Entrepreneurship
Permanent URI for this collectionhttp://197.211.34.35:4000/handle/123456789/168
Entrepreneurship
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Item Oil Price and Stock Prices Volatility Transmission in Nigeria(West African Economic Review, 2019) Sesan Oluseyi Adeniji; Kamaldeen Ajala; Musa Abdullahi SakankoThe study investigates the relationship among oil price (OP), oil price volatility (OPV) and stock price volatility (SPV) in Nigeria, using an Autoregressive Distributed Lag (ARDL) model, Toda-Yamamoto-Dolado-Lutkepohl (TYDL) test, and Breitung-Candelon Frequency Domain Causality Test. The study shows that OP causes the SPV and OPV in a one-way direction in the long run. However, there was evidence of bi-directional relationship with SPV in the medium-run. It also shows that the OPV and SPV positively impact OP in the short and long run. Overall, the study found that there is a greater tendency that oil price adjusts back to its long-run equilibrium when affected by stock market prices. Therefore, it recommends that policymakers consider the movement in oil price and stock price in shaping the capital market's operation and ensuring the proceeds from increased oil prices are utilised maximally for economic revitalisation in Nigeria.Item The Asymmetric Effect of Oil Price on the Exchange Rate and Stock Price in Nigeria(International Journal of Energy Economics and Policy, 2021) Kamaldeen Ajala; Musa Abdullahi Sakanko; Sesan Oluseyi AdenijiThe study examines the asymmetric effect of oil price on the exchange rate and stock price using the nonlinear autoregressive distributive lag (NARDL) technique on the time-series data spanning from January 1996 to September 2020. The multivariate cointegration test showed evidence of a longrun relationship among the stock price, exchange rate, and oil price. The linear Granger causality test showed that stock price is granger caused by oil price and exchange rate, and oil price is granger cause by stock price and exchange rate. The nonlinear granger causality showed evidence of nonlinearity using the BDS test. The Dick-Panchenko non-parametric and nonlinear Granger causality test in a contrary to the linear Granger causality test showed a unidirectional nonlinear causality from exchange rate to stock price at 10% level, and from oil price to exchange rate at 1% and 10% levels respectively. The result from the nonlinear ARDL revealed that change in oil price impacted asymmetrically on the exchange rate and stock price both in the short-run and long-run. The study recommends that the revenue generated from increasing oil price should be used for developing and reinstalling decayed infrastructure and oil-exporting countries should develop mechanisms and strategies that will ensure fair stability in the capital markets irrespective of the shocks in oil price.Item PETROLEUM PUMP PRICE SWING AND CONSUMER PRICE INDEX NEXUS IN NIGERIA: NEW EVIDENCE FROM NARDL(2021) Musa Abdullahi Sakanko; Gabriel Attah Adejor; Sesan Oluseyi AdenijiThe study analyses the role of the petroleum pump price on the consumer price index in Nigeria, using the Nonlinear Autoregressive distributive lag method was used to estimate the time-series data, spanning from 1980 to 2020. The study reveals a long-run equilibrium was found between the consumer price index and petroleum pump price measures. The empirical results obtained revealed an asymmetric relationship between the petroleum pump price and the consumer price index in Nigeria. The study recommended that the policymakers should transparently commit resources into rehabilitation and maintenance of domestic refineries to enhance their functionality and as well reduce importation cost to curtail frequent petroleum pump price adjustment that spiral domestic inflation.