINANCIAL FIRMS IN NIGERIA(Gusau Journal of Accounting and Finance, 2025-04-30) Yusuf Olamilekan Quadri; Lukman Adebayo-Oke Abdurauf; Sheriff Akanji IbrahimThe volatile macroeconomic environment in which listed non-financial firms operate in Nigeria has posed many challenges to firm value maximisation due to policy inconsistencies, governance imbalance from ownership configuration, investors’ confidence-related issues, regulatory barriers among others. Hence, this study investigates the impact of ownership attributes on firm value of listed non-financial firms in Nigeria. The study adopted a longitudinal research design and the data of 84 sampled listed non-financial companies were extracted from the annual reports and market data websites. Panel generalised least square regression was employed to analyse the data obtained and the results exhibited that foreign ownership (β=0.1183, p-value = 0.000), institutional ownership (β = 0.5511, p-value = 0.000), managerial ownership (β = 0.2206, p-value = 0.031) and ownership concentration (β = 0.1181, p-value = 0.007) are all significant at 5% significant level, The study concluded that ownership attributes enhance the firm value of listed non-financial firms in Nigeria; thus, it was recommended that sustainable value creation strategies should be adopted in balancing all forms of ownership attributes among listed non-financial firms in order to enhance firm value.
- ItemRole of Informal Financing in Promoting SMEs in Nigeria(The IUP Journal of Business Strategy, 2025-03-30) Sheriff Akanji Ibrahim; Lukman Adebayo-Oke Abdulrauf; Yusuf Olamilekan Quadri; Aina Taye JohnSmall and medium enterprises (SMEs) are critical to Nigeria’s economic development, contributing to employment generation, innovation and poverty alleviation. However, access to finance remains a major constraint for SMEs, limiting their ability to grow and sustain operations. The study examines the role of informal financing in promoting SME growth in Ilorin Metropolis, Kwara State, Nigeria, focusing on the extent to which SMEs rely on informal financial sources and the impact of such financing on business performance. The study employs a quantitative research approach, using survey questionnaires to collect data from SME owners and managers. A multiple linear regression model was employed. The results established that informal financing positively impacts SME growth, with personal savings having the strongest influence, followed by family and friends and cooperative societies. Based on these findings, the study recommends policy interventions to improve SME access to financing, including reforming microfinance loan structures, strengthening cooperative societies, implementing financial literacy programs, and introducing government-backed credit facilities tailored to SME needs. Additionally, integrating informal financing models into the formal financial system could bridge the gap between SMEs and structured financial products, enhancing business sustainability.
- ItemWorking Capital Management and Firms’ Profitability: Evidence from Consumer Goods Sector in Nigeria (2011-2018)(Gombe Journal of Administration and Management, 2019-11-30) Lukman Adebayo-Oke Abdulrauf, Yusuf Olamilekan Quadri, Daud Omotosho Saheed and Makinde Kehinde AlaoFirm’s profitability tends to be maximised as a result of efficiency and interrelationship between some prominent factors like a firm’s size, working capital, financial and operational risks among others. However, from all these factors, working capital is crucial as it affects the operational activities of firms. This study investigates the impact of working capital management on the profitability of firms in the consumer goods sector in Nigeria. Generalised least squares technique was used to analyse the data extracted from the audited financial statements of sampled firms for the period of 2011 to 2018. The study revealed that at 0.05 level of significance, average collection period has a significant positive impact on the profitability of consumer goods firm; inventory holding period has no significant impact on profitability of consumer goods firms; average payment period has significant negative impact on the profitability of consumer goods firms. The study concluded that working capital management plays a significant role in the profitability of consumer goods firms in Nigeria. The study, therefore, recommended that firms should negotiate favourable credit terms with both their customers and suppliers while at the same time, reduce their cash conversion cycle for improved profitability.
- ItemIncome Diversification, ESG Practices and Financial Sustainability of Listed Non-Financial Firms in Nigeria(Springer Nature, 2025) Lukman Adebayo-Oke Abdulrauf; Yusuf Olamilekan Quadri; Sherif Akanji IbrahimMeeting the current financial needs and ensuring resource availability for future operations is vital for firms to maximize their shareholders wealth and improve overall health of the economy. However, ineffective allocation of resources to new ventures and ESG compliance issues have compacted the overall performance thereby undermining the listed non-financial firms’ financial sustainability. Consequently, this study investigates the impact of income diversification and ESG practices on the financial sustainability of the firm. Longitudinal research design was used and 84 out of the 104 listed non-financial firms were sampled using multi-stage sampling technique. Data obtained from the annual reports of the sampled firms as well as the ESG-CSR Hub were analyzed using panel data regression (GLS) technique and the findings revealed that income diversification and ESG practices have impact on the financial sustainability of the listed non-financial firms in Nigeria. The study therefore recommends that firms should identify more complementary revenue sources especially in the high-growth sectors in order to minimize investment and operational risk. Also, firms should invest in the energy-efficient technologies and waste management practices while implementing ESG frameworks that will position them competitively in a dynamic environment.