Research & Innovation Initiative Journals
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Financial Inclusion and Economic Growth in Nigeria
Get PDFPurpose: Financial inclusion entails the delivery of financial services to individuals and businesses at segments of the society at a reasonable rate that meets their desired transactions. In view of this, the paper examined financial inclusion and economic growth in Nigeria from 1981-2018.
Methods: The ARDL model was used to analyze the annual time series data collected from the CBN Statistical Bulletin and the World Bank report. The augmented Dickey Fully (ADF) unit root test, to test for stationarity of the variables preceded the ARDL model.
Results: The ADF unit root test results showed that the dependent variable was stationary at order zero I(0), while the independent variables were stationary at order one I(1). Based on the first-hand results, it was revealed that both in the short-run and long-run, access and effective usage of financial services bring about a significant increase in economic growth. But per capita income has a negative but significant relationship with economic growth.
Implications: The study conforms to finance-led growth theory which averred that the financial system is a positive function of economic growth. Based on these findings, the paper recommended that more efforts needed to be done to enhance and extend financial inclusion services such as electronic transaction in the form of POS, ATM, mobile money, etc to all rural communities in Nigeria as well as financial literacy and engagement of low-income people in the formal financial services in order to increase economic growth
Educational Evaluation: Functions, Essence and Applications in Primary Schools’ Teaching and Learning
Get PDFThis paper discussed the functions, essence, and applications of educational evaluation in the teaching-learning processes; in primary schools. It outlined the definitions of evaluation, the stepwise diagram of an evaluation process, succinct explanation of the types of evaluation, and its essence and the steps in educational evaluation. Also, reflection and thoughts centered around the functions, essence, and how educational evaluation is applicable in improving and sustaining a robust teaching and learning strategy in primary schools. More so, the paper concluded that primary school teachers as well as learners; need regular evaluation and evaluation reports, for effective and efficient teaching-learning transactions. For the learners, educational evaluation increases their learning motivation, development of good study habits, feedback, and necessary corrective measures. Teachers require evaluation results to monitor the effectiveness of instruction as well as the instructional materials, choosing learning experiences, diagnosing learners learning difficulties in order to improve the instructional process. Accordingly, it was recommended that educational evaluation practices, strategies, and enlightenment be boosted among all primary school stakeholders
Internal Control Systems Implementation and Fraud Mitigation Nexus among Deposit Taking Saccos in Kenya
Get PDFPurpose: This paper analyses the relationship between the implementation of internal control and fraud mitigation among the savings and credit cooperatives societies (Saccos) in Kenya.
Methodology: To achieve the objective, specific variables were formulated based on the five components of internal control model. Particularly, the research focuses on the effect of control environment, control activities, monitoring, information and communication, and risk assessment, on fraud mitigation. Data was collected through the use of a structured questionnaire. Ordinary Least Square Regression approach was used for analysis.
Results: The data analysis found that all the mentioned variables significantly affect fraud mitigation among Saccos in Kenya.
Implications: The analysis highlighted that there is a need for Saccos to strive and implement internal control systems to a higher extent to cure the persistent problem of fraud that they grapple with. The analysis also recommends that Saccos should institute proper mechanisms to provide adequate checks during staff recruitment, install adequate security, provide regulation of valuable information access, they should also conduct regular monitoring of third party links with personnel as measures to mitigate fraud
Global Financial Crisis and the Nigerian Capital Market
Get PDFPurpose: This paper examined the impact of the global financial crisis on the capital market in Nigeria from 1980-2018. It specifically aimed to determine the impact of the currency crisis and liquidity crisis on the capital market in Nigeria.
Methods: The study was time series data based. Data were generated from the Central Bank of Nigeria Statistical Bulletin. The variables were subjected to descriptive statistics and the \u27Augmented Dickey-Fuller\u27 (ADF) unit root test prior to the \u27Auto-Regressive Distributed Lag\u27 (ARDL) model.
Results: The outcome of descriptive statistics demonstrated that the parameters were not normally distributed. Also, the ADF unit root test demonstrated that one of the parameters was stationary at I(0) while the remaining two were stationary at I(1). Based on the ARDL results, it was observed that in the short run, the financial crisis has an indirect influence on the performance of Nigerian capital markets. Liquidity crisis, a proxy for the depletion of external reserves has a strong influence on the capital market. The long-run result showed that there is a long-run association amongst the variables.
Implications: In view of these findings, the paper recommends that the government should fine-tune its policy mix to ensure that the capital market and the economy do not suffer from the global economic crisis as it takes place
Demand Analysis for Solid Fuel and Its Substitutes as Domestic Energy in Imo State, Nigeria: Application of Quadratic Almost Ideal Demand System (QUAIDS)
Get PDFPurpose: This study aims to model the demand analysis for solid fuel and its substitute for domestic cooking energy among households in Imo State.
Methods: Data on socio-economic characteristics of the respondents, monthly expenditure on energy used for domestic cooking, unit prices, and quantity of different energy sources were collected using a multi-stage sampling technique from 262 households I Imo State. Data were analyzed using descriptive, quartile distribution and QUAIDS inferential statistics to achieve the objectives of the study.
Results: The empirical analysis of the demand for household energy usage revealed that the quadratic expenditure term is statistically significant in firewood, sawdust, and wood-shaving expenditure share equations. It implies that their null hypothesis of expenditure linearity is strongly rejected. Furthermore, the prices and demographics of the household head significantly influence the budget shares of the different energy used. Expenditure elasticity of all the energy sources are elastic. Own price (Marshallian and Hicksian) of firewood, sawdust, and kerosene are price elastic while charcoal and wood-shaving are price inelastic. The Uncompensated Marshallian\u27s cross elasticity of almost all energy sources are complementary. However, the result of the compensated- Hicksian\u27s cross elasticity values indicated that almost all the energy uses are substitutable except for firewood – charcoal, firewood-wood shaving, firewood-kerosene, and sawdust-wood shaving that are complementary.
Implications: The result indicates that the timber products and its substitutes demand domestic cooking follow both energy ladder and stacking principles as households can quickly switch to a better energy source at the same time exhibit their dynamism in the ability to combine both traditional and modern fuels to meet their domestic energy needs based on price and affordability. The study, therefore, recommends that younger females in the household should be targeted in demonstrating the demand for cleaner energy using educational facilities and reduction in unit prices of such energy in the area
Approaches to Entrepreneurship Development: A Literature Survey
No full textPurpose: This article aims to provide a brief description of various approaches to entrepreneurship
Methods: The article is entirely based on the literature survey. It consults books and journal articles to trace a variety of approaches proposed by different scholars in the d-fiend of entrepreneurship
Results: It identifies seven approaches to entrepreneurship namely, Psychological approach, Demographic approach, Behavioral Approach, Socio-cultural approach, Venture facilitation approach, Entrepreneurial event approach, Multidimensional approach, Hisrich’s Decision Model, and Eclectic Model
Implications: It implies that entrepreneurship may develop through multiple avenues. The educators and policymakers should consider the lessons of different approaches to identify the potential entrepreneurs for further development and provide them with the knowledge, skills, as well as other material supports for their development. 
Business Stripped Bare: Adventures of a Global Entrepreneur
No full textThis note attempts to review, \u27Business Stripped Bare: Adventures of a Global Entrepreneur\u27 written by Richard Branson, the legendary entrepreneur and the owner of the Vergin Group. It is an ideal business book; a book that is easy to read, distinct, practical, credible, insightful, and provides a great reading experience. It has a number of strengths. Throughout the book he uses stories to illustrate his points. Richard avoids the situation that other business books fall into - using big words and leaving the reader in confusion about what they are actually talking about. He writes it in plain language and makes the readers follow him easily. The way he explains the general ideas of people, innovation, brand, etc (the usual business terms) through his experience is unlike those typical business books that confound the readers with figures, theories, graphs, models, metaphors, and so forth
Relationship between Transport Infrastructure and Employment: Evidence from the Chinese Inland Provinces under the “One Belt, One Road” Initiative
Get PDFPurpose: This paper discusses the impact of transport infrastructure on employment in the Chinese inland provinces directly affecting by the “One Belt, One Road” initiative.
Methods: The authors analyzed the impact of railways and highways- two key elements of transport infrastructure on employment in five Chinese inland provinces directly affected by the “One Belt, One Road” initiative. The data was collected from the National Bureau of Statistics of China and some databases related to “One Belt, One Road” for the period of 2008-2017. Descriptive statistics and graphic description approaches were used to analyze the data.
Results: The findings show that there are unclear relationships between transport infrastructure and employment in the inland provinces under study as affected by “One Belt, One Road”.
Implications: Improvement of transport infrastructure as well as other relevant factors in creating jobs should be considered for generating employment in the provinces under study
Effect of Venture Capital Financing on Investment in Kenya
Get PDFPurpose: The objective of this paper is to determine the effect of venture capital financing on investment in Kenya.
Methodology: To achieve the objective of the study, venture capital was disaggregated into two variables, namely, the number of firms financed and the total amount of financing. Other variables, such as interest rate and GDP per capita were also included in the analysis to act as control variables. The study used 10 years of data spanning from 2009 to 2018. A regression analysis was done in order to analyze the data.
Results: The study established that there is a positive correlation between the number of firms financed and the aggregate investment in Kenya. The study observed that the total amount of financing has a positive correlation with aggregate investment.
Implications: The study concludes that venture capital financing has a positive effect on aggregate investment levels in Kenya. The study recommends that the Kenyan government should come up with ways of financing small and medium enterprises, which will boost their productive capacities leading to more investment in the country and more generation of income
Financial Literacy and Financial Inclusion as Tools to Enhance Small Scale Businesses’ Performance in Southwest, Nigeria
Get PDFPurpose: The study sought to examine the impact of financial literacy and financial inclusion on small businesses’ overall performance with special reference to Southwest Nigeria.
Methods: Descriptive survey research sketch was adopted for this study, while the purposive sampling method was employed to choose forty small scale businesses registered with SMEDAN from each state capital of South Western of Nigeria that engaged in petty trading, bakeries, block-making, soup-making, tailoring, and agro-allied, totaling 240 participants as a sample size for the study. Data were collected by using a closed-ended questionnaire designed for the study, while simple percentage, mean, standard deviation, Pearson Product Moment Correlation (PPMC), and Ordinary Least Square (OLS) was used to analyze the data.
Results: The findings disclose that financial literacy and financial inclusion jointly and independently affect small businesses’ performance. It revealed a positive and significant relationship between financial literacy and financial inclusion. However, the study depicts that majority of business operators did not have financial knowledge such as working capital management, accounting records system, financial reporting, cashbook maintenance, income statement, daily cash reconciliation, internal control on cash, and cash budget. Also, the study confirmed that the majority of small business entrepreneurs are financially excluded from micro-financing, emergency loans, employ purchase financing, business bank loans, and micro-insurance plan Services.
Implications: The implication of this study is that if the Central Bank of Nigeria partnership with other professional organizations to promote financial literacy and inclusion programs to all business entrepreneurs across the nation, it will motivate more business entrepreneurs in Nigeria to have access to finance.