GUSAU JOURNAL OF ECONOMICS AND DEVELOPMENT STUDIES
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ROLES OF LIFE INSURANCE CLAIM SETTLEMENT ON INSURANCE PENETRATION IN NIGERIA
No full textThe impact of life insurance claim settlement on the insurance penetration rate in Nigeria was investigated in this study. The study examined the relationship between the insurance penetration rate and the trend of life insurance claims in Nigeria from 2000 to 2023, as well as the impact of paid life insurance claims on the insurance penetration rate in Nigeria over the same period. The study's data, which was gathered between 2000 and 2023, was examined using charts and the Autoregressive Distributed Lag (ARDL) model co-integration technique. The findings showed that, although the insurance penetration rate fluctuated, both the amount of life insurance claims paid and the insurance penetration rate in Nigeria showed an upward trend from 2000 to 2023. Additionally, the study confirmed that life insurance claims significantly influenced Nigeria’s insurance penetration rate, though negatively over the long term. Hence, this study conclude that life insurance claim settlement plays significant role on insurance penetration in Nigeria. By identifying the factors that influence public trust in life insurance and highlighting the link between claim efficiency and policy uptake, this study makes unique contributions to the body of research on insurance penetration. These findings are particularly valuable for policymakers, as they illustrate the importance of balancing consumer needs with the operational sustainability of life insurance firms. Therefore, this study recommended among others that financial authorities should design a framework of life insurance claim that put into consideration the interest of the people and life insurance business in terms of time and amount, in ways that promote penetration rate in the insurance companies
EXPLORING THE RELATIONSHIP BETWEEN MONETARY POLICY AND ECONOMIC WELL-BEING IN NIGERIA
No full textThis study empirically explored the impact of monetary policy instruments on the economic well-being of Nigerians from the period 1981 to 2020. Per capita income is used in the study as a stand-in for well-being. It focuses on the relationship between the money supply, currency in circulation, and loans to the private sector and the economic well-being of Nigerian citizens. The unit root test was used to determine the degree of stationarity, and the results indicate that all of the variables were stationary following the initial difference. As a consequence, the variables had to be approximated using the Johensen Cointegration test. The outcome demonstrates that there is neither a short-term dynamics link nor a long-term equilibrium relationship between the independent variables of prime lending rate (PLR), money supply (MNSt), currency in circulation (CIC), credit to the private sector (CPS), and per capita income (PCI) and the dependent variables of PCI. This does not necessarily mean that the population's per capita income in Nigeria is unaffected by monetary policy decisions made throughout time. Rather it points to the fact that other variables are important in the dynamics of per capita income which are not included in the model. So, the study recommends among others that the government provide the needed infrastructural development to enhance the performance of the real sector, promote economic growth and improve economic well-being in Nigeria
NEXUS BETWEEN VENDOR SELECTION AND PROJECT DELIVERY TIME IN EKO ELECTRICITY COMPANY
No full textStudies have shown that vendor selection is key in project delivery time. This study, therefore, examined the relationship between vendor selection and project delivery time, with empirical evidence from Eko electricity distribution Companies in Lagos, Nigeria. The study adopted a survey research design with a sample size of one hundred and twenty-eight (128) members of staff which consisted of project managers, operation managers, and supervisors. The study adopted double sampling techniques comprised of convenience and judgmental samplings. Descriptive and inferential statistics were engaged. For descriptive statistic, mean and standard deviation were adopted, while multiple regression technique with the aid of SPSS version 21 was used to analyse the formulated hypothesis. The findings of this research revealed that there is a strong positive relationship between vendor selection and project delivery time among staff members of Eko Electricity distribution companies (r2 =0.640). rigorous vendor evaluation processes should be carried out that will help in selecting vendors that are capable of delivering high-quality services within stipulated timelines. However, utilizing advanced management software to streamline the vendor selection process, monitoring performance, and maintaining real-time communication should help enhance transparency, improve decision-making, and promoting efficient management of vendor- related activities
INTERNATIONAL TRADE AND FINANCIAL CRISES IN NIGERIA
Get PDFThe Nigerian economy has faced significant challenges, particularly following the 2008 global financial crisis, with issues such as exchange rate volatility, inconsistent GDP growth, and high-interest rates persisting despite government efforts like the African Continental Free Trade Area (AfCFTA). This study analyzed the relationship between key economic variables—currency in circulation, credit to the private sector, GDP growth, exchange rates, and net exports—using secondary data from January 2008 to December 2023. The results revealed that credit to the private sector have a weak impact on net export, while the amount of money in circulation had favourable and positive impact on net export. At the long term, net export is positively and significantly impacted by the GDP growth rate. Granger causality analysis indicates bidirectional causality between Nigeria's exchange rate and net export, and unidirectional causality between net export and credit to the private sector, net export and currency in circulation, GDP growth rate and exchange rate, GDP growth rate and currency in circulation, and exchange rate and currency in circulation. Therefore, it is recommended that government should implement complementary measures to stabilize exchange rates, promote export competitiveness and to enhance access to credit for the private sector. Also, to implement policies aimed at stimulating GDP growth in the short term. This could include fiscal measures such as increased government spending on infrastructure projects, tax incentives for businesses, and monetary policies to lower interest rates and stimulate investment
FINANCIAL PLANNING, FINANCIAL EXPERIENCE, AND ENTREPRENEURIAL RISK ATTITUDES: EVIDENCE FROM SMALL AND MEDIUM ENTERPRISES IN EKITI STATE
No full textAlthough financial capability has been recognized as a crucial source of information for financial decision-making, little study has been done on how it influences SMEs' risk-taking attitudes. This study investigated the nexus between financial planning, financial experience, and entrepreneurial risk attitudes among SMEs in Ekiti State, Nigeria. The study used a descriptive survey design with double sampling, which included single-stage cluster and convenience sampling. A structured questionnaire was used in the study to collect information from 287 participants. In the data analysis, descriptive statistics and multinomial logistics regression technique were used. This study therefore confirmed a positive and statistically significant effect of financial knowledge and financial planning on entrepreneurial risk attitudes in Ekiti State, Nigeria. Findings from the study have obviously shown the significance of financial planning, and financial experience on SMEs’ entrepreneurial risk attitudes. The findings of the study, if adopted will lead to high level knowledge, and planning in financial products such as loans, derivatives, insurance etc. and thus, create reasonable risk attitudes from SMEs operators. Thus, the study's outcome may be considered useful by policymakers, regulators, and other business operators in incorporating simplicity in financial transactions that will affect positively decision-making of SMEs operators, which can be driven by their level of risk aversion. To further fine-tune, SMEs' operators should, nevertheless, continue honing their financial planning abilities
NEXUS BETWEEN ENTERPRISE RISK MANAGEMENT PRACTICES AND BUSINESS PERFORMANCE METRICS: EVIDENCE FROM SELECTED PHARMACEUTICAL COMPANIES IN LAGOS STATE, NIGERIA
No full textEnterprise risk management practices are key instrument for enhancing the business performance metrics of any business entity, especially pharmaceutical firms. This study examined the nexus between enterprise risk management techniques and business performance metrics (financial perspectives, customers’ perspectives, internal business process, and learning and growth perspectives) among selected pharmaceutical companies in Lagos State. The study adopted a cross-sectional survey design cum double sampling techniques comprising purposive and convenience. The study further employed a structured questionnaire to gather data from a sample size of one hundred and sixty-four (164) participants. For descriptive statistic, simple regression technique was adopted in the data analysis. The study revealed the positively low relationship between enterprise risk management practices and business performance metrics of selected pharmaceutical companies in Lagos State, Nigeria. The study recommended that pharmaceutical companies should develop ERM framework that would provide a systematic method for detecting, evaluating, controlling, and overseeing risks. Furthermore, it is crucial to foster a culture of risk consciousness inside these organisations, wherein senior executives exhibit their dedication to risk management as an integral aspect of the business ethos. These officials should promote cooperation and transparent communication with different departments and external stakeholders, such as regulators, customers, and suppliers, to aggressively tackle risks
PSYCHOMETRICS, RISK PERCEPTIONS, AND TRAVEL BEHAVIOUR: EMPIRICAL EVIDENCE FROM SELECTED MOTORISTS IN LAGOS STATE, NIGERIA
No full textPerceived risk perceptions and psychometrics of motorists are key instruments in their travel mode. The behavioural dispositions of the traveling motorists are essential to measuring their travel cost, distance and time at any given journey. This study investigated the nexus between psychometrics, risk perception, and travel behaviour of selected motorists in Lagos State, Nigeria. Using the survey approach cum the multiphase sampling techniques which comprised of purposive and convenience, data were gathered through a structured questionnaire from the selected registered motorists. The sample size of two hundred and eighty-nine (289) was estimated. The data analytical techniques employed were descriptive statistics and inferential statistics. The findings revealed positive relationships among psychometrics, risk perceptions, and travel behaviour of selected motorists in Lagos State. The study concluded that motorists’ psychometrics and risk perceptions influenced their travel behaviour in Lagos State. The study recommended that traffic regulators should adopt psychometrics assessments in a bid to identify high risk motorists and provide them with specialised training that addresses their specific psychological tendencies. However, government and other transport stakeholders should encourage motorists to collaborate with traffic officers so as to minimise road traffic accidents regularly. This study contributes to literature, knowledge, and theoretical gaps; since it provided more conceptual clarifications, theoretical background and infusion of expert knowledge approach
FINANCIAL DEPTH, INSTITUTIONAL QUALITY AND POVERTY NEXUS IN SUB-SAHARAN AFRICA
No full textThis paper examined the nexus among financial depth, institutional quality and poverty in sub-Saharan Africa. The objectives of this paper are to examine the relationship between financial depth and poverty in sub-Saharan Africa and also to investigate the interaction effect of financial depth and institutional quality on poverty in sub-Saharan Africa. A panel of 32 countries in the region for a period of 2000-2023 was used due to data availability. Stata 17 was used to estimate a two-step system GMM. In this regard, an evidence that financial depth has reduce poverty in sub-Saharan Africa was established. Also, it was found that the interaction effect of financial depth and institutional quality (control of corruption) has reduce poverty in sub-Saharan Africa. Furthermore, human capital has reduced poverty in sub-Saharan Africa over the period of study. Based on the findings, it is recommended that the monetary authorities should give more credit facilities to the private sector in order to significantly reduce poverty in sub-Saharan Africa. It is equally recommended that strong institutions, including fighting corruption should be intensified by the government in order to significantly alleviate poverty in sub-Saharan Africa. More funding should be made available by the government to the education sector in sub-Saharan Africa in order to significantly reduce poverty
TELE-HEALTH AND HEALTHCARE SERVICE DELIVERY IN PUBLIC HEALTHCARE FACILITIES IN LAGOS STATE, NIGERIA
No full textThe Lagos State public health facilities, in recent times have experienced considerable transformation with the adoption of technology-driven tool called tele-health. This study examines the effect of tele-health on healthcare service delivery in public health facilities in Lagos State. It adopted a survey research design cum quantitative approach with a sample size of 183 participants. Double sampling techniques consisted of purposive, and convenience were adopted for the study. Data for the study were gathered from primary sources. The study adopted both descriptive and inferential statistical techniques for data analysis. Descriptive statistics such as simple frequency distribution and percentages were adopted in data presentation and analysis, while relevant hypotheses were tested using inferential statistics such as Friedman rank test and Simple regression analysis. Findings of the study revealed that the rank-order analysis of tele-health adoption was evident from improved medical consultation, work stress reduction, providing simplicity and convenience at work for the public healthcare workers, while healthcare service delivery was also evident through prioritizing high-risk patient, early detection of patient’s medical history, patient engagement and reduced mortality rate. The study further revealed that for both tele-health and healthcare service delivery metrics, a positive but low relationship was established between tele-health and healthcare service delivery among public healthcare workers in Lagos State. The study concludes that tele-health has a significant relationship with healthcare service delivery in public healthcare facilities
ANALYTICAL DISCOURSE OF GREEN INSURANCE, INDUSTRIAL POLICY AND ITS EFFECT ON ECONOMIC SUSTAINABILITY IN NIGERIA
No full textThe growing urgency to address environmental challenges has brought about the innovative concept of green insurance and sustainable industrial policies. Economy sustainability in Nigeria is pertinent in the current era of environmental challenges and climate change disruptions. Green insurance has been developed as a response to the imminent global challenge in managing environmental risks that seeks to offer financial protection and handsomely reward initiatives or innovations are anchored on renewable energy and conservative measures that can best introduce resilience to the economy. This paper aims to analyze and in the same vein, deepen the discourse on the role of green insurance and industrial policy in promoting economic sustainability in Nigeria. In this vein, sectors that seek insurance and adopt green processes are better equipped to dampen the magnitude of their loss and thus should be incentivized through an insurance mechanism. For this study, the population consists of the entire insurance companies registered and practicing presently in Nigeria which stands at 57 (as reported by NAICOM, 2023). The sample size was conveniently determined based on the availability of insurance personnel willing to attend to the structured questionnaires designed for the purpose of the research. Ten (10) insurance companies will be conveniently sampled. Data for this study was obtained through the questionnaire distributed to stakeholders in Nigeria’s insurance sector, including insurance companies, policyholders, and regulatory bodies, environmental economists, insurance policy designers, and sustainability advocates to understand the unique challenges in implementing green insurance in Nigeria and gather insights on regulatory and market conditions. A cross-sectional approach, integrating descriptive and correlational research designs was employed in analysing the data. The study found that the regulatory framework in place is yet to spur insurers to develop and market green insurance products. Also, increased awareness and education among stakeholders, consumers, and businesses, were identified as being crucial for fostering a culture of sustainability through risk management and insurance functions. The integration of green insurance into Nigeria’s financial system was found to be an essential channel for fostering the operational resilience of economic actors, industrial policy, and sustainable economic growth