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Papers by adekunle oludayo

The role of small and medium scale enterprises cannot be underestimated because they stimulate gr... more The role of small and medium scale enterprises cannot be underestimated because they stimulate growth and development. Over the years, small and medium scale enterprises have been affected by environmental factors such as internal factors, external factors and globalization. Thus, this study examined the effect of environmental factors on the performance of small and medium scale enterprises. The study employed questionnaire instruments to collect information from 256 respondents through a random sampling which were analyzed using multiple regression techniques to establish the effect of environmental factors on the performance of small and scale enterprises. The result of the analysis revealed that internal and external factors had positive and significant effect on small and medium scale performance while globalization had negative and insignificant effect on small and medium scale enterprises performance. The study concluded that environmental factors had significant effect on sm...

SSRN Electronic Journal, 2019

This study examined the effect interest rate on economic growth in Nigeria. Augmented Dickey – Fu... more This study examined the effect interest rate on economic growth in Nigeria. Augmented Dickey – Fuller (ADF), Bound Test and Autoregressive Distributed Lag (ARDL) were employed to examine the effect of impact of interest rate on economic growth in Nigeria. The unit root test showed gross domestic product was 1(0) while interest rate, investment and gross capital formation were 1(1). The result of the Bound Test indicated long run relationship among the macroeconomic variables employed in the study. The result of the ARDL indicated that interest rate had negative effect on economic growth both in short run and long run. However, in the long run investment and gross capital formation were established to have positive effect on economic growth with gross capital formation being insignificant. It was concluded that interest rate has a macroeconomic tool is not effective in stimulating economic growth in Nigeria. It was recommended that the level of interest rate should be adequately controlled for the purpose of stimulating economic growth without inflationary pressure. Finally, robust macroeconomic policies aimed at ensuring economic stability should be formulated in order to increase capital formation and attract investment in order to promote economic growth.

International Journal of Innovative Research and Development, 2018

An effective and stable exchange rate forms the major policy trust of monetary authority because ... more An effective and stable exchange rate forms the major policy trust of monetary authority because it determines the external and internal balance of a nation in terms of trade position and stability of other macroeconomic variables. This study assessed the effect of exchange rate on balance of trade in Nigeria employing data that spanned from 1986 to2016 from Central Bank of Nigeria Statistical Bulletin. The study employed Augmented Dickey Fuller Test, Johansen Co-integration Test and Error Correction Model to examined the effect of balance of trade, exchange rate, export, import and interest rate. Correlation matrix was adopted to examine the direction of relationships among the macroeconomic variables. The stationary test result indicated that, all the variables were stationary at first difference. Also, the Johansen Co-integration test result indicated that there is a long run equilibrium relationship among the macroeconomic variables. The result of the Error Correction Model regression indicated that both export and import had significant effect on balance of trade while exchange rate and interest rate had insignificant effect on balance of trade. Based on findings of the study it was concluded that, exchange rate regime in Nigeria had insignificant effect on Nigeria trade balance which has continued to effect the country's international trade position negatively. It was recommended that, monetary authorities should design effective exchange rate regime so to ensure exchange rate stability which has the capacity to improve the trade position of the country. Government should ensure macroeconomic variables stability. Variables like interest rate, inflation rate and others should be closely monitored and controlled so as to provide stable environment that is capable of enhancing local investments.

The agricultural sector plays an important role in the Nigerian economy through its contribution ... more The agricultural sector plays an important role in the Nigerian economy through its contribution to economic growth and development. Over the years, the growth potentials of the sector have been retarded due to under financing of the sector which results from total neglect of the sector by government and financial institutions. This paper thus, explored the impact of foreign direct investment on agricultural productivity in Nigeria. The study employed Augmented Dickey – Fuller (ADF), Johansen test and Error Correction Mode to examine the effect of foreign direct investment and agricultural development. The unit root test results revealed that all the macroeconomic variables namely Agricultural Productivity, Foreign Direct Investment, Bank Credit to Agricultural Sector and Government Expenditure to Agricultural Sector were stationary at first difference. The results of the co-integration test indicated that there exist long run equilibrium relationships among the variables. The result of the error correction model indicated that both foreign direct investment and bank credit to agricultural sector had significant effect on agricultural productivity while it was established that there exist an insignificant relationship between government expenditure to agricultural sector and agricultural productivity. It was however concluded that, for the Nigerian economy to benefit from the huge potentials of agricultural sector, the sector must be willing to explore more benefits offered by foreign investors. It was however recommended that, adequate infrastructures should be put in place by the government through massive rural-urban in infrastructure investment scheme in order to attract the flow of foreign investment to the agricultural sector. Government should provide stable and conducive environment that is capable of supporting the growth potentials and flow of international investment into the agriculture sector. Finally, government should prioritize the development of the agricultural sector through increase in government budgetary allocation to the agriculture sector. Government should set up a board for the purpose of monitoring the funds allocated to the agricultural sector in order to prevent diversion of funds by government agencies and farmers.

SSRN Electronic Journal, 2019

International Journal of Innovative Research and Development, 2018