Browsing by Author "Olabisi, Olabode E."

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    Effects of Selected Macroeconomic Variables on Stock Market Returns in Nigeria
    (Asian Journal of Economics, Business and Accounting, 2020-08) Aremo, Adeleke Gabriel; Olabisi, Olabode E.; Adeboye, Oyinlola O.
    The paper empirically examines the effects of selected macroeconomic variables on stock market returns in Nigeria within the period 1985 and 2014 with a view to determining the macro-factors determining stock market returns in Nigeria. The Autoregressive Distributed Lag (ARDL) approach was employed to examine both the short and long-run effects of selected macroeconomic variables on stock market returns using annual time series data spanning 1985 to 2014. The findings show that both foreign direct investment inflows and external debt do not have significant impact on stock market returns in Nigeria while money supply and trade openness have significant positive effect on stock market returns in the long-run. The annual speed of adjustment towards equilibrium is 91 per cent. The causality results show two-way causality between the nominal stock market returns and foreign direct investment inflows, while one-way causality runs from nominal stock market returns to trade openness.
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    Revenue beyond Oil Reliance: Can Nigeria Leverage Non-oil Tax Revenue for Inclusive and Pro-poor Growth?
    (Human Resource Management Academic Research Society, 2020-08) Owuru, Joel E.; Olabisi, Olabode E.
    The main aim of this study was to empirically examine the possibility for Nigeria to leverage non-oil tax revenue for inclusive and pro-poor growth. This is done through an analysis of quarterly data on oil tax revenue and non-oil tax revenue factors spanning 2011-2016. The study adopts Fully Modified Ordinary Least Square (FMOLS) estimation strategy in order to make inferences. The results of our analysis show that non-oil tax revenue has a positive contribution to inclusive growth in Nigeria than oil revenue. Based on this empirical evidence, non-oil tax revenue has the potential of aiding sustainable inclusive growth in Nigeria; hence the economy of Nigeria should be diversified intensively to increasingly harness the potential opportunities of the real sectors where non-oil tax revenue is generated in order to attain sustainable inclusive and pro-poor growth.