Journals site for the Ekiti State University Ado Ekit
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Nigerian Journal of Banking and Financial Issues (NJBFI): RISK MANAGEMENT PRACTICES AND FINANCIAL PERFORMANCE OF NON-LIFE BUSINESS IN NIGERIA
No full textThis study examined the influence of risk management practices (actuarial, underwriting, and investment) on the financial performance of the non-life insurance companies in Nigeria.Anexpost facto research design was employed, utilizing a census sampling taking into cognizance all forty-one licensed non-life insurance companies in Nigeria as of January 2023. Secondary data were collected from the companies’ financial reports covering twenty-year period of 2008-2023. The data obtained was analyzed using both regression and correlation analysis. The result of the study revealed that underwriting practice has significant positive effect on profitability of non-life insurance companies in Nigeria. Also, the study revealed that underwriting, actuarial, and investment practices have a joint significant effect on the profitability of non-life insurance companies. The findings implied that non-life insurance companies in Nigeria should refine their underwriting processes, adopt actuarial models, rather than the “the rule of the thumb” and focus more on investment strategies to mitigate potential and catastrophic risks. These on a long run could help non-life insurance companies capitalize on opportunities. This study is only limited to non-life, thereby neglecting the life insurance companies. The study proves the paradigm shift of over reliance of reinsurance as a main risk management technique for insurance companies. The study shows the importance of risk management practices on the performance of non-life insurance companies in Nigeria
Nigerian Journal of Banking and Financial Issues (NJBFI): Determinants Of The Adoption Of Digital Payment Services Among Micro And Small Fixed Retail Stores In Ekiti State
No full textIn order to determine whether perceptions of security, trust, and traceability had an impact on the adoption of digital payment services among micro and small fixed retail stores in Ekiti State, researchers looked into the factors that determine this adoption. The study used survey research to get the necessary data. Data on adoption factors for payment systems used by micro and small fixed retail stores were obtained mostly through structured questionnaires and focused on perceived security, perceived trust, and traceability. 240 respondents from the micro and small fixed retail stores in Ekiti State that were chosen for the study completed the structured questionnaire. Through the use of multiple regression statistics and the t-test, the collected data were analysed. Multiple regression analysis revealed that perceived security, trust, and traceability all significantly influenced the adoption of digital payment services (t = 4.857, p = 0.000 0.05; t = 3.770, p = 0.000 0.05); and that perceived security significantly influenced the adoption of digital payment services (t = 4.875, p = 0.00 0.05). The study came to the conclusion that many factors, including perceived security, perceived trust, and traceability, influence the adoption of digital payment services among micro and small fixed retail stores in Ekiti State. This in tandem with fact that if trust is broken, customers will have the chance to try other products, which could have a negative impact on retail stores, the study advised management of SMEs to keep a close eye on their trust and steer clear of any devices or elements that could do so
Nigerian Journal of Banking and Financial Issues (NJBFI): An Analysis Of The Impact Of Monetary Policy On The Agricultural Sector In Nigeria
No full textIn this paper, an attempt has been made to investigate the impact of monetary policy on the agricultural sector while specifically examining the impact of lending rate, cash reserve ratio, agricultural credit guarantee scheme and money supply on agricultural sector output. Also, the study examined the long run relationship between the different monetary policy channels and agricultural output. This was done through descriptive statistical analysis with focus on the level and trends in key variables over time. It was found that there is a long run relationship between monetary policy variables of agricultural credit guarantee scheme fund as well as foreign private investment on agricultural sector output with evidence showing a decline in agricultural output in the period between 2004 -2008. Also, it was found that changes in monetary policy over time caused significant changes in output. For example, as the prime lending rate falls, there was an increase in agricultural output. With this in mind, it is recommended that even after deploying some monetary policy instruments by the government, there is the need to periodically monitor the impact of such policy to ensure that the desired goals are being achieved by putting in place a feedback mechanism
Nigerian Journal of Banking and Financial Issues (NJBFI): The Impact Of Sustainability Accounting On The Commitment To Corporate Social Responsibility Of Listed Oil And Gas Companies In Nigeria
No full textThis study examines the impact of sustainability accounting on the commitment to Corporate Social Responsibility (CSR) of listed oil and gas companies in Nigeria. The purpose of this research is to establish the influence of the Global Reporting Initiative (GRI) provisions on the commitment to corporate social responsibility among listed oil and gas firms in Nigeria. An ex post facto research design was employed while data was sourced from the annual reports of 7 listed oil and gas firms in Nigeria for a period of 6 years (2017 – 2022). The data was analyzed using descriptive statistics and Pearson correlation analysis while the hypotheses were tested using multiple regression analysis with the aid of E-views Statistical Package. The empirical results revealed that compliance to Global reporting Initiative (GRI) social provision has a negative but significant effect on commitment to CSR, compliance to GRI governance provision has a positive but significant effect on commitment to CSR and compliance to GRI environmental provision has a positive but insignificant effect on commitment to CSR. It is recommended that standard setters develop guidelines to meet local context, country differences and it is suggested that future research should consider other sectors, regions and factors that can influence CSR practices
Nigerian Journal of Banking and Financial Issues (NJBFI): RETIREMENT PLANNING AND DEMAND FOR LIFE INSURANCE: EVIDENCE FROM ACADEMIC STAFF OF LAGOS STATE-OWNED TERTIARY INSTITUTIONS Abiodun Rashidat SULAIMON; Samuel Oladipo FAGBEMI
No full textThis research explores the relationship between retirement planning and the demand for life insurance, particularly among the academic staff of Lagos State-owned tertiary institutions in Nigeria. Life insurance policies can be used to serve many purposes including life protection, wealth protection, investment purposes among others. While every individual actively involved in wealth creation will get to a point where they are unable to go about their daily activity which thereby result in their inability to create wealth as they used to while younger. The population considered in this study encompassed all academic staff of Lagos State-owned tertiary institutions comprising: LASU, LASUED and LASUSTECH, their total number amounted to two thousand hundred and ten (2110). The Taro Yamane formula was used in determining the sample size which giving a total of three hundred and thirty- six (336) respondents. Using questionnaires, it was administered among a sample size of three hundred and thirty-six (336) respondents, 81 percent of the questionnaires were returned. The multistage sampling technique was comprising quota and convenience sampling techniques using a five-point Likert scale at a 95 per cent confidence level. The independent variables tested include: financial planning, lifestyle planning, and health insurance planning while the dependent variables tested were: claims settlement, government regulation, financial ability, risk consciousness, reasonable premium payment. Using the Statistical Package for Social Sciences (SPSS), descriptive and inferential statistics were employed in analyzing the data. It was found that, while 34.5 percent disagreed with the use of life insurance for financial planning, 37.6 percent agreed. For life style planning, only 26.3 percent supported the use of life insurance policy to plan their life styles. A total of 39.1 percent agreed with the use of life insurance policy to plan for their health. Compared with the predictors, 30.4 percent agreed that prompt claims payment positively influences demand for life insurance while 33.0 percent agreed that government regulations in place also influences the request for life insurance and a total of 40.6 percent agreed to the use of life insurance policy to gain financial stability. The research therefore found that a relationship exist between the independent and independent variables considered in the study
Nigerian Journal of Banking and Financial Issues (NJBFI): FINANCIAL SYSTEM STABILITY AND ECONOMIC GROWTH IN NIGERIA
No full textThe stability of the financial system is theoretically a condition precedent for sustained economic growth. Financial system instability on the other hand impedes economic growth and development. In this study, we examined how the stability of the Nigerian financial system has influenced the nation’s economic growth from 1996 to 2022.
Previous studies have examined the effect of banking sector fragility index (BSFI) and the Z-Score on economic growth (RGDP), but our study includes the effect of average stock price volatility – SPVL (as a measure of stock market stability or otherwise). We used descriptive statistics, Pearson’s correlations, Augmented Dickey Fuller (ADF) stationarity test, Autoregressive Distributed Lag (ARDL) Bound test and ARDL short run (SR) and long run (LR) models to analyze data obtained from secondary sources.
In the SR, we found that LOGRGDP (-1)) has a significant and positive (coefficient = 0.65, p = 0.0020), indicating economic growth momentum from the previous period to the present. D(BSFI) has a negative and borderline significant effect on LOGRGDP (coefficient = -0.008, p ≈ 0.0535), D(SPVL) has a negative but insignificant effect on LOGRGDP (coefficient = -0.000312, p ≈ 0.6305), D(Z-score) has an insignificant negative effect on LOGRGDP (coefficient = -0.000087, p = 0.9427) and inflation (INFL), a control variable has a weak and insignificant effect on LOGRDGP (coefficient = -0.000974, p = 0.0960). On the LR, the effect of BSFI on LOGRGDP was positive but insignificant (coefficient = 0.466890, p = 0.7010), SPVL was negative but insignificant (coefficient = -0.030943, p = 0.7592), ZSCORE was also negative but insignificant (coefficient = -0.008595, p = 0.9451) and INFL had a:positive but insignificant (coefficient = 0.022285; p = 0.8161) on growth.
We recommend that the Central Bank of Nigeria should implement stricter regulations and oversight to enhance bank resilience against economic shocks, introduce stress tests for banks and adopt a dual approach of monetary and fiscal policies. We also recommend that efforts should focus on improving transparency, attracting more companies to go public, and incentivizing investments in diverse sectors
Nigerian Journal of Banking and Financial Issues (NJBFI): Effect Of Digital Financial Service Tools On Foreign Direct Investment In Nigeria
No full textFinancial technology has continually gained global attention owing to its significant impact across the globe. Despite the regional differences in the financial landscape, Digital Finance Service tools have played a significant role in financial sectors offering both customers and non-customers financial services. Recently, Nigeria has witnessed a surge in the adoption of Digital Financial Services tools. The technology adoption has played a significant role in the elimination of barriers to investment, meanwhile, introducing new risks that have discouraged Foreign direct investment in certain sectors. The study examined the impact of digital finance service tools and macroeconomic variables on Foreign Direct Investment in Nigeria. The study used normal-power regression analysis to investigate the effects of four tools (Automatic teller machines, Point of Sale, Web Payments, and Mobile Money) and four macroeconomic variables (Gross Domestic Product per capita, inflation rate, official exchange rate, and unemployment rate) on Foreign direct investment. The findings revealed that while Automatic teller machines, Point of Sale, Web Payments, Mobile Money, Gross Domestic Product, Official exchange rate, and Unemployment rate have significant impacts on Foreign direct investment, inflation) does not show a significant effect. The study concluded that enhancing digital finance services, infrastructure, particularly ATMs and web payment systems, can attract more Foreign direct investment. Conversely, addressing the negative impacts of POS transactions is crucial. The study recommended that policies aimed at maintaining economic stability, managing GDP growth, and stabilizing exchange rates are essential to creating a favourable investment climate. Encouraging foreign investment in sectors that can absorb the unemployed workforce is also recommended. This study underscores the importance of integrating technological advancements in financial services with macroeconomic stability to attract and sustain foreign investments
Nigerian Journal of Banking and Financial Issues (NJBFI): The Role Of Small And Medium Scale Enterprises In Unemployment Reduction In Nigeria
No full textThis study investigated small and medium-sized businesses’ (SMEs) role in reducing unemployment in Nigeria. Secondary time series data was obtained for the study. Estimation methods used in the study’s analysis includes descriptive statistics correlation analysis, ARDL co-integration, parsimonious error correction model and other post estimation tests. Discoveries from the study revealed that SMEs contribution to export pose positive insignificant impact on unemployment reduction in Nigeria in the long run and a negative insignificant impact on industrial growth in short run; Deposit Money bank (DMB) credit to SMEs pose positive significant impact on industrial growth in the long-run and a positive significant impact on industrial growth in the short run; SMEs contribution to gross domestic product pose positive significant impact on industrial growth in the long run and a negative insignificant impact on industrial growth in the short run. According to the study, the government should foster an environment that is favourable to SMEs, DMBs ought to give the SMEs loans with reasonable terms, and the government should also offer incentives to SMEs
Nigerian Journal of Banking and Financial Issues (NJBFI): PUBLIC POLICY AND CITIZENS’ PARTICIPATION IN NIGERIA POLITICS: A PILLAR FOR SUSTAINABLE SECURITY
No full textThis study investigates the role of citizens\u27 participation in shaping public policy in Nigeria\u27s democratic landscape. Despite democratic advancements, Nigeria\u27s political system still struggles with citizen disengagement and exclusionary policy-making processes. This research explores the barriers and facilitators of citizens\u27 participation in policy-making, highlighting the impact of civic engagement on policy outcomes. Using a content analysis approach, this study reveals the complex interplay between citizen participation, political will, and institutional frameworks in Nigeria. The findings underscore the need for inclusive policy-making processes, citizen-centric governance, and institutional reforms to enhance democratic accountability and responsiveness in Nigeria. The study contributes to the ongoing discourse on citizen participation, public policy, and democratic governance in Africa\u27s most populous nation
Nigerian Journal of Banking and Financial Issues (NJBFI): IMPACT OF INSURANCE PREMIUMS ON CLAIMS EXPENDITURE OF OIL AND GAS INSURANCE FIRMS IN NIGERIA
No full textThe study examines the impact of gross premium written, gross premium income, and net premium income on claim expenditures of oil and gas insurance companies in Nigeria. Secondary data collected for 2017-2022 was analysed through descriptive statistics and multicollinearity tests, pooled OLS estimation, fixed and random effect analysis. The most reliable and optimal estimation analysis result is the random effect and it indicated that gross premium written and gross premium income impact positively and significantly on claims payment; net premium income exerts a negative substantial influence on claims settlement of oil and gas insurance firms. The study suggests that Nigerian insurance firms should explore ways to increase their customer base for oil and gas insurance and boost insurance premiums to ensure increased claim payment