These are publications by academic staff and postgraduate students of Economics programme ir.bowen.edu.ng:8181/jspui/handle/123456789/408 2026-04-03T05:11:06Z 2026-04-03T05:11:06Z Ogunwole, Elizabeth Bolatito ir.bowen.edu.ng:8181/jspui/handle/123456789/2514 2024-05-24T10:38:33Z 2023-01-01T00:00:00Z

Title: External debt and economic growth in selected African economies (2006-2021) Authors: Ogunwole, Elizabeth Bolatito Abstract: As Africa’s foreign debt levels continue to rise at an alarming rate, greater emphasis is being placed on the need to promote more sustainable debt management. From 2006 through 2021, this study evaluates the impact of external debt on economic growth in ten African economies. To address the issue of endogeneity, the study employs System Generalized Methods of Moments (Sys GMM) techniques and investigates the mediating role of variables such as Foreign Direct Investment (FDI), Corruption Perception Index (CPI), Unemployment Rates (UNEMP), Exchange Rate (EXCHR), and Savings (SAV). The findings imply that external debt has no substantial direct impact on economic growth in the selected African economies and that other factors such as past GDP, exchange rate, and corruption are more important in shaping economic growth. We also discovered that committing original sin, which involves borrowing in foreign currency, plays a significant role in increasing external debt, and that higher levels of external debt have a negative impact on unemployment rates, which may have a negative impact on labour markets. These findings highlight the complex nature of the relationship between external debt and economic growth in African economies. They argue that external debt may not be the key determinant of economic growth in the countries studied. Several suggestions were made based on what was found. Policymakers should diversify drivers of economic growth beyond external debt and address socio-political issues, such as corruption, Attracting Foreign direct investment (FDI) and encouraging people to save can also help the economy grow in a way that is more secure and long-lasting. Furthermore, allocating external debt in a way that is transparent and accountable is very important, as they are prudent ways to handle debt. Finally, it is best to borrow in the country’s own local currency to reduce the effect of changes in exchange rates on debt payment. Although the study acknowledges limitations such as data availability, it contributes significantly to our understanding of the interwined dynamics of Africa’s external debt and economic growth by presenting novel perspectives that run counter to prevailing opinion. This study adds to existing information and has practical implications for scholars and policymakers interested in the expansion and diversification of Africa’s economies by highlighting regionally specific problems and opportunities.

2023-01-01T00:00:00Z Adesipo, A. E. ir.bowen.edu.ng:8181/jspui/handle/123456789/2439 2024-03-22T10:09:01Z 2021-01-01T00:00:00Z

Title: Monetary policy, financial sector development and economic growth in Nigeria (1986-2019) Authors: Adesipo, A. E. Abstract: In developing economies like Nigeria where there are poor indicators of institutional quality, the effectiveness of monetary policy and financial sector development may be very much hindered. This study focused on the role of monetary policy and institutional quality on economic growth, monetary policy and institutional quality on financial sector development, and the effect of financial sector development and institutional quality on economic growth in Nigeria. To achieve the stated objectives, the Autoregressive Distributed Lag (ARDL) model was used. This is to enable the examination of the relationship between the variables in the short and long run. In this study, monetary policy is measured using broad money supply and interest rate, financial sector development is captured using private sector credit, institutional quality is measured using the growth rate of per capita real GDP. The empirical results show that a unit increase in money supply raises per capita income by 0.33% and 16.75% in the short and long run respectively. While a unit increase in the interest rate will reduce economic growth by 1.29% but only in the long run. A unit increase in the control of corruption will reduce per capita income by 3.89% in the long run. The results also show a unit increase in money supply will raise financial sector development by approximately 1.15 and 2.46 units in the short and long run respectively. A unit increase in the interest rate will reduce financial sector development by approximately 1.50 units. A unit increase in the control of corruption will improve financial sector development by approximately 0.97 units in the short run. Lastly, findings showed that a unit increase in institutional quality interacted with financial sector development will raise per capita income by 0.31% in the long run. Findings suggest the key role of monetary policy in improving the Nigerian economy, however efforts should be geared towards improving institutional quality to harness the benefits of monetary policy. Efforts should also be geared towards ensuring improvement in monetary policy and institutional quality in order to raise financial sector development. This will, in turn, improve economic performance in the Nigerian economy.

2021-01-01T00:00:00Z Obalanlege, A.A. ir.bowen.edu.ng:8181/jspui/handle/123456789/626 2022-05-18T08:46:59Z 2018-01-01T00:00:00Z

Title: Impact of non-oil tax revenue on economic growth in Nigeria (1980-2016) Authors: Obalanlege, A.A. Abstract: This study examined the impact of non-oil tax revenue on economic growth in Nigeria using secondary data with annual time series characteristics for the period from 1980 to 2016. In order to achieve the objectives of this study, a model was formulated and analysed using descriptive statistics and ordinary least square (OLS) statistical technique. In the model specified, real gross domestic product growth rate was used to proxy economic growth as dependent variable while the independent variables include personal income tax, company income tax, education tax, custom and excise duties and value added tax. The data used for the analysis were sourced from Central Bank of Nigeria (CBN) statistical bulletin and annual reports and statement of accounts, National Bureau of Statistics (NBS) GDP reports and Federal Inland Revenue Services (FIRS). The findings suggest that non-oil tax revenue has been less effective on the growth of the Nigerian economy. Further, the study specifically found that personal income tax, education tax and value added tax have depressed economic growth in Nigeria during the period under study. Other variables included in the model namely company income tax and custom and excise duties were found to have positive impact on economic growth. However, only custom and excise duties positively and significantly impact economic growth in Nigeria. The study therefore recommends that something drastic must be done policy wise to improve collection of non-oil tax revenue in the country and channeled towards investment in critical infrastructure as well as curb financial leakages in government revenue and spending.

2018-01-01T00:00:00Z Onemano, O.C. ir.bowen.edu.ng:8181/jspui/handle/123456789/621 2022-05-11T07:01:25Z 2018-01-01T00:00:00Z

Title: Determinants of foreign direct investment and economic growth in Nigeria; sectoral analysis. (1981-2016) Authors: Onemano, O.C. Abstract: This study examined the determinants of foreign direct investment and the empirical relationship between foreign direct investment and economic growth in Nigeria using sectoral inflows impact (disaggregate foreign direct investment impact). Nigeria is one of the top three leading African countries that consistently received FDI in the past decades as her abundant natural resources and large market size qualifies her for it. The research adopted the use of secondary data from 1981 to 2016 which were sourced from Central Bank of Nigeria’s Statistical Bulletin and the World Bank National Accounts Data. And the Ordinary Least Square technique was adopted for the analyses. Based on the OLS results for model 1 we observed that trade openness, inflation rate, exchange rate and market size have a positive impact on foreign direct investment in Nigeria. Based on the results of the study, the explanatory variable accounted for 85% of the variation in foreign direct investment during the period with the error term capturing 15% of the variation which means that the explanatory variables are highly explanatory. From the results of the second model we can see that FDI inflows in mining &quarrying and FDI inflows in manufacturing &processing, external reserve, exchange rate and interest rate have significant impact on the economic growth of Nigeria. Basically it is determined that FDI has a positive impact on economic growth but should not be considered in aggregate form because FDI inflows vary from sector to sector. The policy recommendation rendered to the study is that open trade should be encouraged; appropriate measures should be taken to check economic and financial crimes. Measures should be implemented that ensures that both inflation and foreign exchange rates are sustained at suitable rates.

2018-01-01T00:00:00Z