Scholarly works in the Department of Economics
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Item Financial Technology and Financial Inclusion of the Residents of Ado-Odo Ota Local Government Area, Ogun State, Nigeria.(Crawford Journal of Economics and Management, 2026) Ojo Felix Ayoola; Alade Adeoluwa Ezekiel; Thompson Temidayo AyomikunThis study examined the effect of financial technology on financial inclusion among residents of Ado-Odo/Ota Local Government Area, Ogun State, Nigeria, focusing on mobile banking services, Point-of-Sale (POS) usage, and fintech-based digital financial services in relation to access to, usage of, and convenience of financial services. A descriptive survey research design was adopted, and data were collected through structured questionnaires administered to traders, artisans, and other residents within the study area. The data were analysed using descriptive statistics and multiple regression analysis with the aid of SPSS version 27. The findings revealed that mobile banking services have a significant positive effect on access to financial services, POS usage has a strong and significant positive effect on usage of financial services, and fintech-based digital financial services have a significant positive effect on the convenience of financial services. The study concludes that financial technology significantly enhances financial inclusion in the study area and recommends improved digital infrastructure, expansion of POS services, and promotion of fintech adoption through digital literacy programmes.Item Sales Growth and Financial Performance of Listed Consumer Goods Firms in Nigeria(Crawford Journal of Economics and Management, 2026) Oyeneye Temitope Esther; Adu Cecilia Adurayemi; Oyeneye Olusegun TaiwoThis study examined the influence of sales growth on the financial performance of listed consumer goods firms in Nigeria. The objective was to determine how sales growth shapes key performance indicators such as return on equity, return on assets, and net profit margin. An ex post facto research design was adopted, and purposive sampling technique was used to extract data from the Annual Reports and Accounts of fifteen (15) listed consumer goods firms selected from the twenty-one (21) firms on the Nigerian Exchange. The study covered a ten-year period from 2014 to 2023. Prior to estimation, relevant diagnostic tests were conducted to ensure the validity and reliability of the regression model. Panel data was employed to assess the extent to which sales growth affects the financial performance of the sampled firms. The findings indicated that sales growth has a positive and statistically significant effect on return on equity. Conversely, no significant relationship was found between sales growth and return on assets or net profit margin. Based on these outcomes, the study recommends that consumer goods firms in Nigeria strengthen operational efficiency strategies to enhance cost control and optimize resource utilization.Item The Complementary Impact of Unemployment and Inflation on Literacy in West Africa from 2000 to 2023: Evidence from Panel ARDL(Crawford Journal of Economics and Management, 2026) Amire Comfort M; Oyenukan Olukayode OThis study observes the complementary impact of unemployment and inflation rate on human capital education in 15 West African countries from 2000 to 2023. Education is proxied by literacy rate as a regressor against the selected macroeconomic environment. A Panel ARDL technique was adopted along Bounds test, Granger causality, and Impulse Response Function on data set of 358 observations for each variable employed. The study then, rooted in a three-pronged theoretical framework of Uzawa's Two - Sector Model of Human Capital Accumulation, Classical Theories of Labour & Price Stability, and Human Capital Theory. The findings disclose that in the short run, unemployment, inflation, and their interaction have insignificant relationships with education (literacy). In the long run, unemployment (-0.253281; p= 0.0000) and inflation (-0.194927; p= 0.0000) has individually reduced literacy outcomes but credit to the private sector positively expands education outcomes. The interaction term is positively significant (0.037879; p= 0.0000), indicating that households adapt by reallocating time to education under stagflation tohedge human capital idleness. And lastly, a long-run cointegration occurs only in Cape Verde and Ghana out of 15 West African countries. On that note, the study concludes that macroeconomic instability coerces literacy and induces 'JAPA syndrome' in West Africa. But its joint effect triggers adaptive education investment. Therefore, policy should combine price stability, job creation, credit expansion, and education quality reforms to sustain human capital expansions and restrain mass skilled migration termed 'JAPA syndrome' in West Africa.Item Resilience Mindset and Business Survival of SMEs in Nigeria(Crawford Journal of Economics and Management, 2026) Otseh JusticeThis study examined the effect of resilience mindset on the business survival of Small and Medium Enterprises (SMEs) in emerging economies, with particular focus on registered SMEs in Ogun State, Nigeria. The study was motivated by the increasing rate of SME failure resulting from economic instability, changing market conditions, and operational challenges affecting business sustainability. Specifically, the study examined the effect of entrepreneurial adaptability, entrepreneurial resilience, innovation orientation, and strategic flexibility on SME survival. A descriptive survey research design was adopted. The population comprised registered SMEs operating within selected business clusters in Lusada-Agbara road, Ogun States. Using the Taro Yamane formula, a sample size of 345 respondents was determined, while 332 valid questionnaires were returned and analyzed. Data were analyzed using descriptive statistics and multiple regression analysis with the aid of SPSS Version 28. The findings revealed that entrepreneurial adaptability significantly affects SME survival, entrepreneurial resilience significantly affects SME continuity, innovation orientation significantly affects SME sustainability, and strategic flexibility significantly affects the growth and survival of SMEs in emerging economies. The study concluded that resilience mindset plays an important role in sustaining SMEs during periods of uncertainty and economic instability. The study recommended that SME owners should strengthen adaptability, resilience capabilities, innovative practices, and flexible business strategies to improve long-term business survival and sustainability.Item Do Dependency Ratios Matter for Savings? Empirical Evidence from Nigeria(Crawford Journal of Economics and Management, 2026) Olanrewaju Tajudeen Adewale; Olaniyi Oladimeji Abeeb; Adekanmbi Adewale Matthew; Opadeji Samson AdegboyegaNigeria, like many developing countries, is experiencing significant demographic shifts marked by a youthful population and a gradually increasing aged segment. Understanding how the age composition of the population affects national savings is critical, as savings mobilization plays a key role in investment and economic growth. Given the country's rapid population growth, rising dependency ratios, and evolving labour market dynamics, this study examines the impact of population age composition on savings in Nigeria from 1983 to 2022 using the Autoregressive Distributed Lag (ARDL) bounds testing approach to cointegration. The study found that LAB, ODR, and YDR have a significant positive relationship with savings in the short run, whereas they exhibit a negative relationship in the long run. However, INF has a negative effect on savings both in the short run and long run. The study concluded that population age composition negatively affects savings in Nigeria. This study, therefore, recommends that the government expand access to financial services and maintain a stable macroeconomic environment by addressing inflation, which negatively impacts savings and investment capacity.Item Impact Of Trade Openness on Industrial Growth: Evidence from Low-Income Economies in ECOWAS(Crawford Journal of Economics and Management, 2026) Gboyinde Victoria Oluwaseye; Balogun Emmanuel Dele; Odeleye Anthonia TayeThis study investigates the impact of trade openness on industrial growth in low-income economies within the ECOWAS region. Secondary data were sourced from the World Development Indicators (WDI) for the eight low-income ECOWAS countries identified by the World Bank, covering the period 1998–2023. The analysis was based on panel data from these eight countries and estimated using the Driscoll and Kraay regression technique, which corrects for cross-sectional dependence, heteroskedasticity, and serial correlation. The findings reveal that while trade openness does not have a significant impact on industrial growth, gross capital formation and real exchange rates have positive and significant impacts. Conversely, foreign direct investment (FDI) and inflation negatively affect industrial growth in these countries. Therefore, the study concludes that trade openness alone is insufficient to drive industrial growth in low-income ECOWAS countries. It recommends policies that promote capital formation, maintain exchange rate stability, improve the quality and productivity of foreign direct investment, and keep inflation at stable levels to support industrial growth.Item Inflation And Household’s Welfare of Residents of Ketu/Adie-Owe In Ado-Odo/Ota Local Government Area of Ogun State, Nigeria.(Crawford Journal of Economics and Management, 2026) Ojo Felix Ayoola; Thompson Temidayo Ayomikun; Alade Adeoluwa EzekielThis study examined the effect of inflation on household welfare among residents of Ketu/Adie-Owe Community of Ado-Odo/Ota Local Government Area, Ogun State, Nigeria. Specifically, the study examined the relationship between inflation and household income, determined the effect of inflation on household consumption expenditure, and assessed the impact of inflation on household welfare indicators. A descriptive survey research design was adopted for the study. Data were collected through a structured questionnaire administered to 120 respondents selected from the study area. Data collected were analyzed using descriptive statistics and simple linear regression analysis with the aid of SPSS version 27. The findings revealed that inflation has a significant effect on household welfare (R = 0.508, R² = 0.258, F = 41.135, p < 0.05), indicating that inflation accounted for 25.8% of the variation in household welfare. In addition, inflation was found to have a significant effect on household welfare indicators (R = 0.791, R² = 0.625, F = 196.622, p < 0.05), accounting for 62.5% of the variation in household welfare indicators. The study concluded that inflation significantly affects household welfare, household consumption, and household welfare indicators in Ketu/Adie-Owe Community of AdoOdo/Ota Local Government Area, Ogun State. The study recommended that the government should implement effective monetary and fiscal policies aimed at controlling inflation and stabilizing prices. Furthermore, programmes that enhance household income and social welfare should be strengthened to mitigate the adverse effects of inflation on households.Item Business Related Instructions and Profit Outcome of Igbo Traders in the Building Materials Market.(Crawford Journal of Economics and Management, 2026-03) Onochie Maxwell Prosper; Omolewa Ese Egor; Oladipupo EuniceThe study assessed the relationship between business-related instructions and profit outcomes of Igbo traders in the building materials market within Lagos and Ogun States, specifically targeting Alaba Suru market in Lagos and Ota market in Ogun state, Nigeria. It adopts cross-sectional survey research design, data were collected from 210 respondents using structured questionnaire, data generated from the respondents were analysed using the SmartPLS. The study showed a strong positive relationship between business related instructions and profit outcome of Igbo traders; the study therefore recommends that traders should prioritize business related instructional practices in their business operations to increase their profit outcomes.Item Development And Validation of a Composite Flood Impact Index (CFII) for Ecowas Countries(Crawford Journal of Economics and Management, 2026) Amire Comfort M; Afariogun Adeshola Oluwaseun; Enilolobo OluwafemiFlood disasters represent a major socio-economic and environmental challenge within the Economic Community of West African States (ECOWAS). Assessing disaster severity through individual indicators provides only a partial representation of flood impacts, as isolated metrics often fail to capture their multidimensional nature. This study developed and statistically validated the Composite Flood Impact Index (CFII) for the comparative assessment of multidimensional flood impacts across ECOWAS countries. The study covered the fifteen ECOWAS member states over the period 2000–2023 and utilized data from the Emergency Events Database (EM-DAT). The CFII was constructed from flood frequency (ff), total persons affected (tpa), and total deaths (td) using Min-Max normalization and an equal-weighting aggregation framework. Statistical validation was conducted using an Independent Samples t-test. The principal findings revealed significant variation in flood impacts across the region and enabled the ranking and classification of countries into distinct vulnerability groups. Statistical validation confirmed the discriminatory capability of the CFII. The study contributes a transparent, reproducible, and standardized framework for multidimensional flood assessment. The CFII complements traditional single-indicator approaches and supports comparative flood risk assessment and evidence-informed disaster risk planning across ECOWAS.Item Flood Disasters and GDP Per Capita in Ecowas Countries: A Pooled Mean Group ARDL Analysis(Crawford Journal of Economics and Management, 2026) Amire Comfort M; Afariogun Adeshola Oluwaseun; Enilolobo OluwafemiThis study evaluates the macroeconomic impact of flood disaster shocks on material living standards within the Economic Community of West African States (ECOWAS) from 2000 to 2023. Operating within a Pooled Mean Group (PMG) ARDL dynamic panel framework across ten countries, the study regresses real GDP per capita against flood frequency, total persons affected, and total deaths. Long-run panel estimations reveal that aggregate material output appears insulated from disaster shocks, as shown by the insignificance of flood frequency (1.0365, p = 0.7012), total deaths (0.0996, p = 0.1257), and affected populations (0.0014, p = 0.8124). Short-run dynamics reveal acute structural disruptions, with the error correction term (ECT) registering at -0.2496 (p = 0.0048). Rather than proving economic immunity, these benign long-run coefficients validate the Schumpeterian reconstruction paradox, where forced post-disaster capital replacement temporarily inflates output metrics using newer capital vintages, masking severe qualitative human capital erosion. Consequently, the study recommends that ECOWAS macro-planners transition from short-term reconstruction funding cycles toward structural capital-upgrading resilience frameworks. Policy should prioritize safeguarding regional transportation infrastructure to minimize short-run equilibrium deviations and mitigate long-term capital stagnation.Item Infrastructural Development and Economic Growth in Sub-Saharan Africa(Department of Economics Crawford university, 2024) Idoko Suzan A.This study examined the relationship between infrastructural development and economic growth in Sub-saharan Arica (SSA) Countries, using electricity, education, health, and information communication technology to measure economic growth in this region. The study also examined the causal link between the variables that will influence economic growth in SSA countries because the impact of infrastructure on economic growth in Africa is still not clear as some scholars argued that it impact is not significant, other scholars posited that it is significant to developed economies alone. The study employed descriptive and panel econometric procedure to analyses the date collected. The study utilised annual secondary data, spanning from 1990 to 2021 encompassing ten strategically selected countries grouped into landlocked (Central African Republic, Ethiopia, Zimbabwe & Congo, Sudan), costal (Nigeria, Mozambique, Gabon & Senegal) and insular (Mauritius). The data for the analysis were sourced from World Bank Development indicator (WBDI), Journals, data were also sourced from AIDB, World development indicators (WDI) and Worldwide Governance indicators (WGI), Data selected were analysed using tables, graphs, panel autoregressive distribution lag, fully modified ordinary least square and Dumitrescu & Hurlin and Granger causality test. This study therefore discovered that SSA’s economic development significantly depended on functional infrastructure provision thus suggesting that government needs to formulate and implement sustainable policy strategies that encompass diverse infrastructural components to promote economic growth in SSA. The study also concludes that there is spiral effects and reverse causation which implies that promoting infrastructure development stimulates economic growth and higher growth also consequently leads to better infrastructure development. The study recommends that Policymakers should adopt an integrated approach to development planning, recognizing the interdependencies among sectors. Comprehensive strategies that synchronies investments in electricity, education, health, and information communication technology can create a synergistic effect that will foster sustainable and inclusive economic growth in SSA countries the interconnected relationships between economic growth and various infrastructure components in the various geographical areas studied be put into consideration to foster sustainable and inclusive economic growth in SSA countries.Item Infrastructural Development and Economic Growth in Sub-Saharan Africa(Crawford university, 2024) Idoko Suzan A.; Olufemi M. SaibuThe impact of infrastructure on economic growth in Africa is still not clear as some argued that its impact is not significant, others posited that it is significant to developed economies alone. This study examined the relationship between infrastructural developments using electricity on economic growth in Sub-Saharan Africa (SSA). The study also examined the causal link between the variables that will influence economic growth in SSA countries. The study employed descriptive and panel econometric procedure. Annual secondary data, spanning from 1990 to 2021 and encompassing ten strategically selected countries grouped into landlocked (Central African Republic, Ethiopia, Zimbabwe & Congo, Sudan), costal (Nigeria, Mozambique, Gabon & Senegal) and insular (Mauritius). The data for the analysis were sourced from World development indicators (WDI) and Worldwide Governance indicators (WGI), Data were analysed using tables, graphs, panel autoregressive distribution lag. Fully modified ordinary least square and Dumitrescu & Hurlin and Granger causality test. The findings revealed a short-term insignificant but positive impact of electricity supply infrastructure on development and foreign direct investment on economic growth. The causality tests confirmed bidirectional relationships, emphasizing the interdependency nature between economic growth and infrastructural development in Sub Saharan African countries. This study therefore concludes that SSA's economic development significantly depend on functional infrastructure provision and thus suggesting that government needs to formulate and implement sustainable policy strategies that encompass diverse infrastructural components to promote economic growth in SSA. The study also concludes that there is spiral effects and reverse causation which implies that promoting infrastructure development promotes economic growth and higher economic growth also consequently leads to better infrastructure development. It recommends policymakers should adopt an integrated approach to development planning, recognizing the interdependencies among sectors. Comprehensive strategies that synchronise investments in electricity, education, health, and information communication technology can create a synergistic effect that will foster sustainable and inclusive economic growth in SSA countries.Item Economic Recession and Private University Performance and Sustainability In Nigeria(African Journal of Entrepreneurship and Business Management, 2017) Idoko Suzan A.; Onochie Maxwell Prosper; Esuh Ossai-Igwe Lucky; Ighodalo David EhizojieThe present study took advantage of the very few studies that exists in the area of private universities performance and sustainability in Nigeria. This study examined the extent to which the present economic recession in Nigeria has affected private universities performance and sustainability of in Nigeria. A quantitative data was generated from 41 respondents derived from a questionnaire distributed via self-administered procedure. The respondents were selected through convenient sampling technique from a private University located at Ibadan, Oyo State, Nigeria. The data gathered was analysed using the SMART partial least square. The results revealed that economic recession has effect on both the performance and sustainability of the private university examined. The study concluded that economic recession significantly affected both the performance and sustainability of the private university in Nigeria. Private universities can reduce the pressure of economic recession through tapping into other areas by a way of diversification - consultancy services and Strategic business services and alliance with industries and also try to become more aggressive in their business activities by organizing more programmes outside the mainstream academic function.Item Determinants of Trade Openness in Western Bloc Of Africa: Do Threshold of Industrial Value Added And Institutions Matter?(Journal of Management Studies, 2024) Idoko Suzan A.; Agbabiaka K. O.; Balogun V. A.; Olakulehin T. H.The research work explores the determinants of trade openness in Western bloc of Africa with critical emphasis on value added by the industrial sector of the economy and quality of institutions in the bloc. With the pre estimation test of unit root test that suggested panel autoregressive distributed lag and fully modified least square for the robustness check for the period of 1996 to 2020 the result of the analysis revealed that the threshold of industrial value added, quality institutions and financial deepening as vital determinants of trade openness in the bloc. Unfortunately, the interaction of the existing institutions with the threshold of value added by the industrial sector of the economy has no impact on trade openness. Conclusion of the research work was on more development of financial deepening, quality institutions and improved value added by the industrial sectors for the bloc to engage in trading beyond primary agrarian products.Item Economics of Electricity Consumption, Billing and Payment Systems in Igbesa-Agbara Development Area of Ogun State, Nigeria(Confluence Journal of Economics and Allied Sciences, 2020) Idoko Suzan A.; Macaver O. J.; Ojo F. A.The paper examines economics of electricity consumption, billing and payment systems in Igbesa-Agbara Local Council Development Area (LCDA) of Ogun State using Primary and secondary data respectively. The core objectives of the study were to evaluate relationship between electricity consumption and tariffs charged by power distribution companies (DisCos) and effectiveness of revenue collection and remittances by the companies The data were analysed using Pearson correlation analysis. The results upheld the null hypotheses of the study as computed Pearson r (0.024) was lower than the critical table value (0.217) and revenue collection and remittances methods by the DisCos were found sub-optimal. The paper identified contrived scarcity of prepaid meters and rent seeking by field staff of the DisCos as the core challenges of power supply and consumption in the LCDA. To overcome these challenges, the paper recommends that all electricity users in the LCDA should be identified and registered to avoid revenue leakage; prepaid meters should be provided to customers to stem rent-seeking by marketing officers of the Discos; and regular customer relationship management trainings should be organized for all Discos staff that interface with customers and the public.Item Electricity Infrastructure and Economic Growth in Nigeria: Impact Analysis(Confluence Journal of Economics and Allied Sciences, 2020) Idoko Suzan A.; Awe Emmanuel O.; Ugbaka Malachy A.; Abdulkadir Yerima Y.This study analyzed the impact of electricity infrastructure on economic growth in Nigeria using Ordinary Least Square as method of analysis. The study revealed a positive relationship between electricity infrastructure and economic growth in Nigeria, This shows that the poor state of electricity supply in Nigeria has imposed significant costs on the business sector. The bulk of these costs relate to the firms' acquisition of very expensive backup capacity to cushion them against the even larger losses arising from frequent and long power fluctuations. Small-scale operators are more heavily affected by the infrastructure failures as they are unable to .finance the cost of backup power necessary to mitigate the impact of frequent outages. The study therefore recommended for institutional reforms of the power sector in Nigeria.Item Nigerian's Economic Recovery Amidst Triped Policies: Book of Proceeding(Crawford University Press, 2024) Department of Economics, Crawford UniversityItem Population growth and human resource utilization nexus in Nigeria(Journal of Humanities and Applied Social Sciences, 2021) Popogbe Oluwaseyi Omowunmi; Adeosun Oluyemi TheophilusPurpose – Population growth has remained a key issue facing developing economies in the world. While developed countries are experiencing diminished or negative population growth, many countries in sub- Saharan Africa including Nigeria are having population growth above the economic growth rate. With the deadline for the sustainable development goals approaching, attention is increasingly being focused on population growth and human capital development. Extant literature focused on population growth, human resource utilization and economic growth but this study aims to examine the effect of population growth on human resource utilization. Design/methodology/approach – Using secondary data for the period 1990-2018, the study conducted unit root test and co integration analyses to determine the stationarity and correlation in the long-run in the variables. The study used the error correction model to ascertain the speed at which shocks can be corrected in the long-run. Granger causality test was also carried out to ascertain the direction of causality among the variables. Findings – The empirical results revealed that population growth has a negative and significant effect on human resource utilization. The study also revealed that unidirectional causality runs from employment rate to population growth rate and a unidirectional causality runs from employment growth rate to expected years of schooling. The Nigerian Government needs to not only control population growth but also focus on the quality of education. Originality/value – The paper provides insights into the relationship between population growth and human capital utilization in Nigeria focusing on the 1986-2018 period.Item Understanding the Degree of Social Exclusion in Selected Slums in Lagos State, Nigeria.(Yobe Journal of Economics (YOJE), 2020-09) Popogbe Oluwaseyi Omowunmi; Akinleye Oludiran Simeon; Oke David MautinSocial exclusion is a key "capability failure" experienced by slum dwellers in major cities ofthe world. This study seeks to examine the degree of social exclusion suffered by slum dwellers in Lagos State, one of the fastest growing cities in Africa. This study adopted an analytical approach by constructing a Social Exclusion Index (SEI) for five major coastal slums (Makoko, Ilaje, Iwaya, Amukoko and Ijora-Badia) in Lagos State, Nigeria. Through the use of a structured schedule as well as interview with some of the respondents, data was elicited from 393 respondents in the selected slums. The descriptive analysis shows that majority of the respondents have large household members and earned very low income. The Social Exclusion Index shows that all the communities have very high degree of social exclusion index implying severe social exclusion. Notably, in the three dimensions analysed, Makoko had the lowest indexes in social relations and political participation while Amukoko had the lowest index in labour market participation. The study further provided a breakdown of the indicators measured under each dimension giving an insight into the factors that contribute to social exclusion across the communities. We recommend that labour laws should be favourable for artisans and small-scale businesses who largely are labour market players in the slums. This would improve their productivity and overall well-being. Also, human capital development through education, training and skill acquisition need to be intensified in order to enhance labour market inclusion of residents. This would in turn advance the standard ofliving of slum residents.Item Agriculture Financing and Growth Performance in Nigeria: Pre-2000 and Post-2000 Analyses(The Romanian Economic Journal, 2020-03) Popogbe Oluwaseyi Omowunmi; Dauda Risikat OladoyinThis study examines the role of different types of finance in the development of the Nigerian agricultural sector and two-period (1986-2000 and 2001-2017) analyses are carried out to ascertain this effect. The study adopts the Auto-Regressive Distributed Lag (ARDL) analytical technique. Findings show that there exists a positive and significant relationship between Agricultural Credit Guarantee Scheme Fund (ACGSF) and agricultural output; and industrial output and agricultural output in the pre-2000 analysis. However, only industrial output positively impacted the agricultural sector in the post-2000 analysis while two major sources of finance (ACGSF and Rural Commercial Bank Credit) negatively impacted the agricultural sector during this period. The study recommends an urgent need for effective and well-implemented disbursement of the ACGSF and rural commercial bank credit to the agricultural sector. It is also necessary to strengthen the linkage between the industrial and agricultural sectors so as to sustainably increase the productivity of the agricultural sector.