Ebenezer A Olubiyi | Federal University of Agriculture, Abeokuta. FUNAAB (original) (raw)

Papers by Ebenezer A Olubiyi

West Africa Review, 2012

The link between migration and trade has attracted much research attention regarding developed ec... more The link between migration and trade has attracted much research attention regarding developed economies. Nigeria is highly an open economy both in terms of goods and factor flows, particularly labor. Emigration rate to Nigeria’s major trading partners is on the increase and so too are workers’ remittances from destination countries. Adopting the gravity model based on modified Hescher-Ohlin framework, this paper estimates the trade-migration nexus between Nigeria and five of her major trading partners. With the aid of 2SLS and Generalized Method of Moments estimation procedures, it found that there exists a significant complementarity in the link between imports and migration and substitution with exports. Thus, policy makers should take critical note of migration and its implication for trade policy formulation. Specifically, the authorities need to choose between allowing for emigration that would result in gains in remittances and knowledge spillover or engage in aggressive trade expansion with mild reduction in emigration or both.

The Review of Finance and Banking, 2013

Workers' remittances have been identified as an important investment driver, by easing credit ava... more Workers' remittances have been identified as an important investment driver, by easing credit availability and lowering cost of investment. However, the literature suggests that governance institutions play a crucial role in how this inflow affects investment. Nigeria has been experiencing continuous increase in workers' remittances over time while the level of investment is still low. This work sought to investigate the role of governance in the remittance-investment nexus in Nigeria. A GMM estimation technique was adopted to estimate a simplified institutional framework. The result shows that remittances performed better in influencing investment when governance institution improves. Hence, government is encouraged to improve the state of governance in Nigeria.

Research Square (Research Square), Dec 21, 2022

The debate on the effects of exchange rate volatility on trade is still ongoing. This study howev... more The debate on the effects of exchange rate volatility on trade is still ongoing. This study however focuses on how asymmetry behaviour in bilateral exchange rate in uences trade between Nigeria and ve of its major trading partners, namely France, US, Netherland, China and India. Data on relevant variables are obtained on monthly basis over the period of 2011:4 to 2020:12. Time varying variance (generalized autoregressive conditional heteroskedasticity-GARCH) is employed to generate the volatility series while nonlinear autoregressive distributed lag (NARDL) in the context of expected utility theory was employed. The NARDL results suggest that there exists both short and long run asymmetry behaviour of most of the bilateral real exchange rates. Speci cally, positive change in bilateral real exchange rate volatility enhances exports to all the trading partners except US. Negative change in bilateral real exchange rate volatility facilitates exports to China, India and the US but inhibits exports to France and Netherland. The magnitude of positive change is stronger than the negative change in this regard. Both positive and negative change in bilateral real exchange rate volatility reduces imports from all the trading partners except from India. Following these results, some policy implications and recommendations are drawn. One of such recommendations is that the monetary authorities in Nigeria should expand the number of foreign currency in the basket for settling international transactions. In this regard, Yuan and Rupee are recommended to also be part of the major currencies.

The Review of Black Political Economy, Jun 30, 2020

The link among energy use, human welfare, and carbon emission has been a topical issue in the lit... more The link among energy use, human welfare, and carbon emission has been a topical issue in the literature. In Africa, energy consumption has been on the increase owing to the production and consumption of sophisticated consumer goods and home appliances. Increased energy use triggers carbon emission that is detrimental to human welfare. This study investigates this puzzle in emerging African countries by utilizing panel vector autoregressive and system generalized method of moments (SYS-GMM) in the context of a mix of theories. The results indicate a unidirectional causality running from FUEL, COAL to per capita income (PCI). A unidirectional causality running from mortality rate (MOR) to COAL and CO 2 was observed. There is a bidirectional relationship between MOR and energy use. The SYS-GMM results show that the effects of energy consumption on well-being are diverse. Increase in coal consumption reduces unemployment rate while electricity consumption reduces infant mortality rate. Fuel consumption aggravates incidence of mortality rate. CO 2 reduces unemployment but worsens infant mortality rate. Electricity consumption reduces infant mortality rate. Hence, for the purpose of policy harmonization tailored toward improving well-being in the emerging economies of Africa, it is recommended that more of coal consumption and efficient use of electricity must be encouraged.

iranian economic review, Jan 11, 2020

This paper seeks to provide empirical information of how emigration influences employment and wag... more This paper seeks to provide empirical information of how emigration influences employment and wages in Nigeria with special reference to high and low skill labor between 1980 and 2016. The study is premised on the modified neoclassical labor market theory while generalized method of moments (GMM) was employed as method of analysis. Starting from the drivers of emigration in each skill, economic size, income differentials and remittances play positive and important role in the case of emigration of high skill labor while income differentials and population are significant in driving emigration of low skill workers. Emigration of high skilled magnifies employment and wages of high and low skill workers. In the same vein, emigration of low skill labor has both employment and wage effect with employment being more sensitive. The wage response to emigration for each skill suggests that emigration of high skill labor widens income gap. Additional finding is that wages sluggishly respond to inflation in both labor market segments. Following these results, employment-driven economy should be pursued in order to stem emigration of high skill workers and to create more jobs for low skill workers. Also, remittances should be allowed to function as a source of investment rather than a source of funding emigration. To discourage the adverse effect of inflation on wages, the authorities should ensure low inflation or reduce the impact by ensuring that workers are paid inflation-adjusted wages.

African Development Review, Jun 1, 2014

This study examined the causal relationships among GDP, export, imports and remittances. The stud... more This study examined the causal relationships among GDP, export, imports and remittances. The study, among others, investigated the validity of export-led and remittances-led growth hypotheses. Specifically, the study investigated the causal relationship between remittances and GDP, remittances and export and remittances and imports. Employing a VECM Granger Causality for data spanning between 1980 and 2012, imports and remittances significantly Granger-caused GDP in the short run. Also, there were reverse causalities running from GDP to export and imports. This implies that export-led growth hypothesis holds in Nigeria. Furthermore, there was a unidirectional causation running from remittances to GDP, implying that remittances matter for economic growth. But since the effect was more from the demand side, it could lead to inflationary pressure. The policy recommendation is that the authorities should intensify efforts on the export base of the economy. The monetary authorities should implement necessary policy to cool the pressure arising from conspicuous spending of remittances.

DOAJ (DOAJ: Directory of Open Access Journals), Oct 1, 2021

Resources Policy, Mar 1, 2023

The journal of applied business and economics, Dec 30, 2020

The connection between trade and emigration has received increased attention in the literature. I... more The connection between trade and emigration has received increased attention in the literature. It has been shown that trade barriers and lack of adequate technology contribute to low exports and high imports of developing countries. This partly explains their high unemployment rate which, by implication, generates tendency to emigrate. Also, remittances from emigrants tend to increase imports. Although, researchers have investigated various aspects of trade, the connection between it and emigration has been generally neglected. This study examined the relationship between trade and emigration in Nigeria covering the period between 1980 and 2010. A gravity model, based on a modified Hecsher-Ohlin framework, was employed to estimate the trade-emigration relationship between Nigeria and five of her major trading partners-United States (US), United Kingdom (UK), Sweden, Italy and Canada. Three-level analyses were carried out in order to gain a deeper insight into trade-emigration relationship as follows: Nigeria and the trading partners as a group, Nigeria and each of the countries, and product-based (agricultural goods, textiles, food and beverages, chemicals, manufactures and petroleum products). Data were sourced from the World Integrated Trade Solution (WITS) and World Development Indicators (WDI). The Arellano-Bover System Generalized Method of Moments estimation technique was used to check simultaneity and endogeneity problems, while the Sagan tests of over-identifying restrictions were carried out to validate the instrumental variables used. All estimates were set at 5% level of significance. Emigration was negatively associated with exports (-0.20) and positively associated with imports (0.03). The export elasticities of emigration to Canada, US and Sweden were positive with 0.47, 0.27, and 3.90 coefficients respectively. Emigration responded positively to changes in imports from these countries with their corresponding coefficients respectively being 0.39, 0.2 and 1.58. Exports to Italy and UK were negatively related to emigration with an estimate of-3.90 and-0.09 respectively, while import elasticities of emigration from these countries were negative with estimates of-1.58 and-0.11 respectively. Exports of agricultural products, textiles and food and beverages to Canada, UK and US were negatively associated with emigration. Increases in emigration to these countries were associated with increases in imports of manufactured products, food and beverages and chemicals with coefficients ranging from 0.02 to 0.76. However, increases in emigration were associated with decreases in imports of agriculture and textiles products with respective estimates ranging from-1.05 and-0.01. Agriculture, textiles, and food and beverages export elasticities of emigration were, to Italy (0.02, 0.67, and 0.05) and to Sweden (1.91, 0.03 and 1.28). Manufactured import elasticities of emigration to these countries were-0.54 and-0.33 respectively. There is a strong connection between trade and emigration in Nigeria. Declining exports and rising imports was associated with increased emigration. Declining exports and rising imports of food and beverages, textiles and agricultural products partly accounted for increased emigration. Increase in manufactured goods, and chemical were associated with decrease in emigration. Government should therefore adopt policies that stimulate exports and moderate imports.

The International Trade Journal, Aug 27, 2021

The Journal of Developing Areas

Indian Journal of Economics and Development, 2021

Journal of Humanities, Social Science and Creative Arts, 2019

This study provides additional information about the drivers of external reserves in Nigeria. Th... more This study provides additional information about the drivers of external reserves in Nigeria. The result using Autoregressive Distributed Lag (ARDL) model estimation approach for the period 1980-2015 shows that remittances, among other macroeconomic variables, increased external reserves in the short run but weakens it in the long run. Remittances depletes external reserves through its effect on inflation rate and the nonsterilized intervention of the Central Bank. Furthermore, regime shift to relatively floating exchange rate causes remittances to increase reserves. From the foregoing, it is important for the authorities to continue operating relatively flexible exchange rate, and curtail excessive spending of remittances. Keywords: , , , , . JEL Classification: F31, F24, C22, F31

Journal of Economics and Economic Education Research, 2020

This study focuses on the time adjustment paths of the oil price, industrial price and exchange r... more This study focuses on the time adjustment paths of the oil price, industrial price and exchange rate in response to unanticipated monetary shocks in the oil producing countries. The basic Dornbusch model of overshooting was modified to include oil and industrial prices and then investigate the influence of this overshooting on economic activity. Annual data spanning 1991 to 2018 were extracted and Johansen’s cointegration test alongside a panel vector error correction model is employed to investigate the overshooting using the error correction terms of the variables. The empirical results indicate that all these prices overshoot their long run equilibrium. Oil price adjust faster to its long run equilibrium than exchange rate following innovations in the money supply. Vector error correction Granger Causality/Block Exogeneity Wald Tests is used to test for dynamic causality between the variables. Causation runs from money supply to oil price and GDP. GDP causes oil price as well. Fu...

Poverty in Nigeria continues unabated despite huge inflow of remittances. Our result supports the... more Poverty in Nigeria continues unabated despite huge inflow of remittances. Our result supports the argument that remittances can improve economic growth but can also worsen overall wellbeing. Reasons for this are, first, remittances beneficiaries in Nigeria are concentrated in the middle income class with high propensity to consume. Second, due to high propensity to consume, consumption triggers good prices in such a way as to worsen the purchasing power of the poor. Third, institutions are weak and the poor do not benefit from weak institution. Thus good quality institutions should be encouraged while ostentatious spending should be discouraged.

iranian economic review, 2020

This paper seeks to provide empirical information of how emigration influences employment and wag... more This paper seeks to provide empirical information of how emigration influences employment and wages in Nigeria with special reference to high and low skill labor between 1980 and 2016. The study is premised on the modified neoclassical labor market theory while generalized method of moments (GMM) was employed as method of analysis. Starting from the drivers of emigration in each skill, economic size, income differentials and remittances play positive and important role in the case of emigration of high skill labor while income differentials and population are significant in driving emigration of low skill workers. Emigration of high skilled magnifies employment and wages of high and low skill workers. In the same vein, emigration of low skill labor has both employment and wage effect with employment being more sensitive. The wage response to emigration for each skill suggests that emigration of high skill labor widens income gap. Additional findings are that wages sluggishly r...

Journal of Economics, Management and Trade, 2018

The study investigates the determinants of selected manufactured imports in Nigeria with a specia... more The study investigates the determinants of selected manufactured imports in Nigeria with a special focus on the role of domestic production. The autoregressive distributed lag (ARDL) in the context of new trade theory was utilised with data coverage between 1985 and 2016. Results show that imports of various manufactured products are affected differently by some factors. In particular, domestic output of electrical & electronics have a significant and negative effect on own imports. However, there was no significant effect of domestic production of petroleum products on imports of the same goods. Also, the effect of domestic output of food & beverages on imports of same product is positive. Further, the sensitivity of imports to exchange rate changes differ across products, in some it have immediate effect while in some it delays for a year. In the same vein, while GDP is an important driver of imports of some products, it is unimportant for some. Also, it is only food & beverages imports that significantly respond to change in tariffs. The overall conclusion from this study is that drivers of import demand differ across products.

The Review of Finance and Banking, 2013

Workers' remittances have been identified as an important investment driver, by easing credit ava... more Workers' remittances have been identified as an important investment driver, by easing credit availability and lowering cost of investment. However, the literature suggests that governance institutions play a crucial role in how this inflow affects investment. Nigeria has been experiencing continuous increase in workers' remittances over time while the level of investment is still low. This work sought to investigate the role of governance in the remittance-investment nexus in Nigeria. A GMM estimation technique was adopted to estimate a simplified institutional framework. The result shows that remittances performed better in influencing investment when governance institution improves. Hence, government is encouraged to improve the state of governance in Nigeria.

West Africa Review, 2012

The link between migration and trade has attracted much research attention regarding developed ec... more The link between migration and trade has attracted much research attention regarding developed economies. Nigeria is highly an open economy both in terms of goods and factor flows, particularly labor. Emigration rate to Nigeria’s major trading partners is on the increase and so too are workers’ remittances from destination countries. Adopting the gravity model based on modified Hescher-Ohlin framework, this paper estimates the trade-migration nexus between Nigeria and five of her major trading partners. With the aid of 2SLS and Generalized Method of Moments estimation procedures, it found that there exists a significant complementarity in the link between imports and migration and substitution with exports. Thus, policy makers should take critical note of migration and its implication for trade policy formulation. Specifically, the authorities need to choose between allowing for emigration that would result in gains in remittances and knowledge spillover or engage in aggressive trade expansion with mild reduction in emigration or both.

The Review of Finance and Banking, 2013

Workers' remittances have been identified as an important investment driver, by easing credit ava... more Workers' remittances have been identified as an important investment driver, by easing credit availability and lowering cost of investment. However, the literature suggests that governance institutions play a crucial role in how this inflow affects investment. Nigeria has been experiencing continuous increase in workers' remittances over time while the level of investment is still low. This work sought to investigate the role of governance in the remittance-investment nexus in Nigeria. A GMM estimation technique was adopted to estimate a simplified institutional framework. The result shows that remittances performed better in influencing investment when governance institution improves. Hence, government is encouraged to improve the state of governance in Nigeria.

Research Square (Research Square), Dec 21, 2022

The debate on the effects of exchange rate volatility on trade is still ongoing. This study howev... more The debate on the effects of exchange rate volatility on trade is still ongoing. This study however focuses on how asymmetry behaviour in bilateral exchange rate in uences trade between Nigeria and ve of its major trading partners, namely France, US, Netherland, China and India. Data on relevant variables are obtained on monthly basis over the period of 2011:4 to 2020:12. Time varying variance (generalized autoregressive conditional heteroskedasticity-GARCH) is employed to generate the volatility series while nonlinear autoregressive distributed lag (NARDL) in the context of expected utility theory was employed. The NARDL results suggest that there exists both short and long run asymmetry behaviour of most of the bilateral real exchange rates. Speci cally, positive change in bilateral real exchange rate volatility enhances exports to all the trading partners except US. Negative change in bilateral real exchange rate volatility facilitates exports to China, India and the US but inhibits exports to France and Netherland. The magnitude of positive change is stronger than the negative change in this regard. Both positive and negative change in bilateral real exchange rate volatility reduces imports from all the trading partners except from India. Following these results, some policy implications and recommendations are drawn. One of such recommendations is that the monetary authorities in Nigeria should expand the number of foreign currency in the basket for settling international transactions. In this regard, Yuan and Rupee are recommended to also be part of the major currencies.

The Review of Black Political Economy, Jun 30, 2020

The link among energy use, human welfare, and carbon emission has been a topical issue in the lit... more The link among energy use, human welfare, and carbon emission has been a topical issue in the literature. In Africa, energy consumption has been on the increase owing to the production and consumption of sophisticated consumer goods and home appliances. Increased energy use triggers carbon emission that is detrimental to human welfare. This study investigates this puzzle in emerging African countries by utilizing panel vector autoregressive and system generalized method of moments (SYS-GMM) in the context of a mix of theories. The results indicate a unidirectional causality running from FUEL, COAL to per capita income (PCI). A unidirectional causality running from mortality rate (MOR) to COAL and CO 2 was observed. There is a bidirectional relationship between MOR and energy use. The SYS-GMM results show that the effects of energy consumption on well-being are diverse. Increase in coal consumption reduces unemployment rate while electricity consumption reduces infant mortality rate. Fuel consumption aggravates incidence of mortality rate. CO 2 reduces unemployment but worsens infant mortality rate. Electricity consumption reduces infant mortality rate. Hence, for the purpose of policy harmonization tailored toward improving well-being in the emerging economies of Africa, it is recommended that more of coal consumption and efficient use of electricity must be encouraged.

iranian economic review, Jan 11, 2020

This paper seeks to provide empirical information of how emigration influences employment and wag... more This paper seeks to provide empirical information of how emigration influences employment and wages in Nigeria with special reference to high and low skill labor between 1980 and 2016. The study is premised on the modified neoclassical labor market theory while generalized method of moments (GMM) was employed as method of analysis. Starting from the drivers of emigration in each skill, economic size, income differentials and remittances play positive and important role in the case of emigration of high skill labor while income differentials and population are significant in driving emigration of low skill workers. Emigration of high skilled magnifies employment and wages of high and low skill workers. In the same vein, emigration of low skill labor has both employment and wage effect with employment being more sensitive. The wage response to emigration for each skill suggests that emigration of high skill labor widens income gap. Additional finding is that wages sluggishly respond to inflation in both labor market segments. Following these results, employment-driven economy should be pursued in order to stem emigration of high skill workers and to create more jobs for low skill workers. Also, remittances should be allowed to function as a source of investment rather than a source of funding emigration. To discourage the adverse effect of inflation on wages, the authorities should ensure low inflation or reduce the impact by ensuring that workers are paid inflation-adjusted wages.

African Development Review, Jun 1, 2014

This study examined the causal relationships among GDP, export, imports and remittances. The stud... more This study examined the causal relationships among GDP, export, imports and remittances. The study, among others, investigated the validity of export-led and remittances-led growth hypotheses. Specifically, the study investigated the causal relationship between remittances and GDP, remittances and export and remittances and imports. Employing a VECM Granger Causality for data spanning between 1980 and 2012, imports and remittances significantly Granger-caused GDP in the short run. Also, there were reverse causalities running from GDP to export and imports. This implies that export-led growth hypothesis holds in Nigeria. Furthermore, there was a unidirectional causation running from remittances to GDP, implying that remittances matter for economic growth. But since the effect was more from the demand side, it could lead to inflationary pressure. The policy recommendation is that the authorities should intensify efforts on the export base of the economy. The monetary authorities should implement necessary policy to cool the pressure arising from conspicuous spending of remittances.

DOAJ (DOAJ: Directory of Open Access Journals), Oct 1, 2021

Resources Policy, Mar 1, 2023

The journal of applied business and economics, Dec 30, 2020

The connection between trade and emigration has received increased attention in the literature. I... more The connection between trade and emigration has received increased attention in the literature. It has been shown that trade barriers and lack of adequate technology contribute to low exports and high imports of developing countries. This partly explains their high unemployment rate which, by implication, generates tendency to emigrate. Also, remittances from emigrants tend to increase imports. Although, researchers have investigated various aspects of trade, the connection between it and emigration has been generally neglected. This study examined the relationship between trade and emigration in Nigeria covering the period between 1980 and 2010. A gravity model, based on a modified Hecsher-Ohlin framework, was employed to estimate the trade-emigration relationship between Nigeria and five of her major trading partners-United States (US), United Kingdom (UK), Sweden, Italy and Canada. Three-level analyses were carried out in order to gain a deeper insight into trade-emigration relationship as follows: Nigeria and the trading partners as a group, Nigeria and each of the countries, and product-based (agricultural goods, textiles, food and beverages, chemicals, manufactures and petroleum products). Data were sourced from the World Integrated Trade Solution (WITS) and World Development Indicators (WDI). The Arellano-Bover System Generalized Method of Moments estimation technique was used to check simultaneity and endogeneity problems, while the Sagan tests of over-identifying restrictions were carried out to validate the instrumental variables used. All estimates were set at 5% level of significance. Emigration was negatively associated with exports (-0.20) and positively associated with imports (0.03). The export elasticities of emigration to Canada, US and Sweden were positive with 0.47, 0.27, and 3.90 coefficients respectively. Emigration responded positively to changes in imports from these countries with their corresponding coefficients respectively being 0.39, 0.2 and 1.58. Exports to Italy and UK were negatively related to emigration with an estimate of-3.90 and-0.09 respectively, while import elasticities of emigration from these countries were negative with estimates of-1.58 and-0.11 respectively. Exports of agricultural products, textiles and food and beverages to Canada, UK and US were negatively associated with emigration. Increases in emigration to these countries were associated with increases in imports of manufactured products, food and beverages and chemicals with coefficients ranging from 0.02 to 0.76. However, increases in emigration were associated with decreases in imports of agriculture and textiles products with respective estimates ranging from-1.05 and-0.01. Agriculture, textiles, and food and beverages export elasticities of emigration were, to Italy (0.02, 0.67, and 0.05) and to Sweden (1.91, 0.03 and 1.28). Manufactured import elasticities of emigration to these countries were-0.54 and-0.33 respectively. There is a strong connection between trade and emigration in Nigeria. Declining exports and rising imports was associated with increased emigration. Declining exports and rising imports of food and beverages, textiles and agricultural products partly accounted for increased emigration. Increase in manufactured goods, and chemical were associated with decrease in emigration. Government should therefore adopt policies that stimulate exports and moderate imports.

The International Trade Journal, Aug 27, 2021

The Journal of Developing Areas

Indian Journal of Economics and Development, 2021

Journal of Humanities, Social Science and Creative Arts, 2019

This study provides additional information about the drivers of external reserves in Nigeria. Th... more This study provides additional information about the drivers of external reserves in Nigeria. The result using Autoregressive Distributed Lag (ARDL) model estimation approach for the period 1980-2015 shows that remittances, among other macroeconomic variables, increased external reserves in the short run but weakens it in the long run. Remittances depletes external reserves through its effect on inflation rate and the nonsterilized intervention of the Central Bank. Furthermore, regime shift to relatively floating exchange rate causes remittances to increase reserves. From the foregoing, it is important for the authorities to continue operating relatively flexible exchange rate, and curtail excessive spending of remittances. Keywords: , , , , . JEL Classification: F31, F24, C22, F31

Journal of Economics and Economic Education Research, 2020

This study focuses on the time adjustment paths of the oil price, industrial price and exchange r... more This study focuses on the time adjustment paths of the oil price, industrial price and exchange rate in response to unanticipated monetary shocks in the oil producing countries. The basic Dornbusch model of overshooting was modified to include oil and industrial prices and then investigate the influence of this overshooting on economic activity. Annual data spanning 1991 to 2018 were extracted and Johansen’s cointegration test alongside a panel vector error correction model is employed to investigate the overshooting using the error correction terms of the variables. The empirical results indicate that all these prices overshoot their long run equilibrium. Oil price adjust faster to its long run equilibrium than exchange rate following innovations in the money supply. Vector error correction Granger Causality/Block Exogeneity Wald Tests is used to test for dynamic causality between the variables. Causation runs from money supply to oil price and GDP. GDP causes oil price as well. Fu...

Poverty in Nigeria continues unabated despite huge inflow of remittances. Our result supports the... more Poverty in Nigeria continues unabated despite huge inflow of remittances. Our result supports the argument that remittances can improve economic growth but can also worsen overall wellbeing. Reasons for this are, first, remittances beneficiaries in Nigeria are concentrated in the middle income class with high propensity to consume. Second, due to high propensity to consume, consumption triggers good prices in such a way as to worsen the purchasing power of the poor. Third, institutions are weak and the poor do not benefit from weak institution. Thus good quality institutions should be encouraged while ostentatious spending should be discouraged.

iranian economic review, 2020

This paper seeks to provide empirical information of how emigration influences employment and wag... more This paper seeks to provide empirical information of how emigration influences employment and wages in Nigeria with special reference to high and low skill labor between 1980 and 2016. The study is premised on the modified neoclassical labor market theory while generalized method of moments (GMM) was employed as method of analysis. Starting from the drivers of emigration in each skill, economic size, income differentials and remittances play positive and important role in the case of emigration of high skill labor while income differentials and population are significant in driving emigration of low skill workers. Emigration of high skilled magnifies employment and wages of high and low skill workers. In the same vein, emigration of low skill labor has both employment and wage effect with employment being more sensitive. The wage response to emigration for each skill suggests that emigration of high skill labor widens income gap. Additional findings are that wages sluggishly r...

Journal of Economics, Management and Trade, 2018

The study investigates the determinants of selected manufactured imports in Nigeria with a specia... more The study investigates the determinants of selected manufactured imports in Nigeria with a special focus on the role of domestic production. The autoregressive distributed lag (ARDL) in the context of new trade theory was utilised with data coverage between 1985 and 2016. Results show that imports of various manufactured products are affected differently by some factors. In particular, domestic output of electrical & electronics have a significant and negative effect on own imports. However, there was no significant effect of domestic production of petroleum products on imports of the same goods. Also, the effect of domestic output of food & beverages on imports of same product is positive. Further, the sensitivity of imports to exchange rate changes differ across products, in some it have immediate effect while in some it delays for a year. In the same vein, while GDP is an important driver of imports of some products, it is unimportant for some. Also, it is only food & beverages imports that significantly respond to change in tariffs. The overall conclusion from this study is that drivers of import demand differ across products.

The Review of Finance and Banking, 2013

Workers' remittances have been identified as an important investment driver, by easing credit ava... more Workers' remittances have been identified as an important investment driver, by easing credit availability and lowering cost of investment. However, the literature suggests that governance institutions play a crucial role in how this inflow affects investment. Nigeria has been experiencing continuous increase in workers' remittances over time while the level of investment is still low. This work sought to investigate the role of governance in the remittance-investment nexus in Nigeria. A GMM estimation technique was adopted to estimate a simplified institutional framework. The result shows that remittances performed better in influencing investment when governance institution improves. Hence, government is encouraged to improve the state of governance in Nigeria.