JOURNAL OF ECONOMICS AND ALLIED RESEARCH

TABLE OF CONTENTS (JEAR VOL. 10, ISSUE, 2, JUNE 2025)

2025-07-28T23:22:09+00:00

Journal of Economics and Allied Research (JEAR) is a peer-reviewed open access journal published by the Centre for Contemporary Economics and Allied Research, Department of Economics, University of Nigeria, Nsukka in collaboration with K-injo Publishers Limited.

The journal accepts state of the art research in the following areas: All areas of mainstream economics as well as other areas such as education, environment, health, economics geography, development issues, social and cultural issues, petroleum and energy economics, political economy, and public policy.

The journal publishes articles quarterly (March, June, September and December Issues). The journal can also publish more than four times a year depending on the rate of submission and also based on editorial board’s decision. Articles involving cross sectional, cross country, time series and panel studies are welcome. In selecting articles for publication (from articles that have passed the review process) the journal will endeavour to strike a balance among the subject areas and methodological approaches. In order to facilitate the speed of acceptance, articles addressing current economic problems or challenges with specific policy relevance will be given priority.

DO GLOBAL UNCERTAINTY AND RISK INFLUENCE ECONOMIC GROWTH IN NIGERIA? EVIDENCE FROM QUANTILE REGRESSION ANALYSIS

2025-07-26T19:30:25+00:00

Uncertainties and risks have continued to play a significant role in shaping economic decisions and outcomes in many countries. Like many other countries, Nigeria is exposed to global economic policy uncertainty. Nigeria is vulnerable to geopolitical risk because of its strategic location in both sub-Saharan Africa and the West African subregion. However, the impact of economic policy uncertainty and geopolitical risk on Nigeria's economic growth has not received much research. Considering these circumstances, the study utilizes quantile regression analysis to explore the impact of global economic policy uncertainty and geopolitical risk on Nigeria's economic growth, utilizing monthly data for all variables from January 1997 to December 2023. The result indicates that economic growth is negatively related to global economic policy uncertainty at the lower quantile; however, the relationship turned positive at the middle and upper quantile. On the other hand, geopolitical risk has a negative relationship with economic growth across all the quantiles. The study recommends that policymakers make robust policies that will promote the diversification of the Nigerian economy to withstand any form of influence emanating from elsewhere. Similarly, human capital development should continue to be promoted with a view of having quality manpower capable of initiating local solutions to Nigeria’s problems, among other recommendations.

ANALYSIS OF INSECURITY, LABOUR FORCE, CAPITAL STOCK AND ECONOMIC GROWTH NEXUS IN NIGERIA

2025-07-27T13:56:19+00:00

This study examines the interrelationship between insecurity, the labour force, capital stock, and economic growth in Nigeria, a nation facing complex socio-economic challenges. The primary objective is to analyze how these factors interact and influence economic growth. The study employs an Autoregressive Distributed Lag (ARDL) model to examine the relationship between the variables, after confirming their order of integration through an ex-ante analysis, which shows a mix of I(1) and I(0) processes. The ARDL model bound test confirms cointegration among the variables at the 1% significance level, suggesting that the Nigerian economy can recover from short-term shocks and reach equilibrium over time. The findings reveal that, in the short run, insecurity and capital stock do not significantly impact economic growth, while labour force participation has a positive and statistically significant influence. The speed of adjustment is slow, with a negative and significant coefficient of -0.038908, indicating the need for more immediate policy interventions to facilitate a quicker return to equilibrium. Key recommendations based on these findings include prioritizing national security and increasing labour force participation, particularly among youth, women, and rural populations, through education and skill development programs. However, the government should implement policies to enhance capital stock by improving infrastructure, fostering foreign direct investment (FDI), and enhancing access to affordable credit for small and medium-sized enterprises (SMEs). These actions will stimulate private sector growth and contribute to long-term economic development.

SOCIOECONOMIC STATUS AND MORTALITY RATES IN NIGERIA: AN APPLICATION OF HEALTH CAPITAL MODEL

2025-07-27T14:16:56+00:00

This study investigates the effect of socioeconomic status (SES) on mortality rates in Nigeria from 1990 to 2020, employing the Health Capital Model (HCM) as the analytical framework. The analysis utilizes Autoregressive Distributed Lag model (ARDL) with time-series data to examine how variations in income, education, employment, and other SES indicators influence health outcomes, particularly mortality rates. The findings underscore the significant role of income, and education, health expenditure in determining mortality rate in Nigeria. A more inclusive national health insurance scheme (NHIS) is advocated to accommodate the informal sector as well as health literacy awareness campaigns were policy recommended to tackle this menace.

RADICAL INNOVATIONS, BUSINESS COMPETITIVENESS AND DEPOSIT MONEY BANKS IN NIGERIA

2025-07-27T14:35:30+00:00

Radical innovation fundamentally transforms markets, redefines industries, and alters our daily lives and work. The evolution of banking through innovation enhances payment processing, facilitating a transition from conventional banking practices to digital transformation. This study aims to explore the effects of radical innovations on the competitiveness of Nigerian deposit money banks from Q1 2009 to Q4 2023. The ARDL (autoregressive distributed lag) model was employed to assess long-term relationships. Unit root tests were performed on variables including return on assets, automated teller machines, internet banking, and mobile banking, revealing order one I(1) for the first three and order zero I(0) for point of sale. Co-integration-bound tests confirmed long-term relationships among the variables. The findings indicated that ATMs and mobile banking positively and significantly influence return on assets, while point of sale negatively impacts ROA. The study established a long-term relationship between the variables, with no serial correlation detected, indicating stability. It was concluded that radical innovations such as ATMs, PoS, internet banking, and mobile banking maintain a long-term relationship with Nigerian deposit money banks. Consequently, Nigerian deposit money banks are encouraged to invest in technology and innovative banking solutions to enhance ATM services, point-of-sale systems, internet banking, and mobile banking, thereby reducing customer congestion in banking halls.

RENEWABLE ENERGY ADOPTION AND ENVIRONMENTAL POLLUTION IN NIGERIA: AN EMPIRICAL EVIDENCE

2025-07-27T14:55:35+00:00

This study investigates the short-run and long-run impacts of renewable energy, energy efficiency, energy equity, and economic growth on environmental pollution (measured by CO₂ emissions) in Nigeria using the Autoregressive Distributed Lag (ARDL) framework. The analysis utilizes annual time series data to examine the dynamic relationships among the variables, with particular emphasis on policy-relevant insights for sustainable development. The results reveal that both renewable energy and energy efficiency significantly reduce environmental pollution in the short and long run, underscoring their crucial role in mitigating climate change. Economic growth also contributes to emission reduction, providing empirical support for the Environmental Kuznets Curve (EKC) hypothesis in the Nigerian context. Conversely, energy equity is positively associated with emissions, indicating that wider energy access without a transition to cleaner energy sources may exacerbate environmental degradation. The study recommends scaling up investment in renewable energy, enforcing energy efficiency standards, ensuring equitable access to clean energy, and adopting green growth policies. These findings offer valuable guidance for policymakers in designing integrated energy and environmental strategies aligned with Nigeria’s sustainable development goals.

MACROECONOMIC SHOCKS, INSTABILITY AND ECONOMIC GROWTH IN SELECTED ECOWAS COUNTRIES

2025-07-27T15:05:37+00:00

This study investigates macroeconomic shocks, instability, and economic growth in selected ECOWAS countries. Specifically, Benin, Carbo Verde, Côte d’Ivoire, Ghana, Guinea-Bissau, Nigeria, Senegal, Togo, and the Gambia were considered for the study based on data availability and a long history of macroeconomic instability. The study adopts panel structural Vector Auto Regressive (VAR) as a methodology to conscientiously account for the responses of variables of each country to idiosyncratic and common structural shocks. This is achieved by allowing full cross-member heterogeneity of the response dynamics. The data used is a panel that comprises nine ECOWAS countries from 1992 to 2023. The results of the impulse response functions revealed evidence of insignificant shock propagation and transmission among the macroeconomic variables, such as the countries' GDP, inflation, unemployment, and exchange rates. However, the results indicated that macroeconomic instability in the countries is attributable to internal rather than external shocks. This is because the diagonal impulse response functions were more significant than the off-diagonal impulse response functions. The policy implication of these results is that macroeconomic stability is achievable when the ECOWAS countries focus more on controlling inflation and unemployment through effective monetary and fiscal policies. Doing this will not only enhance the attainment of internal balance but also assist them in mitigating the effects of the shocks and foster higher economic growth.

ANALYSIS OF OIL PRICE, EXCHANGE RATE, AND ECONOMIC GROWTH NEXUS IN NIGERIA

2025-07-27T15:26:47+00:00

This study examines the nexus between oil price, exchange rate volatility, and economic growth in Nigeria using the Fully Modified Ordinary Least Squares (FMOLS) estimation technique. The findings reveal that exchange rate volatility has a statistically significant negative impact on economic growth, highlighting the adverse effects of currency fluctuations on macroeconomic stability. Inflation also negatively affects GDP, though its impact is statistically insignificant. Conversely, oil price movements exert a significant positive influence on economic growth, underscoring Nigeria's dependence on crude oil revenue. Interest rates also have a significant positive effect, suggesting that stable financial conditions contribute to economic expansion. However, trade openness does not significantly explain GDP variations. The Johansen cointegration test confirms the existence of a long-run relationship among these macroeconomic variables. Based on these findings, policymakers should prioritize exchange rate stabilization through sound foreign exchange policies, increased foreign reserves, and export diversification to mitigate the negative effects of currency volatility. Furthermore, the government should implement strategic policies for managing oil revenues by investing in critical sectors such as infrastructure, education, and healthcare to ensure long-term economic resilience beyond oil dependency. Institutional reforms aimed at improving governance, reducing corruption, and enhancing resource allocation efficiency are also essential for fostering sustainable economic growth.

ANALYSING FISCAL POLICY AND ECONOMIC GROWTH: INSIGHT FROM THE GAMBIA

2025-07-27T15:45:25+00:00

This study uses the Autoregressive Distributed Lag model to investigate how fiscal policy influences economic growth in the Gambia. Findings confirm the significant relationship between fiscal policy rate and economic growth in both the short and long run, and gross fixed capital formation exhibits a negative and statistically significant relationship with economic growth. Additionally, the impact of public debt in the short term was non-significant but substantial in the long run. Furthermore, government expenditure substantially impacts growth in both the short and long run, and the causality test proved that the variables show a one-way causation on economic growth. The study recommends that policy-making decisions to pay attention to policies that will intensify the efficiency of fiscal policy rates to support and expand the rate of growth. Tax policy arrangements and implementations should be reviewed, and the accrued revenue should be reinvested into areas that will improve human capital and infrastructure development. On public debt, the focus should be on productive or tied to investments that will generate high returns at a reasonable payback period to avoid debt overhang.

DOES HEALTHCARE FACILITY DISTANCE HAVE INFLUENCE ON HUMAN CAPITAL DEVELOPMENT? EVIDENCE FROM NORTHWEST NIGERIA

2025-07-27T15:57:23+00:00

Over the years, the issue of healthcare facility distance has been hampering the growth of Nigeria's human capital, particularly in the country's north. This study looked at how human capital development in North West Nigeria was affected by maternal mortality as measured by the distance to healthcare facilities. Using cross-sectional data from a field survey that involved distributing a questionnaire to a sample of 1383 respondents in three states in North West Nigeria, the study used the binary logistic model with a focus on women of reproductive age. The logistic model's findings showed that while transportation has a positive and considerable impact on human capital development, healthcare facilities that are far from homes and the distance that prevents access to them have a positive but negligible impact. The study recommended the need for provision of feeder roads and means of transport to healthcare facilities in order to enable health seekers get to the healthcare centres promptly. Also, there is need to educate and financially empower women so that they can go to the healthcare center when the need arises

IMPACT OF CLIMATE CHANGE ON FOOD SECURITY IN NIGERIA: IS TERROR ATTACK A MATTER OF CONCERN?

2025-07-27T16:09:42+00:00

Motivated by extreme weather events and incessant terrorist attacks in many parts of Nigeria with attendant consequences on agricultural output and food security challenges, this study was undertaken with a view to addressing the problem. Arising from the above, the objective of this study is to examine the impact of climate change and terrorism on food security in Nigeria using Autoregressive Distributed Lag (ARDL) method on time series data from 1990 to 2024. Food production index is regressed on temperature anomaly, carbon dioxide () emission and terrorism index. To improve the robustness of our model result, we incorporate other control variables such as population growth rate and GDP per capita. The data for this study is sourced from World Bank climate change knowledge portal and Central Bank of Nigeria Statistical Bulletin online database. Findings indicate that temperature anomaly and emissions negatively influenced food security, highlighting the urgent need for climate mitigation action. Similarly, terrorism exerts a strong negative impact on food security, stressing the need to urgently initiate policies targeted at combating the menace of terrorism in Nigeria and other developing countries. The finding from this study is imperative for government and policy analysts to adopt climate mitigation strategies aimed at reducing carbon emission in order to ensure adequate and sustainable food supply for the country’s growing population.

ANALYSIS OF COOPERATIVE SOCIETIES, ENTREPRENEURIAL BUSINESS GROWTH AND POVERTY ALLEVIATION IN SOUTH WEST NIGERIA

2025-07-27T18:53:29+00:00

Cooperative societies have been increasingly recognized globally as effective mechanisms for promoting entrepreneurship and reducing poverty. This study, titled Analysis of Cooperative Societies, Entrepreneurial Business Growth and Poverty Alleviation in South West Nigeria, examined the pivotal role of cooperative societies in fostering entrepreneurial development and reducing poverty as key drivers of sustainable development in the region. Grounded in the Social Capital Theory, which highlights the importance of social networks, trust, and mutual support, the study utilised a descriptive survey design to gather data from cooperative society members across six state capitals: Ado-Ekiti, Ikeja, Abeokuta, Akure, Osogbo, and Ibadan. A total sample size of 384 was drawn using stratified random sampling from a population of 684,200 registered cooperative members, with 352 valid responses obtained for analysis. Using linear and multiple regression models, the study found that cooperative societies significantly contribute to poverty alleviation (R² = 0.584, β = 0.764) and have an even stronger effect on entrepreneurial business growth (R² = 0.743, β = 0.862). These findings underscore the critical influence of cooperative societies in promoting sustainable economic development in South West Nigeria. The study recommends enhanced policy frameworks to support cooperative societies, including improved access to finance, skill development programmes, and stronger regulatory oversight to maximise their contributions to poverty reduction and entrepreneurial growth

GREEN HUMAN RESOURCE MANAGEMENT PRACTICES AND SUSTAINABILITY OF MANUFACTURING FIRMS

2025-07-27T19:13:13+00:00

As organizations confront increasing environmental pressures, the integration of sustainability into human resource management has emerged as a critical strategic priority. This study investigates the impact of green human resource management (GHRM) practices, specifically green recruitment and selection, green training and development, and green job analysis on the sustainability of manufacturing firms. Guided by the resource-based view theory, the research adopts a survey design and gathers data from 188 employees of Bao Yan Huan Jian Iron & Steel Group in Calabar, Nigeria. Simple linear regression was employed to test the hypothesized relationships. Findings reveal that all three GHRM practices significantly contribute to the sustainability of manufacturing firms. Green recruitment and selection facilitate the hiring of environmentally conscious talent, green training enhances employees’ capabilities to support sustainability goals, and green job analysis aligns job roles with environmental responsibilities. The study concludes that embedding environmental values into HRM systems strengthens organizational resilience and ecological performance. It recommends that firms institutionalize these practices as part of their core sustainability strategies.

EXAMINING THE LINK BETWEEN GREEN ENERGY ADOPTION AND ECONOMIC PROGRESS: EVIDENCE FROM NIGERIA

2025-07-27T20:00:12+00:00

This study investigates the impact of renewable energy consumption on economic growth and productivity in Nigeria, using two distinct datasets spanning 1990–2023 and 2000–2023. Employing the Autoregressive Distributed Lag (ARDL) bounds testing approach and Pairwise Granger causality analysis, the study provides new insights into the dynamic and causal relationships among key macroeconomic variables. The findings reveal that renewable energy consumption has a significant negative effect on economic growth in the long run and a consistently negative impact on economic productivity in both the short and long term. Causality tests show a unidirectional relationship from economic growth to renewable energy consumption, and from renewable energy consumption to economic productivity. While foreign direct investment (FDI) and trade openness positively influence economic growth, they are found to hinder productivity. Conversely, natural resource endowment negatively affects growth but enhances productivity. Domestic credit to the private sector supports both growth and productivity. These findings highlight the need for strategic policies that position renewable energy as a complementary input to production while maintaining economic stability. The study recommends a phased transition to renewable energy, supported by financial incentives, modern infrastructure investment, and enhanced research and development. Such measures will help Nigeria achieve sustainable and inclusive economic transformation.

MIGRATION, MSMEs AND ECONOMIC DEVELOPMENT IN NIGERIA

2025-07-27T20:12:51+00:00

This study investigates the impact of migration on sustainable economic development in Nigeria, with a particular focus on the effects on the growth and sustenance of Micro, Small and Medium Enterprises (MSMEs). The motivation for this research stems from the need to address the brain drain and labor loss, arising from migration, as well as its implications for Nigeria’s economy. In recent years, the mass migration of Nigerian youths has raised concerns about its effects on the emergence and sustainability of MSME businesses, which are essential drivers of economic growth in the country. This study utilizes a combination of qualitative and quantitative research methods, to analyze data from within the last 10 years, on migration trends and MSME establishment and growth in Nigeria. The data is sourced from secondary sources such as; the National Bureau of Statistics, Macrotrends and Moniepoint. Descriptive and inferential statistical analyses were employed, in order to identify the impact of migration patterns on MSMEs establishment and sustenance in Nigeria. The study found a moderate positive correlation between net migration and the number of active MSME businesses in Nigeria, as the correlation level of 0.372 is not statistically significant, at a 0.05 level of significance. This study contributes to the existing literature on economic development, technological change and growth, particularly in relation to human resources, human development, income distribution, and migration.

ECONOMIC GROWTH AND SUSTAINABILITY IN AFRICAN OIL-EXPORTING COUNTRIES: A DYNAMIC PANEL ANALYSIS OF RESOURCES, ENERGY, AND INVESTMENT

2025-07-27T20:23:03+00:00

This study investigates the dynamic interplay between natural resources, carbon emissions (CO₂), oil exports, foreign direct investment (FDI), renewable energy, and economic growth (GDP) in four major African oil-exporting countries Nigeria, Angola, Gabon, and the Democratic Republic of the Congo over the period 2001–2021. Utilizing a dynamic panel regression model based on the Generalized Method of Moments (GMM), the analysis accounts for growth persistence through lagged GDP and addresses endogeneity and dynamic panel bias. Diagnostic checks, including the Arellano-Bond and Sargan/Hansen tests, validate the model's robustness. This study distinguishes itself by focusing on African oil-exporting economies and integrating both conventional and modern growth drivers, such as renewable energy and FDI quality. It adopts a hybrid econometric approach (GMM and FEM) to yield stronger insights and policy relevance, particularly in the post-COVID context. Notably, the study evaluates the sustainability of oil exports and the broader economic implications of resource dependence. Key findings reveal that lagged GDP, natural resources, and renewable energy significantly enhance economic growth, emphasizing the need for continued performance, effective resource use, and investment in clean energy. Conversely, oil exports negatively affect GDP, highlighting economic vulnerability to global oil price shocks. CO₂ emissions were not statistically significant. The study recommends economic diversification, renewable energy investment, and sustainable resource management to promote long-term, inclusive growth.

FOOD SECURITY STATUS OF THE FARMING HOUSEHOLDS IN ENUGU STATE, NIGERIA

2025-07-28T21:46:57+00:00

The world economy is not growing as expected because of conflict and instability causing migration of large population from place to place. Also climate change impacts on agricultural productivity, food production and natural resources has shifted the food ways to a new food security, nutrition and health challenges. Food insecurity and poverty are significant problems facing the majority of Nigeria as the economy is mainly dependent on agriculture which is susceptible to different shocks, seasonality and trends. This study examined the determinants of the food security status of the farming household in Enugu State, Nigeria and specifically the study i) identified the socio-economic status of farm households; ii) ascertained the food security status of farm households; iii) examined the determinants of food security; and iii) identified the coping strategies adopted. The study used multistage sampling technique to select 160 respondents for the study and data were analyzed using descriptive statistics, food insecurity experience scale and ordered logistic regression. The result shows that greater proportion of the farming households were male (55.0%) and were within the age of 20-39 years. Majority of the respondents (67.6%) attained secondary education and 95% were married. The food security status result shows that majority of the respondents (83.8%) were food insecure while only 6.3% had low food insecurity level. The significant variables that influenced the food security status include age, education level and farm size. The study recommends targeted interventions to enhance food security level which includes training for farmers in order to manage their farm resources properly.

ELECTRICITY CONSUMPTION AND MANUFACTURING OUTPUT IN NIGERIA: EVIDENCE FROM ARDL ANALYSIS

2025-07-28T11:48:36+00:00

This study examines the impact of electricity consumption and macroeconomic variables on manufacturing output in Nigeria from 1986 to 2023, using annual time series data from the World Development Indicators and the Central Bank of Nigeria. A short-run dynamic Autoregressive Distributed Lag (ARDL) model was employed due to the absence of co-integration among the variables, as revealed by the bounds test. The results indicate that electricity consumption has a positive but statistically insignificant impact on manufacturing output, with a 1% increase resulting in a 0.054% rise. Similarly, the exchange rate and inflation exhibit positive but insignificant impacts, with 1% increases associated with 0.051% and 0.012% rises in output, respectively. The current monetary policy rate (MPR) has a negative and insignificant impact, with a 1% rise reducing output by 0.016%. The first lag of MPR shows a positive but insignificant impact, while the second lag has a negative and statistically significant impact, indicating that a 1% increase in MPR at this lag reduces manufacturing output by 0.141%. This highlights the delayed negative impact of monetary tightening on industrial performance. Based on these findings, the study recommends improving electricity reliability, stabilizing exchange rates through economic diversification, and coordinating inflation management policies. Additionally, it urges the government to adopt interest rate strategies that are sensitive to the manufacturing sector.

CAPACITY BUILDING AND THE PERFORMANCE OF WOMEN ENTREPRENEURS IN THE FEDERAL CAPITAL TERRITORY, ABUJA, NIGERIA

2025-07-28T12:44:33+00:00

The study is focused on investigating the Impact of Capacity Building on the Performance of Women Entrepreneurs in the Federal Capital Territory, Abuja, Nigeria. Specifically, it examines the effects of financial inclusion strategies, etworking skills, on the performance of women entrepreneurs in the FCT. Methodologically, the study adopts a causal survey research design, targeting all women entrepreneurs actively conducting businesses within the six area councils (Abaji, Abuja Municipal Area Council [AMAC], Bwari, Gwagwalada, Kuje, and Kwali) of the Federal Capital Territory, igeria. The Cochran sample size formula was initially utilized, resulting in a sample size of 384. Primary data was collected through a cross-sectional survey using a structured questionnaire. Out of 428 questionnaires distributed, 395 were completed and deemed suitable for analysis. Data analysis involved the use of simple percentages, frequency distribution tables, and Partial Least Squares Structural Equation Modelling (PLS-SEM). The study found a positive and statistically significant effect of financial inclusion strategies, etworking skills, managerial abilities, entrepreneurial knowledge, on the performance of women entrepreneurs in the FCT. Among the recommendations, it is suggested that stakeholders, including government and educational institutions, provide entrepreneurial knowledge, particularly in marketing, management, and risk-taking

SIX SIGMA AND PERFORMANCE OF SMALL SCALE MANUFACTURING FIRMS IN ABUJA

2025-07-28T13:04:22+00:00

This study examined the effect of application of Six Sigma principles on performance of small-scale manufacturing firms in Abuja. Using a cross-sectional survey research design, data were collected from 205 respondents in selected small scale manufacturing firms through structured questionnaire administered to 370 participants using Goggle form. The measures of Six sigma are the dimensions of six sigma namely: process definition, process measurement, process diagnostics, process improvement, and process control while performance was measured by customer patronage indicators. Data were analyzed using regression analysis via SPSS Version 26. The findings revealed that application of the principles of: process definition, process measurement, process diagnostic, process improvement and process control have positive and significant effects on performance. On combining the five dimensions of six sigma, the result showed that all the five dimensions jointly predict performance with application of Six sigma principles having a positive and significant effect on performance with application of six sigma principles explaining 35% (Adj. R²= .350) variation in performance. Individual contribution to performance in the combined model showed that process measurement, process improvement and process control have positive and significant effects on performance whereas process definition shows a statistically significant but negative effect on performance while process diagnostics was not statistically significant, indicating it does not contribute meaningfully to explaining performance outcomes in the combined process. Based on the findings, it is recommended that small scale manufacturing firm operating in Abuja should implement the five tools of six sigma most especially process measurement, process improvement and process control tools to enhance performance of their manufacturing activities.

CENTRAL BANK DIGITAL CURRENCY (CBDC) AND THE DYNAMICS OF CHINESE ECONOMIC SHORTCUT TO US DOLLAR HEGEMONY

2025-07-28T13:18:30+00:00

The paper examined central bank digital currency (CBDC) and the dynamics of Chinese economic shortcut to US dollar hegemony. The study employed secondary data to achieve the objectives, in other words, it is a qualitative study. The study revealed that the introduction of Chinese digital RMB (e-CNY) and its advancement in cross-border payments will largely challenge the global hegemony of the US dollar. This move will reduce the costs of trade, facilitate financial inclusion, foster financial innovation and expand the monetary and fiscal components. It will increase payment transparency and decrease money laundering and tax evasion. The study recommended that, there should be a provision of a level playing ground for accessibility and infrastructure that promotes motivation and competition among different payment service providers. There should also be a robust digital architecture that includes optimal, reliable and affordable internet connectivity and comprehensive access to digital devices

CURRENCY DEVALUATION, STOCK MARKET RETURNS AND ECONOMIC GROWTH IN SUB SAHARAN AFRICA COUNTRIES

2025-07-28T13:30:13+00:00

Achieving sustainable growth in the world economies is one of the United Nations Sustainable Development Goals and also one of the macroeconomic goals targeting Sub-Saharan Africa. As the region aimed to attain growth and development, policy toward currency devaluation and stock market returns became crucial. Hence, this study examined the relationship between currency devaluation, stock market returns and economic growth in Sub-Saharan African (SSA) countries from 2003 to 2023 within the framework of the Mundell-Fleming model. Using panel error components general least squares (PEGLS) and the Dumitrescu-Hurlin panel Granger causality test econometric techniques, findings indicated that currency devaluation and stock market returns are positive and statistically significant to promote the economies of SSA countries. Findings further showed that there is unidirectional causality between balance of payment and currency devaluation, running from balance of payment and not vice versa. The research recommends policies that gear towards improved stock market performances. Also, there is a need for strategic policy that promotes currency devaluation in the SSA region.

IMPACT OF INTEREST AND EXCHANGE RATES ON STOCK MARKET PERFORMANCE IN SUB-SAHARAN AFRICA

2025-07-28T14:18:23+00:00

This study investigated the impact of macroeconomic variables specifically, central bank policy rates (interest rates) and nominal exchange rates on stock market performance in Sub-Saharan Africa, focusing on Nigeria, South Africa, Ghana, and Namibia. Motivated by the need to understand how economic fundamentals influence financial markets in developing economies, the study employed quarterly panel data from 2010Q2 to 2025Q1. The analysis utilized a Fixed Effects Model to account for country-specific heterogeneity in assessing stock market performance, proxied by the All Share Index (ASI). The findings revealed that nominal exchange rates had a positive but statistically insignificant impact on stock market performance, suggesting a potentially weak but directional relationship. In contrast, interest rates showed a negative and statistically insignificant effect, indicating limited immediate influence on market behaviour. Other macroeconomic control variables including inflation and foreign direct investment also exhibited no significant impact. The results highlight the complex nature of macro-financial interactions in the region and underscore the need for cautious monetary policy calibration. The study concluded that while macroeconomic fundamentals do influence market trajectories, their effects may be moderated by structural and institutional factors unique to Sub-Saharan Africa. It recommends strengthening financial market infrastructure and deepening macroeconomic coordination to enhance resilience and investor confidence.

ASSESSMENT OF FINANCIAL MANAGEMENT STRATEGIES AND CHALLENGES FACED BY FOOD SERVICE INDUSTRIES IN NSUKKA URBAN

2025-07-28T14:58:07+00:00

This study assessed the financial management strategies adopted by food service industries and the challenges they face in Nsukka Urban, Enugu State, Nigeria. A descriptive-comparative research design was employed to answer three research questions based on data collected from a sample of 250 food service industry staff. Two null hypotheses were tested at p < 0.05 level of significance. A structured questionnaire, validated by three experts with a reliability index of 0.79, was used for data collection. Descriptive statistics such as mean and standard deviation were used to analyse the data on the research questions while ANOVA was used to test the hypotheses. Findings revealed that the key financial management strategies adopted by the food service industry included cost management, revenue enhancement, budgeting and risk management. However, investment strategies like technology adoption and securing loans were not prioritised. Major challenges they faced were rising costs of raw materials, lack of access to loan facilities, lack of skilled labour, improper money management and fluctuating prices. The solutions to these challenges included improving energy efficiency, use of technology, monitoring cash flows and employee training among other things. The study concludes that the adoption of specific financial management strategy is dependent on the type of food service industry and their profit margins are influenced by the challenges they faced. Recommendations include prioritising energy-efficient practices, leveraging technology for invoicing, and fostering employee development. Policymakers should also facilitate access to loans and training programs to enhance sector resilience. These insights offer practical value to business owners, researchers, and stakeholders in optimising financial sustainability within Nigeria’s food service industry.

EXCHANGE RATE DEVALUATION, ECONOMIC GROWTH AND PRICE STABILITY IN NIGERIA

2025-07-28T15:55:33+00:00

The study explores the relationship between devaluation and growth in Nigeria using time series data from 1991 to 2023. The estimating techniques are both the Autoregressive Distributed Lag model and Granger causality test. Two models are developed for this study. The first model of ARDL explores the influence of currency devaluation on economic growth using exchange rate as the proxy for devaluation and it is one of the independent variables. Gross Domestic Product growth rate is used to represent economic growth. The second estimating technique of Granger causality tries to see whether exchange rate devaluation would lead to price instability. Results indicate no significant effect of real exchange rate on growth rate of GDP. Exchange rates Granger causes consumer price index. The study recommends that the authority should provide the enabling environment that would encourage local businesses and boost domestic production so as to ease pressure on foreign exchange.

ADDRESSING CLIMATE CHANGE FOR SUSTAINABLE FOOD PRODUCTION IN NIGERIA

2025-07-28T16:12:28+00:00

This study investigated the impacts of climate change on food production systems in Nigeria and examines sustainable adaptation strategies to ensure food security. Through a systematic review and extensive literature analysis of peer-reviewed publications, government reports, and policy documents, the study identified key climate related challenges affecting Nigerian agriculture. Findings reveal that rising temperatures, irregular rainfall patterns, and increased frequency of extreme weather events have significantly reduced crop yields across major agricultural zones, with smallholder farmers experiencing disproportionate impacts due to limited adaptive capacity. The study identified several promising adaptation strategies, including climate-smart agriculture techniques, improved irrigation systems, drought-resistant crop varieties, and indigenous knowledge integration. Policy recommendations include strengthening agricultural extension services, developing weather-based insurance schemes, establishing early warning systems, improving access to climate finance, and integrating climate considerations into national agricultural policies.

IMPACT OF INFLATION AND PER CAPITA INCOME ON CONSUMPTION EXPENDITURE IN ECOWAS

2025-07-28T16:49:20+00:00

The study used advanced auto regressive distributed lag to examine the relationship between consumer expenditure, inflation rate, and per capita income in nine ECOWAS countries from 1991 to 2023. It finds a cointegration link between GDP per capita, inflation rate, and consumption spending. In the long run, consumption is positively impacted by inflation and income in eight ECOWAS countries while in the short run, high inflation leads to a decrease in consumption expenditure. The study recommends that the government should keep inflation under control and encourage economic expansion, central banks and fiscal authorities must work together and policymakers should create stimulus plans or tax breaks that will boost spending and spur economic expansion.

CONCEPTUALISATION AND FRAMEWORK DEVELOPMENT FOR WORKPLACE WELL-BEING: A LITERATURE REVIEW

2025-07-28T17:12:50+00:00

Workplace well-being has remained an evergreen concern in academic and professional fields. It has, however, suffered from the lack of a unified definition, with scholars, professionals, and policymakers bringing in diverse perspectives. This study reviews existing literature to contribute to the discourse on the conceptualisation of workplace well-being. The study adopts a qualitative approach, utilising thematic analysis. After applying specific criteria to eliminate literature that did not suit the study, the researchers selected 75 scholarly articles published between 2010 and 2024. The study reveals various terms and descriptors already used in the conceptualisation of workplace well-being fall into seven broad themes, which are psychological and emotional well-being, physical health and safety, job satisfaction and engagement, social relationships and support, life satisfaction and personal fulfilment, work-life balance and flexibility, and organisational commitment and performance. The study proposes a definition of workplace well-being that captures the thematic categorisations. This definition integrates theoretical perspectives, including the Job Demands-Resources (JD-R) model, psychological safety theory (PST), and ergonomic well-being. The study also proposes a framework emphasising the multi-dimensional attribute and the interplay between work and non-work environments. The definition and framework advanced in this study contribute to the ongoing discourse on this subject. These can serve as inputs into future research, developing organisational policies, and informing governmental regulations that enhance employee well-being and performance.

ENHANCING WOMEN’S LEADERSHIP IN BUSINESS THROUGH GENDER-INCLUSIVE STRATEGIES AND WORK-LIFE SUPPORT

2025-07-28T17:24:29+00:00

This article examines the strategic influence of gender diversity initiatives and work-life balance policies on the advancement and sustainability of women’s leadership in business administration. Drawing from a mixed-methods approach involving survey responses from 106 women and interviews with five female executives, the study analyses how inclusive organisational structures either facilitate or hinder leadership progression for women. Quantitative data revealed that 74% of respondents credited gender diversity policies with supporting their rise to leadership, while 81% highlighted work-life balance as a key factor in retaining their positions. Using Herzberg’s Two-Factor Theory and Organisational Behavior Theory as analytical frameworks, the study found that the absence of supportive work conditions and inclusive culture significantly reduces women’s career satisfaction and progression. The article concludes that gender diversity and flexible work practices are not only ethical imperatives but also strategic enablers for sustainable leadership. It recommends institutional reforms that embed gender parity targets, normalise flexible work arrangements, and promote inclusive leadership development pipelines. These findings contribute to the discourse on structural gender equity and offer actionable insights for policymakers and organisational leaders in developing contexts, particularly Nigeria.

HEALTH, EDUCATION AND OUTPUT GROWTH IN WEST AFRICA

2025-07-28T19:25:40+00:00

Economic growth in West Africa has been hindered by insufficient investment in human capital, as highlighted by prior studies. Although previous research has examined the link between human capital and economic outcomes, the influence of gender has often been overlooked. This study investigated the gender-differentiated effects of education and health investments on output growth across 11 West African countries, utilizing panel data from the World Development Indicators. It applied the Panel Fully Modified Ordinary Least Squares (FMOLS) method and validated the results using Common Correlated Effects Mean Group (CCEMG) estimators and Driscoll-Kraay standard errors to ensure robustness. The analysis revealed that enrollment at the primary and tertiary education levels significantly and positively contributes to output growth, while secondary education enrollment, though positive, does not show a statistically significant effect. Additionally, increased life expectancy at birth was found to have a strong and significant positive impact on economic growth. Importantly, the study revealed that investments targeting the education and health of girls yield higher returns in terms of output growth compared to those targeting boys. In light of these findings, the study recommends that West African governments should prioritize expanding access to quality education across all levels through scholarships and financial support, enhance healthcare systems, and implement targeted programs that promote female empowerment.

ENVIRONMENTAL PROTECTION, TERRORISM AND TOURISM NEXUS IN AFRICA

2025-07-28T19:44:29+00:00

Amid escalating climate change impacts in Africa, marked by rising temperatures, erratic rainfall, extreme heatwaves, sea-level rise, droughts, and biodiversity loss, this study empirically examines the effects of terrorism and international tourism on environmental quality across the continent. In addition, it evaluates the validity of the Environmental Kuznets Curve (EKC) hypothesis within the African context. To achieve these objectives, the study employs a fixed effects model with Driscoll and Kraay standard errors to address cross-sectional dependence and heteroskedasticity. The empirical findings yield several key insights. First, tourism development is found to significantly increase CO₂ emissions in Africa. Second, terrorism shows a positive but statistically insignificant link to CO₂ emissions, suggesting localized impacts with limited continental influence. Third, the results provide empirical support for the U-shaped EKC hypothesis, implying that environmental degradation initially rises with economic growth but declines after surpassing a certain income threshold. Lastly, macroeconomic variables such as economic growth, trade openness, and urbanization are positively associated with CO₂ emissions, whereas renewable energy consumption and gross capital formation are found to mitigate environmental degradation. Policy implications are subsequently discussed.

AGRICULTURAL FINANCING AND AGRICULTURAL OUTPUT IN NIGERIA: EVIDENCE FROM VECM APPROACH

2025-07-28T19:57:01+00:00

This study analyzes the effect of agricultural financing on agricultural output in Nigeria between 1990 and 2021. Using a Vector Error Correction Model (VECM), it evaluates the roles of commercial banks, microfinance banks, and the Agricultural Credit Guarantee Scheme Fund (ACGSF). Secondary time series data sourced from the Central Bank of Nigeria underwent unit root and cointegration testing in E-Views 10. The results confirm a long-run equilibrium relationship between agricultural financing and output. Specifically, microfinance credit and ACGSF disbursements significantly and positively influence agricultural output. In contrast, credit from commercial banks has a negative long-run impact. Short-run dynamics show limited responsiveness, with the error correction term indicating slow adjustment toward equilibrium. The study recommends strengthening microfinance institutions, reforming the ACGSF to ease collateral constraints, and restructuring commercial bank credit to address risk aversion and high interest rates.

IMPACT OF GOVERNMENT DOMESTIC BONDS ON CAPITAL MARKET GROWTH IN NIGERIA

2025-07-28T20:08:54+00:00

The Nigerian capital market plays a pivotal role in fostering economic development by mobilizing long-term funds and channeling them into productive investments. As a financial intermediary, it facilitates the flow of resources from surplus units (investors) to deficit units (borrowers), thereby promoting savings, investment, and wealth creation. This study investigates the effect of sovereign government domestic bonds (Federal Government of Nigeria Bonds [FGN Bonds], FGN Savings Bonds, and FGN Sukuk) on the growth of the Nigerian capital market from 2009 to 2024. Using an ex post facto research design, quarterly time-series data were analyzed through the Autoregressive Distributed Lag (ARDL) model to estimate both short-run and long-run relationships. The findings reveal that FGN Bonds, FGN Savings Bonds and FGN Sukuk significantly affect the positive long-term effects on the growth of the Nigerian capital market. The study concludes that sovereign bonds play a critical role in driving the growth and development of the Nigerian capital market, underlining the need for strategic policies to ensure sustainable market expansion. Based on these results, the study recommends strategies to optimize bond issuance, such as addressing short-term disruptions, intensifying awareness campaigns for FGN Savings Bonds and encouraging greater issuance of FGN Sukuk.

EFFECT OF SUSTAINABILITY REPORTING ON SHARE PRICES OF LISTED FINANCIAL FIRMS IN NIGERIA

2025-07-28T20:23:48+00:00

This study examines the effect of sustainability reporting specifically environmental, social, and governance (ESG) disclosures on the share prices of listed financial firms in Nigeria. The study focuses on firms listed on the Nigerian Exchange Group (NGX) over the period from 2014 to 2023. Adopting a longitudinal research design, data were collected from 47 financial firms that consistently disclosed sustainability reports for at least three consecutive years within the study period. Panel regression analysis was employed as the technique of data analysis. The findings reveal that both environmental and governance disclosures have a significant and positive effect on the share prices of listed financial firms. However, social disclosures were found to have an insignificant impact on share prices. Additionally, firm size exhibited a strong positive influence on share prices, suggesting that larger firms enjoy greater investor confidence and market valuation. The study concludes that enhanced sustainability reporting, particularly in environmental and governance areas, contributes to increased firm value in the Nigerian financial sector. It recommends that financial firms improve the quality and consistency of their sustainability disclosures and that regulatory bodies strengthen guidelines and enforcement to promote transparency and investor confidence.

EFFECT OF CORPORATE GOVERNANCE ON FINANCIAL INFORMATION OF LISTED DEPOSIT MONEY BANKS IN NIGERIA

2025-07-28T20:39:54+00:00

This study investigates the effect of corporate governance attributes on financial information disclosure among listed Deposit Money Banks (DMBs) in Nigeria over a ten-year period (2014–2023). Adopting an ex post facto research design and utilizing secondary data from audited annual reports, the study employs a fixed effects panel regression model with robust standard errors to account for firm-level heterogeneity and endogeneity. Key governance variables examined include board financial expertise, board independence, board gender diversity, audit committee meetings, and managerial ownership, with firm size and profitability included as control variables. The findings reveal that board financial expertise, board independence, and audit committee meetings have significant positive effects on financial disclosure, while managerial ownership exerts a significant negative influence. Board gender diversity, although positively related to disclosure, was not statistically significant. The results underscore the importance of effective internal governance mechanisms in promoting transparency and accountability in the Nigerian banking sector. The study recommends strengthening board independence and financial expertise, enhancing audit committee functionality, and improving regulatory oversight on ownership structures to foster robust disclosure practices.

ECONOMIC FRAGMENTATION AND STRATEGIC RIVALRIES: IMPLICATIONS FOR NATIONAL SECURITY AND PROSPERITY IN NIGERIA

2025-07-28T20:50:42+00:00

This paper investigates the intensifying phenomenon of economic fragmentation and its intricate linkage with strategic rivalries in the evolving global order, with particular emphasis on Nigeria's position and vulnerabilities. Against the backdrop of increasing geopolitical tensions, most notably the rivalry between major powers such as the United States and China. The research analyzes how emerging patterns of trade protectionism, technological decoupling, and the reconfiguration of global supply chains are reshaping the international economic landscape. These transformations are not only altering traditional economic alliances but are also heightening the risks faced by developing countries, particularly in terms of national security and sustainable economic development. By utilizing a mixed-methods approach that combines qualitative insights with quantitative data analysis, including the use of statistical tools, charts, and tables, the study offers a multidimensional understanding of the implications of global economic fragmentation. Key areas explored include trade disruptions, access to critical technologies, and the increasing reliance on regional economic blocs. The paper also interrogates the implications of these shifts for Nigeria’s strategic economic engagements within regional frameworks such as the Economic Community of West African States (ECOWAS) and the African Continental Free Trade Area (AfCFTA). The findings reveal that Nigeria is increasingly exposed to the cascading effects of global strategic rivalries, which manifest in reduced trade flexibility, technological dependencies, and heightened supply chain vulnerabilities. These developments pose substantial challenges to Nigeria’s national security architecture and long-term economic resilience. The paper concludes by recommending strategic policy realignments and regional cooperation mechanisms to mitigate the adverse effects of global economic fragmentation on Nigeria’s developmental trajectory