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Papers by sunday praise

Research paper thumbnail of Empirical Analysis on the Relationship between Capital Market and Economic Growth in Nigeria

Journal of Asian Business Strategy, 2018

Capital can be categorized into human and material capital, the latter in its liquid form helps i... more Capital can be categorized into human and material capital, the latter in its liquid form helps in the allocation and mobilization of savings. This study investigates the relationship between capital market and performance of Nigeria economy, gross domestic product was used to proxy performance of Nigeria economy while capital market was proxied by market capitalization, all share index and total value of transaction. Time series data between the period of 1985 to 2017 was sourced from Central Bank of Nigeria, and statistical bulletin 2018. The study made use of descriptive statistics, Phillip Peron, unit root test, Johansen Co-integration, granger causality test and vector error correction estimate. Based on the findings of the vector error correction estimate, the study, therefore, recommends that there is a need for the free flow of information, this can be achieved by increasing the publicity of market information, as this will increase the volume of transactions in the market. Contribution/ Originality: This study contributes to the existing literature by examining the relationship between capital market and economic growth in Nigeria 1. INTRODUCTION Capital market is an avenue that creates a market for the sale of long-term equity and debt, the financial market is charged with the duty of mobilizing and channeling long-term funds to profitable investments, it also acts as an intermediary in fund mobilization and distribution. Ali and Yap (2016), this market also helps in boosting economic transactions in the country, in this market, stock and bond are sold by private individuals and government respectively in order to raise capital to finance ideas and innovation. This market mobilizes and harnesses long-term funds from the surplus economic spenders, making it readily available to the deficit economic unit in the economy. A well-functioning stock exchange market is a prerequisite for the active participation of foreign investors in the capital market reasons being that they help in fast-tracking liquidity and capital allocation in any economy (Block & Hirt, 1992). Mohtadi and Agarwal (2004) opined that the

Research paper thumbnail of The Nexus between Oil and Non-Oil Revenue on Economic Development in Nigeria

International journal of economics business and management studies, 2019

Revenue generated from oil and non-oil product serves as the main channel trough which the govern... more Revenue generated from oil and non-oil product serves as the main channel trough which the government generate income to service its public goods. The objective of this study is to investigate the role oil and non-oil revenue play in development process in Nigeria. in the stusy economic development was proxied as human development index which served as the dependent variable while oil and non-oil revenue was used as independent variable. The data for the study was gotten from central bank of Nigeria bulletin and index mudi for the period 1981 to 2018. The study made use of Descriptive Statistics, Augmented Dickey-Fuller Unit Root test, Johansen Cointegration and Error Correction Estimates. The error correction estimates result showed that oil revenue has a negative but significant relationship with human development index, the negative contribution arose as a result of the resource curse ideology while non-oil revenue has a positive but insignificant relationship with human development index. Thus, diversification of exportable product is required. There is need to boost security surveillance on the high sea so as to reduce smuggling which will reduce illegal export of crude oil.

Research paper thumbnail of Empirical Analysis on the Relationship between Capital Market and Economic Growth in Nigeria

Journal of Asian Business Strategy, 2018

Capital can be categorized into human and material capital, the latter in its liquid form helps i... more Capital can be categorized into human and material capital, the latter in its liquid form helps in the allocation and mobilization of savings. This study investigates the relationship between capital market and performance of Nigeria economy, gross domestic product was used to proxy performance of Nigeria economy while capital market was proxied by market capitalization, all share index and total value of transaction. Time series data between the period of 1985 to 2017 was sourced from Central Bank of Nigeria, and statistical bulletin 2018. The study made use of descriptive statistics, Phillip Peron, unit root test, Johansen Co-integration, granger causality test and vector error correction estimate. Based on the findings of the vector error correction estimate, the study, therefore, recommends that there is a need for the free flow of information, this can be achieved by increasing the publicity of market information, as this will increase the volume of transactions in the market. Contribution/ Originality: This study contributes to the existing literature by examining the relationship between capital market and economic growth in Nigeria 1. INTRODUCTION Capital market is an avenue that creates a market for the sale of long-term equity and debt, the financial market is charged with the duty of mobilizing and channeling long-term funds to profitable investments, it also acts as an intermediary in fund mobilization and distribution. Ali and Yap (2016), this market also helps in boosting economic transactions in the country, in this market, stock and bond are sold by private individuals and government respectively in order to raise capital to finance ideas and innovation. This market mobilizes and harnesses long-term funds from the surplus economic spenders, making it readily available to the deficit economic unit in the economy. A well-functioning stock exchange market is a prerequisite for the active participation of foreign investors in the capital market reasons being that they help in fast-tracking liquidity and capital allocation in any economy (Block & Hirt, 1992). Mohtadi and Agarwal (2004) opined that the

Research paper thumbnail of The Nexus between Oil and Non-Oil Revenue on Economic Development in Nigeria

International journal of economics business and management studies, 2019

Revenue generated from oil and non-oil product serves as the main channel trough which the govern... more Revenue generated from oil and non-oil product serves as the main channel trough which the government generate income to service its public goods. The objective of this study is to investigate the role oil and non-oil revenue play in development process in Nigeria. in the stusy economic development was proxied as human development index which served as the dependent variable while oil and non-oil revenue was used as independent variable. The data for the study was gotten from central bank of Nigeria bulletin and index mudi for the period 1981 to 2018. The study made use of Descriptive Statistics, Augmented Dickey-Fuller Unit Root test, Johansen Cointegration and Error Correction Estimates. The error correction estimates result showed that oil revenue has a negative but significant relationship with human development index, the negative contribution arose as a result of the resource curse ideology while non-oil revenue has a positive but insignificant relationship with human development index. Thus, diversification of exportable product is required. There is need to boost security surveillance on the high sea so as to reduce smuggling which will reduce illegal export of crude oil.