Eko Eko | Federal University Lafia. Nasarawa State. Nigeria (original) (raw)

Papers by Eko Eko

Open Journal of Economics and Commerce

The study is an investigation into the roles of institutions and innovation in the economic progr... more The study is an investigation into the roles of institutions and innovation in the economic progressiveness of Newly Industrializing Countries (NIEs) of East Asia, and the inherent lessons for the development of poor nations, especially in Sub-Saharan Africa. This is primarily germane given the historical and economic similarities that characterize these regions, and the quest to evolve development models relevant for African economic development. The study adopted a descriptive and theoretical stance in its analysis. Evidence from empirical and theoretical literature, as well as trend analysis of secondary data point to technological advancement and effectiveness of institutionsas the major drivers of economic development in East Asia. Others include innovation, manufacturing performance, etc. The study therefore recommends funding of Research and Development (R&D) in order to boost innovation and local technological capacities, prioritizing education at all levels and periodic review of education curricula to reflect technical competencies especially in primary and secondary schools. Also, the study strongly recommends the development and implementation of unconventional growth models in poor nations of the world taking into consideration country characteristics and structural differences.

International journal of developing and emerging economies, Mar 15, 2022

The effect of monetary policy on prices and output in any economy cannot be overlooked. This is g... more The effect of monetary policy on prices and output in any economy cannot be overlooked. This is germane given the implications on various macroeconomic outcomes. In doing this, the Fully Modified Ordinary Least Squares (FMOLS) method was deployed base on the preliminary findings to test the relationship for Nigeria. Findings revealed that money supply and exchange rate exhibit significant effect on prices and output, while monetary policy rate does not. Also, technological innovation and labour force significantly impacted output while gross fixed capital formation did not, Base on the findings, it is recommended that the central bank implement policies that will ease access to forex, stabilize the exchange rate and lessen the hassles for capital goods import, while regulating money supply and monetary policy rate to stabilize the economy.

The role of agriculture in accelerating economic growth and development process of any nation can... more The role of agriculture in accelerating economic growth and development process of any nation cannot be overemphasized. However, in Nigeria, the sector has suffered severe neglect, due in part, from the windfall from the discovery of oil in the 1970s and other structural rigidities. The study investigated the constraints to agricultural development in Nigeria using time series data spanning the period 1970 – 2010 and contemporary econometric methods of unit root test, co-integration and error-correction mechanism. Empirical findings reveal that rainfall, exchange rate and food export (lag one) are the most significant positive determinants of agricultural output in Nigeria. However, food imports, diversion of funds meant for agricultural purposes and low technology diffusion in agriculture are among the factors identified as constraints to agricultural development in Nigeria. The study recommends among others, maintenance of stable and favourable exchange rate regime, and the pursua...

SSRN Electronic Journal, 2020

Owing to gaps in the literature regarding the dearth of a robust and an all-inclusive measurement... more Owing to gaps in the literature regarding the dearth of a robust and an all-inclusive measurement of Financial Inclusion, this study gauges the level of financial inclusion for Nigeria. Adopting the use of the PCA as an indexing mechanism, the study condenses 22 selected aggregate indicators into a single comprehensive static that can serve as a measurement of financial inclusion for the Nigerian economy. The selected indicators comprises not only indicators germane to the banking sector, which has become traditional in other studies but advances its investigation to include the contribution of previously neglected indicators that captures other sub-sectors (like Insurance and Mortgage) and financial markets (like Stock market) that constitutes the financial system. In a two-stage PCA analysis, the results indicate that the non-bank sectors contribute more to the supply of financial services in Nigeria than the banking sector. The results also suggest that the demand for financial services in urban centres outmatches that of the more populated rural areas. Generally, the results indicate a slow and sluggish rise in Financial Inclusion for the duration of the study scope. Hence, the study recommends that effort be made to collating demand-side data as available data is restrictive. The study also recommends that policies and programmes with the specific aim to increasing available points of service in rural settings be pursued should financial authorities hope to meet stated goals.

British Journal of Economics, Management & Trade, 2017

This study investigated the impact of monetary policy shocks on industrial output in Nigeria usin... more This study investigated the impact of monetary policy shocks on industrial output in Nigeria using restricted VAR (VECM) model and Granger causality test for the period 1970 to 2015. In doing this, data on the manufacturing and solid minerals subsectors was used for the analysis. Results show that contribution of manufacturing subsector to GDP responded positively to shocks in monetary policy, commercial bank credit to industrial sector and exchange rates, while contribution of solid minerals subsector to GDP responded positively to shocks in commercial bank credit to the industrial sector and exchange rate after the first year. On the other hand, the causality test result indicated a unidirectional causality running from monetary policy rate and exchange rate to the contribution of manufacturing sector to GDP on the one hand, and commercial bank credit to the industrial sector and exchange rate to the contribution of solid mineral sector to GDP on the other. Recommendations included; proper evaluation by the central bank of Nigeria of the possible responses of the different subsectors of the industrial sector in its decision regarding choice of monetary policy channel; the need for extreme caution to be taken in the management of exchange rate, and the need for CBN to do more to encourage commercial banks to allocate more of their loans to small scale investors in the manufacturing sector.

South Asian Journal of Social Studies and Economics, 2022

The paper compares trends in unemployment and human capital loss over a life-cycle period. Brain ... more The paper compares trends in unemployment and human capital loss over a life-cycle period. Brain drain, infant mortality rate and out of school children are used as proxies for human capital loss, and their trend relationships with unemployment rate were analyzed between the period 1999–2019. The study adopted descriptive method of analysis. Findings showed that unemployment exacerbates brain drain, infant mortality rate and out of school children over a life time period. The author however recommends the development of tertiary education, and most especially vocational education in order to contribute to job creation and reduce the negative effect of unemployment. Also, implementation of requisite health policies and programmes that will reduce infant mortality rate will also reduce human capital loss in Nigeria.

IOSR Journal of Humanities and Social Science, 2014

Leboku is the annual new yam festival celebrated in Ugep by the people in honour of the earth god... more Leboku is the annual new yam festival celebrated in Ugep by the people in honour of the earth goddess and the ancestral spirits of the land for bountiful harvest. This study evaluates the role of Leboku new Yam Festival (LNYF) in hotel and tourism development. This annual celebration attracts tourists from all over the world every August to the land of Ugep people so as to witness their rich African culture, language and identity. The goal of this study was to raise consciousness on the strong relationship between Leboku New Yam Festival and hospitality as well as tourism development. Correct and précised data were collected using primary and secondary sources of data. 100 questionnaires were designed and administered, while 99 were retrieved and were accurately analyzed. LNYF promotes: intercultural cooperation, creates job opportunities, unity, and hotel/tourism development as affirmed from our results/findings. Tourists problems/expectations in patronizing hotels were discovered too which included: accessibility, affordability, comfortability, and hospitality. However, the study proved that LNYFjust like every other festivalis a tourist event and as such contributes not just to hotel/tourism development but also in a peoples/nations development.

Research in Applied Economics, 2014

The persistent public outcry in recent times over the perceived unnecessarily large expenditure o... more The persistent public outcry in recent times over the perceived unnecessarily large expenditure on the Nigerian national assembly, and the question of the extent of their contribution to the overall growth of the nation is worrisome. This study is set out to investigate, the relationship between expenditure on the National Assembly and the level of economic growth in Nigeria. The methodology for achieving the objective of this research is the ordinary least square (OLS) estimation technique. The data set to support this objective is the time series data from 1999 to 2012. Our findings revealed that expenditure on the national assembly had a significant impact on level of economic growth (proxied by GDP), while a significant relationship exist between the contribution of National Assembly (proxied by number of bills passed) on economic growth. This calls for passage of more meaningful bills to drive the Nigerian economy higher.

Journal of Economics, Management and Trade

This study examined critical junctures and merchandize exports of Nigeria. Nigeria has had critic... more This study examined critical junctures and merchandize exports of Nigeria. Nigeria has had critical moments that warranted policy changes to mitigate economic challenges of the country. The global economic disaster occasioned by the oil and debt crises, multiple economic depression and stagnation during the late 1970’s led to the introduction of SAP in Nigeria. The global financial crisis of 2008 had a great effect on the economy of Nigeria. The Nigerian economy slipped into recession in November 2020, as the GDP contracted for the second consecutive quarter. The Covid-19 lockdown also tremendously affected the Nigerian economy. These conditions created crises in the Nigerian economy and necessitated policy adjustments. In the international trade sector, a key policy thrust is the enhancement of its trade balance to raise productivity of commodities with export potential designed to boost export performance to mitigate economic challenges. This study examined various export promotio...

Journal of Economics, Management and Trade

This study examined critical junctures and merchandize exports of Nigeria. Nigeria has had critic... more This study examined critical junctures and merchandize exports of Nigeria. Nigeria has had critical moments that warranted policy changes to mitigate economic challenges of the country. The global economic disaster occasioned by the oil and debt crises, multiple economic depression and stagnation during the late 1970’s led to the introduction of SAP in Nigeria. The global financial crisis of 2008 had a great effect on the economy of Nigeria. The Nigerian economy slipped into recession in November 2020, as the GDP contracted for the second consecutive quarter. The Covid-19 lockdown also tremendously affected the Nigerian economy. These conditions created crises in the Nigerian economy and necessitated policy adjustments. In the international trade sector, a key policy thrust is the enhancement of its trade balance to raise productivity of commodities with export potential designed to boost export performance to mitigate economic challenges. This study examined various export promotio...

SOCIAL SCIENCE RESEARCH NETWORK, 2020

Owing to gaps in the literature regarding the dearth of a robust and an all-inclusive measurement... more Owing to gaps in the literature regarding the dearth of a robust and an all-inclusive measurement of Financial Inclusion, this study gauges the level of financial inclusion for Nigeria. Adopting the use of the PCA as an indexing mechanism, the study condenses 22 selected aggregate indicators into a single comprehensive static that can serve as a measurement of financial inclusion for the Nigerian economy. The selected indicators comprises not only indicators germane to the banking sector, which has become traditional in other studies but advances its investigation to include the contribution of previously neglected indicators that captures other sub-sectors (like Insurance and Mortgage) and financial markets (like Stock market) that constitutes the financial system. In a two-stage PCA analysis, the results indicate that the non-bank sectors contribute more to the supply of financial services in Nigeria than the banking sector. The results also suggest that the demand for financial s...

Governance and Violent Conflict: A Common-Sense Model for Sustainable Economic Development in Nigeria, 2017

Variant opinions exist regarding the causes of violent conflict in Nigeria. Despite her numerous ... more Variant opinions exist regarding the causes of violent conflict in Nigeria. Despite her numerous resources, poor and repressive governance had hobbled the country, and thus fuelling widespread poverty and associated anomalies which clogs the route to sustainable economic development. This paper argues that bad governance is the root cause of violent conflict within the violent-prone regions. Poverty, insecurity, institutional failure, etc., are only proximate causes which arise when the state is ineffective. The paper therefore presents a common-sense model of sustainable economic development, and recommends inclusive governance, fair resource rent and revenue sharing principle that accommodate development in host communities.

Institutions, Innovation and Economic Growth Patterns in East Asia: Learning Curves for Sub-Saharan Africa, 2019

ABSTRACT The study is an investigation into the roles of institutions and innovation in the econ... more ABSTRACT

The study is an investigation into the roles of institutions and innovation in the economic progressiveness of Newly Industrializing Countries (NIEs) of East Asia, and the inherent lessons for the development of poor nations, especially in Sub-Saharan Africa. This is primarily germane given the historical and economic similarities that characterize these regions, and the quest to evolve development models relevant for African economic development. The study adopted a descriptive and theoretical stance in its analysis. Evidence from empirical and theoretical literature, as well as trend analysis of secondary data point to technological advancement and effectiveness of institutionsas the major drivers of economic development in East Asia. Others include innovation, manufacturing performance, etc. The study therefore recommends funding of Research and Development (R&D) in order to boost innovation and local technological capacities, prioritizing education at all levels and periodic review of education curricula to reflect technical competencies especially in primary and secondary schools. Also, the study strongly recommends the development and implementation of unconventional growth models in poor nations of the world taking into consideration country characteristics and structural differences.
Keywords: Institutions, Innovation, Economic Growth, East Asia, Sub-Saharan Africa

This study investigated the impact of monetary policy shocks on industrial output in Nigeria usin... more This study investigated the impact of monetary policy shocks on industrial output in Nigeria using restricted VAR (VECM) model and Granger causality test for the period 1970 to 2015. In doing this, data on the manufacturing and solid minerals subsectors was used for the analysis. Results show that contribution of manufacturing subsector to GDP responded positively to shocks in monetary policy, commercial bank credit to industrial sector and exchange rates, while contribution of solid minerals subsector to GDP responded positively to shocks in commercial bank credit to the industrial sector and exchange rate after the first year. On the other hand, the causality test result indicated a unidirectional causality running from monetary policy rate and exchange rate to the contribution of manufacturing sector to GDP on the one hand, and commercial bank credit to the industrial sector and exchange rate to the contribution of solid mineral sector to GDP on the other. Recommendations included; proper evaluation by the central bank of Nigeria of the possible responses of the different subsectors of the industrial sector in its decision regarding choice of monetary policy channel; the need for extreme caution to be taken in the management of exchange rate, and the need for CBN to do more to encourage commercial banks to allocate more of their loans to small scale investors in the manufacturing sector.

Taxation as a potent fiscal policy instrument through which infrastructures and social services t... more Taxation as a potent fiscal policy instrument through which infrastructures and social services that drive the development process of any society has been ineffective in Nigeria. The adoption of appropriate measures is, however, a requirement for the generation of adequate tax revenue. This study set out to investigates efficiency and effectiveness in the administration of tax in Nigeria, using Cross River State as a case-study. The methodology to achieve this objective is a qualitative technique using structured questionnaires to survey the three senatorial districts in the state; the central limit theory is adopted as our analytical technique. Result showed a significant degree of inefficiency in the administration of taxes. It is recommended that periodic review and update of tax policy will bring innovation and effectiveness in the administration of taxes. Also proper appropriation of tax revenue will drive development in needed infrastructural and social services.

The role of agriculture in accelerating economic growth and development process of any nation can... more The role of agriculture in accelerating economic growth and development process of any nation cannot be overemphasized. However, in Nigeria, the sector has suffered severe neglect, due in part, from the windfall from the discovery of oil in the 1970s and other structural rigidities. The study investigated the constraints to agricultural development in Nigeria using time series data spanning the period 1970 – 2010 and contemporary econometric methods of unit root test, co-integration and error-correction mechanism. Empirical findings reveal that rainfall, exchange rate and food export (lag one) are the most significant positive determinants of agricultural output in Nigeria. However, food imports, diversion of funds meant for agricultural purposes and low technology diffusion in agriculture are among the factors identified as constraints to agricultural development in Nigeria. The study recommends among others, maintenance of stable and favourable exchange rate regime, and the pursuance of programmes that will bolster partnerships between research institutions and other stake holders in agriculture as a route to facilitating agricultural development and hence, economic development in Nigeria.

The persistent public outcry in recent times over the perceived unnecessarily large expenditure o... more The persistent public outcry in recent times over the perceived unnecessarily large expenditure on the Nigerian national assembly, and the question of the extent of their contribution to the overall growth of the nation is worrisome. This study is set out to investigate, the relationship between expenditure on the National Assembly and the level of economic growth in Nigeria. The methodology for achieving the objective of this research is the ordinary least square (OLS) estimation technique. The data set to support this objective is the time series data from 1999 to 2012. Our findings revealed that expenditure on the national assembly had a significant impact on level of economic growth (proxied by GDP), while a significant relationship exist between the contribution of National Assembly (proxied by number of bills passed) on economic growth. This calls for passage of more meaningful bills to drive the Nigerian economy higher.

Leboku is the annual new yam festival celebrated in Ugep by the people in honour of the earth god... more Leboku is the annual new yam festival celebrated in Ugep by the people in honour of the earth goddess and the ancestral spirits of the land for bountiful harvest. This study evaluates the role of Leboku new Yam Festival (LNYF) in hotel and tourism development. This annual celebration attracts tourists from all over the world every August to the land of Ugep people so as to witness their rich African culture, language and identity. The goal of this study was to raise consciousness on the strong relationship between Leboku New Yam Festival and hospitality as well as tourism development. Correct and précised data were collected using primary and secondary sources of data. 100 questionnaires were designed and administered, while 99 were retrieved and were accurately analyzed. LNYF promotes: intercultural cooperation, creates job opportunities, unity, and hotel/tourism development as affirmed from our results/findings. Tourists problems/expectations in patronizing hotels were discovered too which included: accessibility, affordability, comfortability, and hospitality. However, the study proved that LNYFjust like every other festivalis a tourist event and as such contributes not just to hotel/tourism development but also in a peoples/nations development.

The role of agriculture in accelerating economic growth and development process of any nation can... more The role of agriculture in accelerating economic growth and development process of any nation cannot be overemphasized. However, in Nigeria, the sector has suffered severe neglect, due in part, from the windfall from the discovery of oil in the 1970s and other structural rigidities. The study investigated the constraints to agricultural development in Nigeria using time series data spanning the period 1970 -2010 and contemporary econometric methods of unit root test, co-integration and error-correction mechanism. Empirical findings reveal that rainfall, exchange rate and food export (lag one) are the most significant positive determinants of agricultural output in Nigeria. However, food imports, diversion of funds meant for agricultural purposes and low technology diffusion in agriculture are among the factors identified as constraints to agricultural development in Nigeria. The study recommends among others, maintenance of stable and favourable exchange rate regime, and the pursuance of programmes that will bolster partnerships between research institutions and other stake holders in agriculture as a route to facilitating agricultural development and hence, economic development in Nigeria.

Taxation as a potent fiscal policy instrument through which infrastructures and social services t... more Taxation as a potent fiscal policy instrument through which infrastructures and social services that drive the development process of any society has been ineffective in Nigeria. The adoption of appropriate measures is, however, a requirement for the generation of adequate tax revenue. This study set out to investigates efficiency and effectiveness in the administration of tax in Nigeria, using Cross River State as a case-study. The methodology to achieve this objective is a qualitative technique using structured questionnaires to survey the three senatorial districts in the state; the central limit theory is adopted as our analytical technique. Result showed a significant degree of inefficiency in the administration of taxes. It is recommended that periodic review and update of tax policy will bring innovation and effectiveness in the administration of taxes. Also proper appropriation of tax revenue will drive development in needed infrastructural and social services.

Open Journal of Economics and Commerce

The study is an investigation into the roles of institutions and innovation in the economic progr... more The study is an investigation into the roles of institutions and innovation in the economic progressiveness of Newly Industrializing Countries (NIEs) of East Asia, and the inherent lessons for the development of poor nations, especially in Sub-Saharan Africa. This is primarily germane given the historical and economic similarities that characterize these regions, and the quest to evolve development models relevant for African economic development. The study adopted a descriptive and theoretical stance in its analysis. Evidence from empirical and theoretical literature, as well as trend analysis of secondary data point to technological advancement and effectiveness of institutionsas the major drivers of economic development in East Asia. Others include innovation, manufacturing performance, etc. The study therefore recommends funding of Research and Development (R&D) in order to boost innovation and local technological capacities, prioritizing education at all levels and periodic review of education curricula to reflect technical competencies especially in primary and secondary schools. Also, the study strongly recommends the development and implementation of unconventional growth models in poor nations of the world taking into consideration country characteristics and structural differences.

International journal of developing and emerging economies, Mar 15, 2022

The effect of monetary policy on prices and output in any economy cannot be overlooked. This is g... more The effect of monetary policy on prices and output in any economy cannot be overlooked. This is germane given the implications on various macroeconomic outcomes. In doing this, the Fully Modified Ordinary Least Squares (FMOLS) method was deployed base on the preliminary findings to test the relationship for Nigeria. Findings revealed that money supply and exchange rate exhibit significant effect on prices and output, while monetary policy rate does not. Also, technological innovation and labour force significantly impacted output while gross fixed capital formation did not, Base on the findings, it is recommended that the central bank implement policies that will ease access to forex, stabilize the exchange rate and lessen the hassles for capital goods import, while regulating money supply and monetary policy rate to stabilize the economy.

The role of agriculture in accelerating economic growth and development process of any nation can... more The role of agriculture in accelerating economic growth and development process of any nation cannot be overemphasized. However, in Nigeria, the sector has suffered severe neglect, due in part, from the windfall from the discovery of oil in the 1970s and other structural rigidities. The study investigated the constraints to agricultural development in Nigeria using time series data spanning the period 1970 – 2010 and contemporary econometric methods of unit root test, co-integration and error-correction mechanism. Empirical findings reveal that rainfall, exchange rate and food export (lag one) are the most significant positive determinants of agricultural output in Nigeria. However, food imports, diversion of funds meant for agricultural purposes and low technology diffusion in agriculture are among the factors identified as constraints to agricultural development in Nigeria. The study recommends among others, maintenance of stable and favourable exchange rate regime, and the pursua...

SSRN Electronic Journal, 2020

Owing to gaps in the literature regarding the dearth of a robust and an all-inclusive measurement... more Owing to gaps in the literature regarding the dearth of a robust and an all-inclusive measurement of Financial Inclusion, this study gauges the level of financial inclusion for Nigeria. Adopting the use of the PCA as an indexing mechanism, the study condenses 22 selected aggregate indicators into a single comprehensive static that can serve as a measurement of financial inclusion for the Nigerian economy. The selected indicators comprises not only indicators germane to the banking sector, which has become traditional in other studies but advances its investigation to include the contribution of previously neglected indicators that captures other sub-sectors (like Insurance and Mortgage) and financial markets (like Stock market) that constitutes the financial system. In a two-stage PCA analysis, the results indicate that the non-bank sectors contribute more to the supply of financial services in Nigeria than the banking sector. The results also suggest that the demand for financial services in urban centres outmatches that of the more populated rural areas. Generally, the results indicate a slow and sluggish rise in Financial Inclusion for the duration of the study scope. Hence, the study recommends that effort be made to collating demand-side data as available data is restrictive. The study also recommends that policies and programmes with the specific aim to increasing available points of service in rural settings be pursued should financial authorities hope to meet stated goals.

British Journal of Economics, Management & Trade, 2017

This study investigated the impact of monetary policy shocks on industrial output in Nigeria usin... more This study investigated the impact of monetary policy shocks on industrial output in Nigeria using restricted VAR (VECM) model and Granger causality test for the period 1970 to 2015. In doing this, data on the manufacturing and solid minerals subsectors was used for the analysis. Results show that contribution of manufacturing subsector to GDP responded positively to shocks in monetary policy, commercial bank credit to industrial sector and exchange rates, while contribution of solid minerals subsector to GDP responded positively to shocks in commercial bank credit to the industrial sector and exchange rate after the first year. On the other hand, the causality test result indicated a unidirectional causality running from monetary policy rate and exchange rate to the contribution of manufacturing sector to GDP on the one hand, and commercial bank credit to the industrial sector and exchange rate to the contribution of solid mineral sector to GDP on the other. Recommendations included; proper evaluation by the central bank of Nigeria of the possible responses of the different subsectors of the industrial sector in its decision regarding choice of monetary policy channel; the need for extreme caution to be taken in the management of exchange rate, and the need for CBN to do more to encourage commercial banks to allocate more of their loans to small scale investors in the manufacturing sector.

South Asian Journal of Social Studies and Economics, 2022

The paper compares trends in unemployment and human capital loss over a life-cycle period. Brain ... more The paper compares trends in unemployment and human capital loss over a life-cycle period. Brain drain, infant mortality rate and out of school children are used as proxies for human capital loss, and their trend relationships with unemployment rate were analyzed between the period 1999–2019. The study adopted descriptive method of analysis. Findings showed that unemployment exacerbates brain drain, infant mortality rate and out of school children over a life time period. The author however recommends the development of tertiary education, and most especially vocational education in order to contribute to job creation and reduce the negative effect of unemployment. Also, implementation of requisite health policies and programmes that will reduce infant mortality rate will also reduce human capital loss in Nigeria.

IOSR Journal of Humanities and Social Science, 2014

Leboku is the annual new yam festival celebrated in Ugep by the people in honour of the earth god... more Leboku is the annual new yam festival celebrated in Ugep by the people in honour of the earth goddess and the ancestral spirits of the land for bountiful harvest. This study evaluates the role of Leboku new Yam Festival (LNYF) in hotel and tourism development. This annual celebration attracts tourists from all over the world every August to the land of Ugep people so as to witness their rich African culture, language and identity. The goal of this study was to raise consciousness on the strong relationship between Leboku New Yam Festival and hospitality as well as tourism development. Correct and précised data were collected using primary and secondary sources of data. 100 questionnaires were designed and administered, while 99 were retrieved and were accurately analyzed. LNYF promotes: intercultural cooperation, creates job opportunities, unity, and hotel/tourism development as affirmed from our results/findings. Tourists problems/expectations in patronizing hotels were discovered too which included: accessibility, affordability, comfortability, and hospitality. However, the study proved that LNYFjust like every other festivalis a tourist event and as such contributes not just to hotel/tourism development but also in a peoples/nations development.

Research in Applied Economics, 2014

The persistent public outcry in recent times over the perceived unnecessarily large expenditure o... more The persistent public outcry in recent times over the perceived unnecessarily large expenditure on the Nigerian national assembly, and the question of the extent of their contribution to the overall growth of the nation is worrisome. This study is set out to investigate, the relationship between expenditure on the National Assembly and the level of economic growth in Nigeria. The methodology for achieving the objective of this research is the ordinary least square (OLS) estimation technique. The data set to support this objective is the time series data from 1999 to 2012. Our findings revealed that expenditure on the national assembly had a significant impact on level of economic growth (proxied by GDP), while a significant relationship exist between the contribution of National Assembly (proxied by number of bills passed) on economic growth. This calls for passage of more meaningful bills to drive the Nigerian economy higher.

Journal of Economics, Management and Trade

This study examined critical junctures and merchandize exports of Nigeria. Nigeria has had critic... more This study examined critical junctures and merchandize exports of Nigeria. Nigeria has had critical moments that warranted policy changes to mitigate economic challenges of the country. The global economic disaster occasioned by the oil and debt crises, multiple economic depression and stagnation during the late 1970’s led to the introduction of SAP in Nigeria. The global financial crisis of 2008 had a great effect on the economy of Nigeria. The Nigerian economy slipped into recession in November 2020, as the GDP contracted for the second consecutive quarter. The Covid-19 lockdown also tremendously affected the Nigerian economy. These conditions created crises in the Nigerian economy and necessitated policy adjustments. In the international trade sector, a key policy thrust is the enhancement of its trade balance to raise productivity of commodities with export potential designed to boost export performance to mitigate economic challenges. This study examined various export promotio...

Journal of Economics, Management and Trade

This study examined critical junctures and merchandize exports of Nigeria. Nigeria has had critic... more This study examined critical junctures and merchandize exports of Nigeria. Nigeria has had critical moments that warranted policy changes to mitigate economic challenges of the country. The global economic disaster occasioned by the oil and debt crises, multiple economic depression and stagnation during the late 1970’s led to the introduction of SAP in Nigeria. The global financial crisis of 2008 had a great effect on the economy of Nigeria. The Nigerian economy slipped into recession in November 2020, as the GDP contracted for the second consecutive quarter. The Covid-19 lockdown also tremendously affected the Nigerian economy. These conditions created crises in the Nigerian economy and necessitated policy adjustments. In the international trade sector, a key policy thrust is the enhancement of its trade balance to raise productivity of commodities with export potential designed to boost export performance to mitigate economic challenges. This study examined various export promotio...

SOCIAL SCIENCE RESEARCH NETWORK, 2020

Owing to gaps in the literature regarding the dearth of a robust and an all-inclusive measurement... more Owing to gaps in the literature regarding the dearth of a robust and an all-inclusive measurement of Financial Inclusion, this study gauges the level of financial inclusion for Nigeria. Adopting the use of the PCA as an indexing mechanism, the study condenses 22 selected aggregate indicators into a single comprehensive static that can serve as a measurement of financial inclusion for the Nigerian economy. The selected indicators comprises not only indicators germane to the banking sector, which has become traditional in other studies but advances its investigation to include the contribution of previously neglected indicators that captures other sub-sectors (like Insurance and Mortgage) and financial markets (like Stock market) that constitutes the financial system. In a two-stage PCA analysis, the results indicate that the non-bank sectors contribute more to the supply of financial services in Nigeria than the banking sector. The results also suggest that the demand for financial s...

Governance and Violent Conflict: A Common-Sense Model for Sustainable Economic Development in Nigeria, 2017

Variant opinions exist regarding the causes of violent conflict in Nigeria. Despite her numerous ... more Variant opinions exist regarding the causes of violent conflict in Nigeria. Despite her numerous resources, poor and repressive governance had hobbled the country, and thus fuelling widespread poverty and associated anomalies which clogs the route to sustainable economic development. This paper argues that bad governance is the root cause of violent conflict within the violent-prone regions. Poverty, insecurity, institutional failure, etc., are only proximate causes which arise when the state is ineffective. The paper therefore presents a common-sense model of sustainable economic development, and recommends inclusive governance, fair resource rent and revenue sharing principle that accommodate development in host communities.

Institutions, Innovation and Economic Growth Patterns in East Asia: Learning Curves for Sub-Saharan Africa, 2019

ABSTRACT The study is an investigation into the roles of institutions and innovation in the econ... more ABSTRACT

The study is an investigation into the roles of institutions and innovation in the economic progressiveness of Newly Industrializing Countries (NIEs) of East Asia, and the inherent lessons for the development of poor nations, especially in Sub-Saharan Africa. This is primarily germane given the historical and economic similarities that characterize these regions, and the quest to evolve development models relevant for African economic development. The study adopted a descriptive and theoretical stance in its analysis. Evidence from empirical and theoretical literature, as well as trend analysis of secondary data point to technological advancement and effectiveness of institutionsas the major drivers of economic development in East Asia. Others include innovation, manufacturing performance, etc. The study therefore recommends funding of Research and Development (R&D) in order to boost innovation and local technological capacities, prioritizing education at all levels and periodic review of education curricula to reflect technical competencies especially in primary and secondary schools. Also, the study strongly recommends the development and implementation of unconventional growth models in poor nations of the world taking into consideration country characteristics and structural differences.
Keywords: Institutions, Innovation, Economic Growth, East Asia, Sub-Saharan Africa

This study investigated the impact of monetary policy shocks on industrial output in Nigeria usin... more This study investigated the impact of monetary policy shocks on industrial output in Nigeria using restricted VAR (VECM) model and Granger causality test for the period 1970 to 2015. In doing this, data on the manufacturing and solid minerals subsectors was used for the analysis. Results show that contribution of manufacturing subsector to GDP responded positively to shocks in monetary policy, commercial bank credit to industrial sector and exchange rates, while contribution of solid minerals subsector to GDP responded positively to shocks in commercial bank credit to the industrial sector and exchange rate after the first year. On the other hand, the causality test result indicated a unidirectional causality running from monetary policy rate and exchange rate to the contribution of manufacturing sector to GDP on the one hand, and commercial bank credit to the industrial sector and exchange rate to the contribution of solid mineral sector to GDP on the other. Recommendations included; proper evaluation by the central bank of Nigeria of the possible responses of the different subsectors of the industrial sector in its decision regarding choice of monetary policy channel; the need for extreme caution to be taken in the management of exchange rate, and the need for CBN to do more to encourage commercial banks to allocate more of their loans to small scale investors in the manufacturing sector.

Taxation as a potent fiscal policy instrument through which infrastructures and social services t... more Taxation as a potent fiscal policy instrument through which infrastructures and social services that drive the development process of any society has been ineffective in Nigeria. The adoption of appropriate measures is, however, a requirement for the generation of adequate tax revenue. This study set out to investigates efficiency and effectiveness in the administration of tax in Nigeria, using Cross River State as a case-study. The methodology to achieve this objective is a qualitative technique using structured questionnaires to survey the three senatorial districts in the state; the central limit theory is adopted as our analytical technique. Result showed a significant degree of inefficiency in the administration of taxes. It is recommended that periodic review and update of tax policy will bring innovation and effectiveness in the administration of taxes. Also proper appropriation of tax revenue will drive development in needed infrastructural and social services.

The role of agriculture in accelerating economic growth and development process of any nation can... more The role of agriculture in accelerating economic growth and development process of any nation cannot be overemphasized. However, in Nigeria, the sector has suffered severe neglect, due in part, from the windfall from the discovery of oil in the 1970s and other structural rigidities. The study investigated the constraints to agricultural development in Nigeria using time series data spanning the period 1970 – 2010 and contemporary econometric methods of unit root test, co-integration and error-correction mechanism. Empirical findings reveal that rainfall, exchange rate and food export (lag one) are the most significant positive determinants of agricultural output in Nigeria. However, food imports, diversion of funds meant for agricultural purposes and low technology diffusion in agriculture are among the factors identified as constraints to agricultural development in Nigeria. The study recommends among others, maintenance of stable and favourable exchange rate regime, and the pursuance of programmes that will bolster partnerships between research institutions and other stake holders in agriculture as a route to facilitating agricultural development and hence, economic development in Nigeria.

The persistent public outcry in recent times over the perceived unnecessarily large expenditure o... more The persistent public outcry in recent times over the perceived unnecessarily large expenditure on the Nigerian national assembly, and the question of the extent of their contribution to the overall growth of the nation is worrisome. This study is set out to investigate, the relationship between expenditure on the National Assembly and the level of economic growth in Nigeria. The methodology for achieving the objective of this research is the ordinary least square (OLS) estimation technique. The data set to support this objective is the time series data from 1999 to 2012. Our findings revealed that expenditure on the national assembly had a significant impact on level of economic growth (proxied by GDP), while a significant relationship exist between the contribution of National Assembly (proxied by number of bills passed) on economic growth. This calls for passage of more meaningful bills to drive the Nigerian economy higher.

Leboku is the annual new yam festival celebrated in Ugep by the people in honour of the earth god... more Leboku is the annual new yam festival celebrated in Ugep by the people in honour of the earth goddess and the ancestral spirits of the land for bountiful harvest. This study evaluates the role of Leboku new Yam Festival (LNYF) in hotel and tourism development. This annual celebration attracts tourists from all over the world every August to the land of Ugep people so as to witness their rich African culture, language and identity. The goal of this study was to raise consciousness on the strong relationship between Leboku New Yam Festival and hospitality as well as tourism development. Correct and précised data were collected using primary and secondary sources of data. 100 questionnaires were designed and administered, while 99 were retrieved and were accurately analyzed. LNYF promotes: intercultural cooperation, creates job opportunities, unity, and hotel/tourism development as affirmed from our results/findings. Tourists problems/expectations in patronizing hotels were discovered too which included: accessibility, affordability, comfortability, and hospitality. However, the study proved that LNYFjust like every other festivalis a tourist event and as such contributes not just to hotel/tourism development but also in a peoples/nations development.

The role of agriculture in accelerating economic growth and development process of any nation can... more The role of agriculture in accelerating economic growth and development process of any nation cannot be overemphasized. However, in Nigeria, the sector has suffered severe neglect, due in part, from the windfall from the discovery of oil in the 1970s and other structural rigidities. The study investigated the constraints to agricultural development in Nigeria using time series data spanning the period 1970 -2010 and contemporary econometric methods of unit root test, co-integration and error-correction mechanism. Empirical findings reveal that rainfall, exchange rate and food export (lag one) are the most significant positive determinants of agricultural output in Nigeria. However, food imports, diversion of funds meant for agricultural purposes and low technology diffusion in agriculture are among the factors identified as constraints to agricultural development in Nigeria. The study recommends among others, maintenance of stable and favourable exchange rate regime, and the pursuance of programmes that will bolster partnerships between research institutions and other stake holders in agriculture as a route to facilitating agricultural development and hence, economic development in Nigeria.

Taxation as a potent fiscal policy instrument through which infrastructures and social services t... more Taxation as a potent fiscal policy instrument through which infrastructures and social services that drive the development process of any society has been ineffective in Nigeria. The adoption of appropriate measures is, however, a requirement for the generation of adequate tax revenue. This study set out to investigates efficiency and effectiveness in the administration of tax in Nigeria, using Cross River State as a case-study. The methodology to achieve this objective is a qualitative technique using structured questionnaires to survey the three senatorial districts in the state; the central limit theory is adopted as our analytical technique. Result showed a significant degree of inefficiency in the administration of taxes. It is recommended that periodic review and update of tax policy will bring innovation and effectiveness in the administration of taxes. Also proper appropriation of tax revenue will drive development in needed infrastructural and social services.