Research Articles in Economics

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1976 Universal Primary Education and Schooling Attainment in Nigeria
(SSRN, 2015-11-02) Adeolu, Adewole M.; Fadayomi, Fadayomi O.
This study examines causal impact of 1976 Universal Primary Education (UPE) on individual schooling attainment in the Nigeria. This study exploits the quasi-natural experiment offered by the large-scale government investment in Universal Primary Education between 1976 and 1981 to confront the identification problems associated with this kind of study. Results from the Differences-in-Differences technique established that the UPE programme had positive and statistically significant impact on schooling attainment of beneficiaries. After controlling for all a large number of variables in the DID framework, exposure to UPE programme increases schooling attainment by 0.15 year. A formal test does not suggest that omitted variables might be influencing schooling outcomes.
Addressing the energy consumption-economic growth nexus: The Nigerian case
(Institute for Oil, Gas, Energy, Environment and Sustainable Development (OGEES Institute), 2018) Olarinde, Omolola S.; Adeniran, Abraham
Energy is critical to the survival and expansion of any economy. In Nigeria, energy consumption has been skewed towards household use, and below thresholds for sector-driven growth. The article updates, in time and methodology, those studies highlighting the significance of energy use for economic growth, using the Bound test and the Auto Regression Distributed Lag (ARDL) to establish the long- and short-run relationships between disaggregated energy consumption and economic growth in Nigeria from 1990 to 2016. The variables considered are real GDP, energy consumption decomposed into electricity and petroleum consumption, labour and capital. The findings show that, in the short and long run, petroleum consumption and labour have a significant positive relationship with GDP. Furthermore, the causality results show that feedback causation between economic growth and energy consumption as well as labour exists, while one-way causation runs from labour to economic growth. The study recommends diversification of the power-generation portfolio in the country, as this will improve energy consumption. Also, full deregulating policies in the energy sector would encourage industrialization and move energy demand towards increasingly productive uses. Finally, a strong institutional framework is needed to ensure energy policies achieve their objectives and targets
Analysis of the cost of governance and options for its reduction in Nigeria
(Nigerian Journal of Economic and Social Studies, 2007-10-05) Adewole, Musiliu A.; Osabuohien, E. S.
Government at any given level and over a defined territory can be treated as a typical example of a natural monopoly in the sense that only one can exist at any particular time. Thus, the traditional theories of costs and monopoly can be very useful in the analysis of the cost structure of government. Like any other unchecked private monopoly, government and by extension governance, can produce sub-optimal units of public good in which it has comparative advantage. Depending on the resources at its disposal and the tax-elasticity of public goods, massive deadweight costs, among others, often result from a high cost governance structure. This paper explores the effects of destructive political competition. It suggests constitutional provisions that will guarantee true separation of powers, restructure the mechanism of governance to, among other measures, limit the size of the cabinet to reduce the high cost of governance in Nigeria.
Are Men’s Reproductive Health Problems and Sexual Behavior Predictors of Welfare?
(SAGE Publications, 2017-05) Amoo, Emmanuel O.; Oni, Gholahan A.; Ajayi, Mofoluwake P.; Idowu, Adenike E.; Fadayomi, Theophilus O.; Omideyi, Adekunbi K.
The study examined men’s reproductive health problems and sexual behavior and their implications for men’s welfare in Nigeria. It used the Nigeria Demographic and Health Survey data set of 2013. The analysis used only male recode files, representing 17,359 males. The dependent variable is the computed wealth index, which was selected as proxy for welfare condition. Analysis involved univariate and multivariate levels. The findings indicated that 49.3% of the respondents currently have more than one sexual partner. The total lifetime sexual partner index identifies 70.2% of the men interviewed have had at least two sexual partners in their lifetime. It revealed that men who experience reproductive health challenges, such as sexually transmitted infections and genital ulcer, are 44% and 93%, respectively, less likely to enjoy good welfare condition. It also indicated that men in urban area are 7.256 times more likely to enjoy good welfare condition compared with their rural counterparts. There is a negative association between total lifetime sexual partnerships and exposure to good welfare. The study concludes that social workers, marriage counselors, other health personnel, and policy makers need to focus on the practice of multiple sexual partnership and reproductive health diseases as major determinants of men’s welfare. The authors suggest that the index of welfare should include reproductive health issues and indicators of sexual behavior. Also, there is need for the establishment of specialized reproductive health care services and centers that are accessible to all men for effective servicing of reproductive health needs of men in the country.
Banking sector reforms and output growth of manufacturing sector in Nigeria (1970-2011)
(Academic Journals, 2015-08-31) Olanrewaju, Oluwagbenga G.; Aremo, Adeleke G.; Oladipo, Aiyegbusi O.
The study investigated empirically the effect of banking sector reforms on the output of manufacturing sector in the Nigerian economy between 1970 and 2011 with a view to examining the extent of the impact of banking sector reforms on the manufacturing sector. The study employed annual secondary time series data from 1970-2011, sourced from the Central Bank of Nigeria’s statistical bulletin and annual report and statement of accounts, National Bureau of Statistics final accounts and IMF International Financial Statistics (IFS) using the methodology of Cointegration analysis and Error Correction Mechanism (ECM). The empirical results showed that the effects of Bank assets, Lending rate, Exchange rate and real rate of interest on manufacturing output were positively significant but with very low impact. On the other hand, the financial deepening and interest rate spread negatively and significantly impacted on the output growth of manufacturing sector in Nigeria. Overall, the conclusion that emerged from the findings suggests that the effects of banking sector reforms on the output growth of manufacturing sector were significantly low in the Nigerian economy. However, the findings indicated that the impacts of the various banking reforms could vary widely on the economy depending on the time lags involved. Consequently, the policymakers must be prepared to initiate proper countercyclical banking reforms that will serve as buffer measures to lessen or abort the negative impacts of any banking reforms on the manufacturing output growth. Thus a flexible accommodating banking reform regime is advocated for Nigeria.
Can globalisation induce economic growth in less developed economies? Evidence from Nigeria small open economy
(Sabinet, 2011-12) Aremo, Adeleke G.; Aiyegbusi, Oluwole O.
Effects of globalisation on economic growth in Nigeria were examined. The study methododology was mainly Error Correction Mechanism. The findings revealed that globalisation has negative impact on economic growth in the long run, but positive in the short run. This suggests that while Nigeria participates in globalisation exercise, caution should be exercised in opening up all its growing sectors to international competition, so as not to permanently stiffen the growth of these sectors in the long run with its accompanied negative impacts on the economy
Causality Testing between Trade Openness, Foreign Direct Investment and Economic Growth: Fresh Evidence from Sub-Saharan Africa Countries
(Camera di Commercio di Genova, 2018) Lau, E.; Olabode, Olabisi E.
Previous works are yet to reach a consensus about the direction of causality between Trade Openness (TO), Foreign Direct Investment (FDI) and Economic Growth (EG), in particular, using a panel data analysis for Sub-Saharan African (SSA) countries. This study adopts first and second generation econometric methods to analyse the relationships between trade openness, FDI and economic growth in Sub-Saharan Africa countries over the period 1980-2016. The Westerlund cointegration, the Common Correlated Effect Mean Group (CCEMG), and the Bootstrapp Granger causality econometric techniques were adopted. Findings show there is a cross-sectional dependence among the 23 SSA countries examined. A long-run cointegration among trade openness, FDI and economic growth also exists. A positive and significant relationship exists between trade openness and economic growth. FDI indicates a positive and significant relationship with economic growth. The panel error correction term (ECT) result further confirmed the long-run relationship among the variables. A bidirectional causal relationship exists among trade openness, foreign direct investment net inflows and economic growth for Gambia, Senegal and South African countries.
CAUSALITY TESTING BETWEEN TRADE OPENNESS, FOREIGN DIRECT INVESTMENT AND ECONOMIC GROWTH: FRESH EVIDENCE FROM SUB-SAHARAN AFRICAN COUNTRIES
(ECONOMIA INTERNAZIONALE, 2018) OLABODE, OLABISI E.
Previous works are yet to reach a consensus about the direction of causality between Trade Openness (TO), Foreign Direct Investment (FDI) and Economic Growth (EG), in particular, using a panel data analysis for Sub-Saharan African (SSA) countries. This study adopts first and second generation econometric methods to analyse the relationships between trade openness, FDI and economic growth in Sub-Saharan Africa countries over the period 1980-2016. The Westerlund cointegration, the Common Correlated Effect Mean Group (CCEMG), and the Bootstrapp Granger causality econometric techniques were adopted. Findings show there is a cross-sectional dependence among the 23 SSA countries examined. A long-run cointegration among trade openness, FDI and economic growth also exists. A positive and significant relationship exists between trade openness and economic growth. FDI indicates a positive and significant relationship with economic growth. The panel error correction term (ECT) result further confirmed the long-run relationship among the variables. A bidirectional causal relationship exists among trade openness, foreign direct investment net inflows and economic growth for Gambia, Senegal and South African countries. As part of our policy recommendations, SSA government should promote trade openness by reducing or eliminating trade tariff and non-tariffs that can limit the economic activities in the region.
Contributory Pension Fund Administrations in Nigeria: Stochastic Frontier Analysis of Its Efficiency and Implications for Policy Designs
(Journal of Financial Risk Management, 2019) Ololade, Babatunde Moses; Adegboye, Abiodun Adewale; Salawu, Rafiu Oyesola
The study assessed the technical efficiency of pension fund administrators in Nigeria using Stochastic Cost Frontier Model to generate efficiency scores for each of the eleven (11) selected pension fund administrators from a population of twenty-one (21). Panel data gathered from the annual reports of the selected pension fund administrators and the National Pension Commission were analysed using the maximum likelihood technique. The result showed that inefficiency, in varying degrees, existed in the selected fund administrators due to input costs on labour, equipment and premises and the mean and median efficiency scores were about 75% and 72% respectively. While the most efficient pension fund administrator recorded inefficiency score of 0.077, the least efficient pension fund administrator had inefficiency score of 0.388. The study concluded that increase in profitability, number of contributors, engaging in open fund investment activities and merger and acquisition reduce operating cost. It was therefore recommended that there should be a regulator-initiated merger and acquisition in the industry to eliminate waste, with positive impact on investment income. Besides, the regulatory agency should ease and expand transfer windows for existing contributors to transfer their pension contributions from an inefficient pension manager to efficient one to engender competition in the pension industry.
The Demand for Pre-School Care: An Aspect of the Problems of the Nigerian Working Mother
(Sage Publications, 1979-01) Fadayomi, Theophilus O.
One of the changes brought about by the increasing employment of women outside the home is the demand for both custodial and developmental care for their pre-school age children 1. The demand situation for extra-maternal child care in Nigeria seems to be aggravated by the gradual erosion of the traditional resources for extramaternal childcare such as the community of friends and relations, hired nursemaids and servants, and the inadequate provision of extrafamilial institutions such as nurseries and daycare centres. Rather than quantify the demand for extramaternal care for children, this study assesses the childcare arrangements of working mothers and inquires into the existing resources for meeting this demand both within and outside the household. It is concluded that demand for extramaternal childcare of both custodial and developmental nature is not fulfilled by existing resources. Therefore, it is being suggested that an inventory of existing pre-school institutions such as nurseries and daycare centres, programmes for the improvement and expansion of these facilities would facilitate the participation of women in the labour force and their effective contribution to social and economic development.
The demographic factor in the provision of health facilities in developing countries: the case of Nigeria
(Elsevier, 1984-01-01) Fadayomi, Theophilus O.; Oyeneye, O. Y.
Current emphasis on preventive health measures in developing countries such as Nigeria is not often reflected in actual performance of health programmes. It is still common to find that a major proportion of the health budget is expended on the construction of modern hospitals in a few privileged areas such as the major towns and urban centres. This strategy of medical care delivery continues in spite of the demographic situation which makes it virtually impossible for any developing nation to aim at providing adequate hospital-based care for its growing and basically rural population. Therefore, it is being suggested that the existing practice of medical care planning which places an undue emphasis on hospital based care is too expensive and will have to give way to less expensive and comprehensive strategies involving community participation such as health education, nutritional improvement programmes and more reliance on local medical resources.
Determinants of labour force participation in Nigeria: The influence of household structure
(Journal of Economics and Development Studies, 2014-06) Fadayomi, Theophilus O.; Olurinola, I.
This study examines, empirically, the influence of household structure on labor market participation in Nigeria, using the data collected by the defunct National Manpower Board in the Nigerian Labour Markket Survey conducted in year 2005. Iin addition to other traditional explanatory variables, the study employs other variables measuring the influence of household characteristics of the studied population in the determination of participation rates. The method of data analysis is two-fold. The first is the descriptive analyses of the characteristics of the labour force in Nigeria, while the second employs both the probabilility and logit regression models in estimating the labour force participation rates. Both methods of analyses were carried out using the SPSS software. The study establishes the relative importance of the household structure in influencing labor force participation of household members while the other traditional economic and socio-demographic variables conform to apriori expectations. In line with the findings, a gender-friendly policy that addresses the constraints facing women’s work and their full participation in the labor market is advocated.
Effective Service Delivery of Nigeria’s Public Primary Education: The Role of Non-State Actors
(African Finance and Economic Association, United States, 2013) George, E. S.; Olayiwola, T.; Adewole, Musiliu. A.; Osabouhien, M. A.
The study examines and analyses the role of Non-State Actors (NSAs) in public provision of primary education in Nigeria using descriptive and econometric techniques. The analysis demonstrates that the major source of funding of public primary education in Nigeria flows from the Federal Government to the State government and finally to the Local Government Education Authority (LGEA). The study shows that NSAs’ activities are mainly the provision of school inputs with little or no role monitoring and management of public primary schools. It was found that the presence of private school inspectors has significant positive effect on pupils’ performance. Parents occupation and household qualities especially type of building were found to have positive impact on the pupils’ performance. Based on these findings, the study recommends the need for adequate involvement of NSAs in the management of public primary schools and improved inspection of schools as ways of improving the quality of primary education in Nigeria.
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.
Empirical analysis of the impact of globalization on labor force utilization: Evidence from Nigeria
(African Economic and Business Review, 2010) Aremo, Adeleke G.; Adele, Alagbile M.
In this study, the impact of globalization on labor force utilization, proxied as employment, in Nigeria was addressed with a view to assessing the extent to which globalization has influenced the structure of development in Nigeria. To achieve this, Augmented Dickey Fuller (ADF) test, and cointegration test were performed to investigate the unit root problem and the long run relationship among variables respectively; also an Error Correction Methodology was applied with a view to capturing both the short run and long run dynamic adjustments in employment model. The findings that emerged from the analysis showed that globalization practice could generate negative impact on employment in both short- and long run periods suggesting that if globalization continues as being practiced, globalization could further worsen the extant decrepit state of unemployment in Nigeria other things being equal. It is therefore recommended that government should confront the imminent unavoidable negative effects of globalization with a well –designed policy mix.
ENERGY CONSUMPTION AND PRODUCTIVITY IN NIGERIA
(academia.edu, 2015) Olarinde, Omolola S.; Abraham, Adeniran
Energy is critical to the survival and expansion of any economy, but in Nigeria, energy consumption has been skewed towards household use, and below thresholds for sector driven growth. The paper updates in time and methodology those studies highlighting the significance of energy use for economic growth, using the Bound test and the Auto regression Distributed Lag (ARDL) to establish the long and short run relationships between disaggregated energy consumption and economic growth in Nigeria from 1990 to 2016. The variables considered were real GDP, energy consumption decomposed into electricity and petroleum consumption, labor and capital. The findings showed that, in the short and long run, petroleum consumption and labour have a significant positive relationship with GDP. Furthermore, the causality results showed that feedback causation between economic growth and energy consumption as well as labour exists, while one-way causation runs from labour to economic growth. The expansion and diversification of the power-generation portfolio in the country would improve energy consumption towards better output. Also, policies to encourage industrialization would move energy demand towards increasingly productive uses.
Family characteristics, students' reading habits, environment and students' academic performance in Nigeria
(Inderscience Publishers, 2011-01) Folorunso, Benjamin A.; Aremo, Adeleke G.; Abogan, Philips O.
The paper examined family background factors that affect students' academic achievement in institutions of higher learning in Nigeria. With the use of structured questionnaire, data were collected from 110 first-degree final year students using random sampling and analysed through multiple linear regression techniques. It was found that student's academic performance was positively influenced by student's parental level of education, maternal income level, age, income of the student and number of hours allocated for reading on daily basis. Those students who spent more hours reading their books daily were found performing better than those who spent lesser hours. The hypothesis that parental educational level impacted positive effects on students' academic performance was confirmed valid for the country while effects of parental occupation and parental income were mixed. The major finding of the paper was that higher educational attainment and income status of parents were essential factors contributing to high academic record of students of tertiary institutions. It was, therefore, recommended that policy that enforces higher education advancement for all parents should be enforced in Nigeria.
Female youth in street trading: Implications for sexual harassment in HIV/AIDS risky environment
(IBIMA Publishing, 2016-03-26) Amoo, Emmanuel O.; Ola-David, Oluwayomi; Olurinola, Isaiah O.; Fadayomi, Theophilus O.
The study examined the exposure of young girls to street harassment in the urban centres of Nigeria and implications for the incidence of HIV/AIDS and economic empowerment. A ‘nonparticipatory direct observation approach coupled with quantitative secondary data was used. Quantitative data was extracted from a national survey of street traders sponsored by Covenant University, Nigeria. The survey covered sampled street traders in four major cities in Nigeria. However, only the data relating to young girls below the age of 25 years (n = 553) were extracted and analysed for this study. The study revealed that girls in younger ages (10-14 and 15-19 years) were 1.724 and 1.111 times more likely to be harassed compared to the other girls but self-employed girls enjoy ‘immunity’ from harassment because they have higher economic worth than their counterparts in paid or unpaid street trading activities. The study posits that exposure of girls to harassment increases the propensity for higher HIV/AIDS incidence in Nigeria and other sub-Saharan African countries. A proactive hawking measure should therefore be put in place to control the activities of the traders and enhance their full integration for effective economic empowerment of the girls and women in general.
Government Expenditure and Its Implication for Economic Growth: Evidence from Nigeria
(Journal of Economics and Sustainable Development www. iiste, 2015) Danladi, J. D.; Akomolafe, K. J.; Olarinde, Omolola S.; Anyadiegwu, N. L.
Government Expenditure is an important macroeconomic objective in an economy. In this study, the structure and size of government expenditure determine the pattern of growth in the economy. The Keynesian aggregate expenditure is adopted as a framework to explain the role of government spending on output. The Johansen cointegration test was applied to verify the long run relationship between the variables and the Granger causality test was employed to determine the existence and direction of causation between government expenditure and economic growth. The autoregressive distributed lag (ARDL) methodology was employed to examine the relationship between the independent variables and the dependent variable. From the analysis and findings, government spending significantly and positively explained the economic growth of the country. The relationship was significant at 5 percent level. In comparing the results of the total government expenditure with capital and recurrent expenditure, the result shows that they are positively related to economic growth however the recurrent component of the expenditure significantly explained more. Therefore, it is recommended that the government should give more priority to the capital component that is more productive and can induce rapid economic prosperity
Impact of economic globalization on human capital: Evidence from Nigerian economy
(International Journal of Economics and Financial Issues, 2015-07-15) Solarin, Sakiru A.; Olabode, Olabisi E.
Investment in human capital in relation to global world is to achieve an optimum return in terms of a gainful employment, productivity and high standard of living. This paper uses autoregressive distributed lag model to determine the cointegration, long run and short run elasticities among human capital, economic growth, economic globalization and foreign direct investment (FDI), for the period 1980-2011. The empirical results reveal that there is a long run relationship among the variables tested in this study. Also, economic growth and FDI show a positive impact on human capital and economic globalization indicates a negative impact on human capital in Nigeria.

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