JOURNAL OF ECONOMICS AND ALLIED RESEARCH
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DETERMINANTS OF RENEWABLE ENERGY USE AND CARBON EMISSION INTENSITY IN SUB SAHARA AFRICA.
Get PDFThe effectiveness of renewable energy use as a mitigation means to carbon emission tops the list of the global debate. Despite the global acceptance for energy transition, the regeneration of renewable energy are conditional on some natural forces and gains. This study used principal component analysis to fathom the components that best explain the variations between renewable energy use and carbon emission intensity. Population density was revealed as one condition upon which the renewable energy regenerates. One other gain of renewable energy revealed is the Carbon emission reduction by renewable energy use. Carbon trading and renewable energy promotion through policies and programmes were recommended together with population control and management of sustainable economic gains
MACROECONOMIC VARIABILITY AND ECONOMIC GROWTH IN SUB-SAHARA AFRICAN COUNTRIES
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This paper investigates the relationship between macroeconomic variability and long run economic growth in a panel of 40 African countries over the period 1980 – 2014. The paper re – examines the postulates of both Ramey and Ramey (1995) – where investment was the primary link between volatility and growth - and Aghion et al (2005) – where financial credit constraints was the primary link, that there is a negative and significant correlation between macroeconomic volatility and long run economic growth. The findings in the paper refutes this negative relationship between volatility and economic growth, with the conclusion that there exist a significant and positive correlation between volatility and economic growth with reference to the sample data set used. This counterfactual is explained by the risk associated with macroeconomic volatility inducing savings more than how it discourages investment. The findings of this paper are robust to controls for investment, different and appropriate measures of financial development, level of openness, government size and each countries initial level of real per capita GDP
SPATIAL DISTRIBUTION OF POVERTY IN MULTIPLE DIMENSIONS IN DELTA STATE OF NIGERIA
Get PDFThis paper investigates the spatial factors that influence distribution of poverty in multiple dimensions in Delta State. The work was informed by the spatial nature of the State in terms of geographical characteristics and how these influence incidence of poverty which has not been investigated in multidimensional framework. The paper employs spatial regression analysis in order to estimate the effects of spatial factors on prevalence of poverty in Delta State. The study employs the Harmonised Nigeria Living Standards Survey 2008/2009 (HNLSS) published in 2010 by the National Bureau of Statistics (NBS) and the Generalized Household Survey (2013). The results show that some spatial variables such as households distance to the nearest major road, annual precipitation, precipitation of the wettest month significantly determine spatial distribution of poverty in Delta State. One key policy message from the findings of this research work is that spatial factors need to be considered during distribution and allocation of resources to eradicate or alleviate poverty in the state
TRADE FLOWS, MACROECONOMIC POLICY AND BUSINESS CYCLES SYNCHRONISATION IN WEST AFRICA
Get PDFBusiness cycles for individual countries under Economic Community of West African States (ECOWAS), using GDP within 1980-2015, detrended by Hodrick–Prescott filters was first computed. A covariance analysis on the computed z-scores to examine the level of synchronisation of the regional business cycles, the level of symmetry of regional macroeconomic policies and the level of symmetry of regional trade flows was then employed. It was evident that business cycles synchronisation and symmetry in macroeconomic policies were on the whole increasing among ECOWAS region, but with higher intensity within West African Economic and Monetary Union (WAEMU) than within West African Monetary Zone (WAMZ). The flow of trade however within ECOWAS region was highly asymmetric indicating that these economies rely more on transaction with other developed economies. The empirical results provided clear support for the need for West African countries to look more inward especially by optimizing her macroeconomic policies and intensifying production through domestic investments. This would stimulate the flow of trade within ECOWAS region and further intensify business cycles synchronization. As a result, we advocate for the formation of a monetary union for WAMZ but with the various currencies still in existence at least for the interim and also advocate for the formation of monetary union for ECOWAS region for the latter. This would properly monitor incentives for optimal macroeconomic policies, trade flows and business cycles synchronisation
DOES CORRUPTION AFFECT THE EFFECT OF FOREIGN AID ON ECONOMIC GROWTH IN NIGERIA? AN EMPIRICAL INVESTIGATION
Get PDFThe influence of corruption on the effect of foreign aid on economic growth is investigated using Nigeria’s data spanning the period from 1994 to 2014. The ordinary least squares (OLS) estimation technique is used to estimate a multiple linear regression model for the investigation. The analysis shows that the effects of official development assistance and aid on real GDP is positive and statistically significant, and that corruption does not affect the effect of aid on growth. The study however finds that government final consumption expenditure and exchange rate are positively related to real GDP, while trade openness is observed to be negatively related to it. In light of the empirical evidence, the paper recommends for policy consideration, effort by the government to enhance the attractiveness of the country to foreign aid especially by intensifying the fight against corruption; increase in government final consumption expenditure; imposition of restriction on importation, especially on those that commodities that can be produced locally; government intervention in the foreign exchange market to avoid harmful appreciation of the currency, etc, to enhance the growth of the nation’s economy
DOES FOREIGN AID IMPACT ON ECONOMIC GROWTH IN NIGERIA?
Get PDFThis paper examines the aid-growth relationship in Nigeria following the 2007-08 Global Financial Crisis (GFC), using time series data for the period 1970 – 2014, autoregressive distributed lag (ARDL) and dummy variable models. The results indicate that foreign aid impacts positively on economic growth in Nigeria, both in the long- and short-run. This suggests that donor countries should acquaint themselves with the socio-economic and political realities of the domestic economy in Nigeria so that official development assistance offered to Nigeria is shielded from corruption and bad governance. However, the results further show that the GFC significantly altered the aid-growth relationship in Nigeria, such that the results of this study and the bulk of existing empirical studies for Nigeria should be interpreted with care. 
STOCK MARKET DEVELOPMENT, DEPOSIT MONEY BANKS AND LONG TERM ECONOMIC GROWTH IN NIGERIA
Get PDFThis study examines the relationship between stock market development, DMBs and long term growth in Nigeria between 1980 and 2016. The data sourced from the Central Bank of Nigeria (CBN) statistic bulletin and World Development Indicator (WDI) were analyzed using the Engle-Granger Co-integration techniques and Error Correction Model (ECM), as well as the Granger Causality test to check the direction of causality. The results of the study shows some interesting findings. First, the positive relationship observe between domestic credit and long term growth suggests that measures to enhance domestic credit through interest rate transmission mechanism can encourage domestic production which will further stimulate the long term growth. Second, the negative statistics significant relationship observe between market capitalization and long term growth shows that strong commitment on the part of the government to provide appropriate regulatory mechanism to further enhance the contribution of the financial system to the economy is require.
 
FINANCING MODEL FOR SUSTAINABLE DEVELOPMENT OF INFRASTRUCTURES IN NIGERIA
Get PDFWeak capacity for developing infrastructures in Nigeria is attributable to inadequate long term funding, poor capital budget implementation, and disconnect of planning and budgeting, among other factors. The paper proposes a simple financing model that aims at mopping up idle funds within the economy for creating secure, accessible, and affordable long term credit that can be channeled to fund infrastructure development, within an operational environment governed by sound planning, private participation promotion, and commitment to value-for-money assessments. Based on a critical review of the current institutional setting for planning, public finance management, and funds’ custodianship in the country, the paper proposes how the National Planning Commission, the Federal Ministry of Finance, and the Central Bank of Nigeria can be restructured to create a sustainable institutional architecture for financing infrastructural development in Nigeria
DOLLARIZATION AND SELECTED MACROECONOMIC INDICATORS IN NIGERIA: AN EMPIRICAL ANALYSIS
Get PDFThe contagious effects of dollarization continue to ravage the Nigerian economy through fiscal and monetary transmission channels. With the debate for or against dollarization tendencies skyrocketing alongside, this paper investigates the relationship between dollarization and selected economic growth indicators in Nigeria using a fractional cointegration analysis over the period 1986-2014. It also adopted the Ordinary Least Squares (OLS) techniques to ascertain the effects of the selected variables. Our findings established that fact that the phenomenon of dollarization exists in the Nigerian economy and if not checked will result in serious economic crisis since its dominance is an indicator of misalignment in exports, external debt, foreign direct investment and economic growth. The paper thus recommends among others the adoption of prudential measures to boost confidence in the local currency as well as anti-inflationary measures