Journal Articles
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Item An ARDL Bound Approach to the Nexus of Minimum Wage Increase and Economic Growth in Nigeria(LAFIA JOURNAL OF ECONOMICS AND MANAGEMENT SCIENCES, 2022) Habiba Mohammed-Bello Umar; Musa Abdullahi Sakanko; Musa Salihu Ewugi; Abubakar Alhaji Sadiqhis study examined the impact of the national minimum wage on economic growth in Nigeria. The Autoregressive Distributed Lag (ARDL) model of econometric technique was employed to analyse the data, keeping GDP as the dependent variable and minimum wage as the independent variable. The study revealed that increment in minimum wage was positive and significant in both the long and short run to GDP, implying that an increase in minimum wage will raise the economic growth rate. Therefore, the three tiers of government and the private sector in Nigeria should implement and upgrade to the new National Minimum Wage of N30, 000 to improve the income and capacity of low-skilled employees to enhance their economic growth.Item Modelling the Effect of Financial Inclusion on SMEs in Nigeria(Al-Hikmah Journal of Economic (AJEC), 2021) Rosemary A. Anga; Musa Abdullahi Sakanko; Abdullahi Maria AdamuThe study employed the Error Correction Model to examine the effect of financial inclusion on small and medium enterprises in Nigeria from 1990 – 2019. A co-integration relationship exists between small and medium enterprises and financial inclusion (measured by deposit/savings, access to financial institutions, and the credit to the private sector). The result revealed that financial inclusion (deposit/savings and access to banks) has a positive and statistically significant effect on small and medium enterprises in the study period. However, access to credit has a significant and negative effect on small and medium enterprises. Based on these findings, policymakers are therefore advised to put in place strategies that will further enhance the level of financial inclusion through access to financial institutions, deposit/savings, and provide favorable lending facilities climate to ease access to credit in Nigeria to improve SME'sItem THE BEHAVIOUR OF TAX REVENUE AMID CORRUPTION IN NIGERIA: EVIDENCE FROM THE NON-LINEAR ARDL APPROACH(Economic Studies, 2022) Nurudeen Abu; Mohd Zaini Abd Karim; Joseph David; Musa Abdullahi Sakanko; Onyewuchi Amaechi Ben-Obi; Awadh Ahmed Mohammed GamalOne of Nigeria’s greatest challenges is the generation of adequate tax revenue to meet her rising expenditure, and the country has continued to contend with corruption, particularly in its public sector. We employ the non-linear autoregressive distributed lag (NARDL) technique to examine tax revenue behaviour amid corruption using Nigeria’s quarterly data over the 1999-2019 period. The result of the NARDL bounds test to cointegration demonstrates the presence of a long-run relationship between tax revenue and corruption along with income level, agriculture, inflation rate, foreign aid and female labour force participation. The results of estimation indicate the existence of asymmetry in tax revenue behaviour. We find evidence of a significant positive impact of negative changes in the control of corruption and a significant negative effect of positive changes in the control of corruption on tax revenue in the long run. Other long-run significant determinants of tax revenue in Nigeria include income level, foreign aid and female labour force participation. Based on these empirical outcomes, this study offers some recommendations.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.Item OIL PRICE AND PUBLIC EXPENDITURE RELATIONSHIP IN NIGERIA: DOES THE LEVEL OF CORRUPTION MATTER?(Economic Studies, 2022) Nurudeen Abu; Joseph David; Musa Abdullahi Sakanko; Ben-Obi Onyewuchi AmaechiWe employ the non-linear autoregressive distributed lag (NARDL) approach to examine if the oil price and public expenditure relationship are dependent on the level of corruption using Nigeria’s quarterly data during the 1996-2019 period. The result of the NARDL-bounds test to co-integration demonstrates that there is a long-run relationship between the variables, and we found evidence of long-run asymmetry in this relationship. The estimation results indicate that both positive and negative shocks to oil price have a significant positive effect on public expenditure in the long run, and the impact of oil price on public expenditure depends on the level of corruption. In addition, the marginal effect of oil price on public expenditure varies at different levels of corruption. Other important factors that drive public expenditure in Nigeria, in the long run, include spending on internal security and debt service. Based on these outcomes, we proffer some policy recommendationsItem Monetary Policy and Nigeria’s Trade Balance, 1980-2018(Signifikan: Jurnal Ilmu Ekonomi, 2021) Musa Abdullahi Sakanko; Kanang Amos AkimsSeveral countries have integrated monetary easement into their foreign policy to faucet the gains from trade thereby, assuring that market forces determine monetary policy instruments such as interest rate and exchange rate. It is on this note and this paper empirically evaluate the effect of monetary policy on Nigeria’s trade balance using the Autoregressive Distributed Lag Model on the time series data spanning from 1980 to 2018. The findings reveal that monetary policy tools of real interest and effective exchange rate have a longrun co-integration relationship and significant adverse effects on Nigeria’s trade balance both in the short-run and long-run. Thus, the paper concludes that monetary policy is a veritable tool through which Nigeria can maintain a favorable trade balance. Therefore, policymakers should step on measures that will maintain low-interest rates to sustain a flexible exchange rate and remove all rigidities associated with the international payment system.Item Long-term Impact of FDI-Corruption Interaction on Domestic Investment in Nigeria(Economic Alternatives, 2024) Nurudeen Abu; Ben Obi; Mohd Zaini Abd Karim; Awadh Ahmed Mohammed Gamal; Musa Abdullahi Sakanko; Joseph DavidOver the past three decades, Nigeria has experienced unstable domestic investment and foreign direct investment inflows, and the country continues to face rising corruption and related problems. An ARDL technique has been adopted to explore the longterm FDI’s impact on domestic investment including evaluating if the FDI-domestic investment nexus is dependent on the control of corruption in Nigeria over this period. The bounds test result shows an evidence of a long-term relation amongst FDI, domestic investment and corruption control (including GDP per capita, lending rate, exchange rate and oil price). We find that increasing inward FDI reduces (crowd-out) domestic investment and greater corruption control (lowering corruption) leads to a higher domestic investment in Nigeria over the long-term. Also, the influence of FDI on domestic investment depends on (or varies with) the control of corruption. FDI crowd-in domestic investment at greater corruption control than at lesser corruption control in the long-term. Other significant long-term influencers of domestic investment are the exchange rate and oil price. Given these outcomes, the study offers some recommendations to boost domestic investment in Nigeria.Item LOGISTIC APPROACH OF THE EFFECTS OF FINANCIAL INCLUSION ON THE LIVELIHOOD OF SMALLHOLDER FARMERS IN PLATEAU STATE(GUSAU JOURNAL OF ECONOMICS AND DEVELOPMENT STUDIES (GUJEDS), 2023) Sunday Baba; Musa Abdullahi Sakanko; Sufiyanu Umma Yahaya; Emma, O. CollinsThe overall study's goal was to look into a logistic approach to the effects of financial inclusion on the livelihood of smallholder farmers in Plateau State. The study's particular goal was to find out if Financial Inclusion has a positive effect on the livelihood of smallholder farmers. The study's audience was smallholder farmers who were active in agricultural practices in Plateau State, Nigeria. The sample size was 399 households that par-took in agricultural practices in Plateau State. Primary data were gathered for the study using structured questionnaires. The collection of primary data was done through the administration of questionnaires to selected smallholder farmers. From the data collection process, the researcher was assisted by research assistants that made frequent follow-up on the respondents to ensure that high response rate was achieved. The study used the logistic regression model in carrying the analysis in order to achieve the objective of the study. The study found that financial inclusion plays a significant role in transforming the livelihoods of smallholder farmers in Plateau State. Access to formal financial services such as savings accounts, credit facilities, and insurance products positively influenced farmers’ economic outcomes. The findings of this research study indicate that financial inclusion has a significant positive impact on the livelihood of smallholder farmers in Plateau State, Nigeria. Access to financial services and financial literacy were identified as crucial factors influencing farmers' economic well-being. However, variables such as age, gender, and education did not show significant effects in this context. Based on the research findings, the following recommendations are made: Improve access to financial services, strengthen financial literacy programs, targeted support for vulnerable groups and continuous monitoring and evaluation.Item INVESTIGATING THE EFFECT OF EXTERNAL DEBT ON THE BANKING SECTOR IN NIGERIA(ASUU JOURNAL OF SOCIAL SCIENCES, 2022) Musa Abdullahi Sakanko; Goshit Gideon Gokum; James, Obilikwu; Habiba Mohammed-Bello UmarThe study investigated the effect of external debt on the banking sector between 1981 and 2021 using the ARDLbounds test estimation technique. The test for cointegration result proves the incidence of a long-run association between external debt and the banking sector (with internal debt, inflation, foreign direct investment, exchange rate, and interest rate). The results confirm that external debt significantly improves long- and short-term banking performance. In addition, the internal debt, inflation, foreign direct investment, exchange rate, and interest rate were significant determinants of the banking performance in Nigeria. Therefore, external debt can finance investments in the banking sector, leading to tremendous economic growth and stability. This will increase the country’s creditworthiness and make it easier to access more external debts. Hence, we recommend that the banking sector has sufficient capital to absorb potential shocks from external debts. A strong banking sector can make external debts more manageable by providing the necessary liquidity to help manage debt obligations.