Browsing by Author "Oyeranti, O. A."

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A computable general equilibrium analysis of policy options under the Nigeria’s National Economic Empowerment and Development strategy (NEEDS) -2
(2009-09) Iwayemi, A. P; Olofin, S. O.; Olopoenia, A. A.; Adenikinju, A. F.; Oyeranti, O. A.; Aminu, A.
The study uses a computable general equilibrium model of Nigeria to investigate the likely effects of two main policy options that will be given special consideration in the National Economic Empowerment and Development Strategy (NEEDS)-2 slated for implementation under the framework of the recently launched Seven-Point Agenda. The two policy options are the increase in the rate of value-added tax (VAT) and trade liberalisation. It is found. that an increase in VAT rate or a doubling of VAT rate for that matter will increase government revenue but this will be at the cost of a higher rate of inflation and impoverishment of poor households who are in the majority in Nigeria. This finding in part implies that the monetary authority concerned with price level stability should be on the alert whenever any attempt is made by the fiscal authority to increase VAT rate. Any attempt to liberalise trade (especially import) between Nigeria and other countries through the instrumentality of reduction in import duties' rates will boost both import and export transactions but this will at the same time reduce government revenue. One other interesting finding is that a higher percentage reduction in import duties' rates will result in a lower rate of naira depreciation and this sort of suggests that a higher percentage reduction in import duties' rates should be preferred to a lower percentage. The reduction in government revenue due to trade liberalisation implies that government will need to explore and exploit other sources of revenue to ensure sustainability of government expenditure.
A social cost-benefit analysis of the Nigerian liquefied natural gas (NLNG) project
(Ibadan University Press, Publishing House, University of Ibadan, Ibadan, 2006) Oyeranti, O. A.; Olaniyan, O.
An empirical analysis of export supply response capacity in Nigeria
(Centre For Public-Private Cooperation, Ibadan, 2018) Oyeranti, O. A.; Babatunde, M. A.; Adewuyi, A. O.; Bankole, A. S.
The last two decades witnessed a significant fall in trade barriers in Nigeria in an attempt to boost trade and foster economic growth. The changes have been particularly marked in relation to the foreign trade regime. In spite of the significant trade liberalisation, considerably weak or sluggish non-oil export supply response still persisted in Nigeria. Using panel regression on macroeconomic data with a view to obtaining large sample size, implemented along with cross section fixed effect approach and correcting for contemporaneous correlation among the residuals, the study found significant information and establishment costs, as well as inclement macroeconomic environment that adversely impacted businesses in Nigeria and stalled their growth. In addition, it appeared that despite the substantial export bias, compensatory and complementary measures were inadequate to equalise the negative effect of export bias. Similarly, the analysis of survey data buttresses these findings.
Anticipated and unanticipated monetary policy effects on real output: evidence from six African countries
(West African Monetary Institute, 2001-12) Egwaikhide, F. O.; Oyeranti, O. A.; Ayodele, O. S.
Attracting foreign investment through private sector partnership: what hope for Nigeria?
(Development Policy Centre, Ojetunji Aboyade House, Ibadan, 2003) Kayode, M. O.; Oyeranti, O. A.
Capitalisation of the Nigerian agricultural sector
(Faculty of Social and Management Science, Bayero University, Kano, Nigeria, 1996) Dalhatu, D. M.; Oyeranti, O. A.
Rationalising the dismal performance of the Nigerian agricultural sector on the score of low capital contents, a case is made for capital expansion and improvement in the small scale farming sector. Bearing in mind that there are differences in the demographic structures of the Nigerian rural economy, a diversified capitalisation approach is suggested, whereby land-saving would be reserved for thickly populated areas of the country, and the labour-saving type is for sparsely populated areas. The impact of this approach on the employment situation in the country may not be negative, rather, it may reintroduce an era of agriculture-led growth and development.
Causality between budget deficit and the current account balance in African countries
(West African Monetary Institute, 2002) Egwaikhide, F. O.; Oyeranti, O. A.; Ayodele, O. S.; Tchokote, J.
Concept and measurement of productivity
(2000) Oyeranti, O. A.
Conceptual and theoretical issues in private sector-led growth in Nigeria
(2004) Oyeranti, O. A.
Conceptual and theoretical issues in private sector-led growth in Nigeria
(2004) Oyeranti, O. A.
Deforestation and economic growth in Nigeria: empirical analysis
(2022) Oyeranti, O. A.; Taiwo, O. F.
This study investigates the economic growth-deforestation nexus with a view to ascertaining the existence of the environmental Kuznets curve (EKC) in Nigeria. The study deployed the Autoregressive Distributed Lag (ARDL) model and the Nonlinear Autoregressive Distributed Lag (NARDL) model. The variables used are net forest depletion (dependent) against real gross domestic product per capita, energy use per capita, agricultural raw materials export and agricultural land (independent). All data used were sourced from the World Development Indicators Data Bank (2019). Findings from the ARDL invalidated an inverted U-shaped EKC both in the short and long run estimations. However, when the analysis was carried out at the level of the NARDL model, the results indicated an inverted U-shaped EKC, suggesting that a nonlinear relationship should be acknowledged between deforestation and economic growth in Nigeria. The key recommendation of this study is that exploitation of forest resources must be consciously managed.
Determinants of child nutrition in Nigeria
(College of Development Studies Covenant University, Canaanland Ota, Ogun State, Nigeria, 2010-04) Olaniyan, O.; Bankole, A. S.; Oyeranti, O. A.; Faseyi, S. A.
The importance of nutrition for an individual's well-being cannot be over emphasised because of its link to child poverty and development of adult human capital. This paper examines the effects of household resources and community-level variables on child nutrition (as indicated by the anthropometric measure of height for age). The data used for this study are drawn from the 1999 Multiple Indicator Cluster Survey in Nigeria. The survey covers the whole country and questionnaires were administered to 18,300 households. We employ a model of nutrition status derived from the maximisation of household utility function. The model estimates the effects of household resources, parental education as well as community-level variables on child health status. We also explore the issue of nonlinearities in parental education as well as interaction between some community variables and parental education. Our results suggest significant relationships between household resources, community factors and child health.
Does trade openness exacerbate carbon dioxide emissions? evidence from Nigeria
(2023-01) Oyeranti, O. A.
High emissions of greenhouse gases components have today become a world phenomenon. In Africa, Nigeria is the second-highest emitter of greenhouse gases (GHGs), after South Africa. Carbon dioxide (CO2) emissions constitute the largest source of GHGs; hence it has become a widely discussed and researched subject. This, however, is a negative unintended consequence that has emanated from the growing interdependence of the world economies. One of the major instruments of achieving a global world which also stood as a major determinant of economic growth is trade openness. This paper, therefore, examines the impact and the relationship between trade openness on CO2 emissions in Nigeria. The method employed to achieve the stated objectives is the Autoregressive Distributed Lag (ARDL) cointegration technique, using the annual time series data sourced from the World Bank Development Indicator, 2020, for periods 1980 to 2019. The major findings from the study show that there is an insignificant positive relationship between trade openness on CO2 emissions. Also, there exists an increasing trend of CO2 emissions in Nigeria, while that of trade openness shows fluctuation for the periodic review and this depicts a high vulnerability to external shocks. With these findings, the study recommends that the Nigerian government should be more proactive and tenacious in implementing environmental and trade policies in favour of a cleaner economy. Also, the Nigerian government must become keener toward attracting only investors that will produce clean goods and not compromise on the necessity to improve environmental quality.
Economic growth and carbon dioxide emission in Nigeria
(Academic Staff Union of Universities (ASUU), Nigeria, 2021-12) Oyeranti, O. A.
Environmental degradation measured by CO2 emissions is a significant challenge to sustainable economic development. Owing to the significant impact of the empirical relationship between economic growth and CO2 emissions, this study examined the relationship between economic growth and carbon dioxide emission with a view to testing the validity or otherwise of the Environmental Kuznets Curve (EKC) in Nigeria. Using Autoregressive Distributed Lags (ARDL) approach, the study employed data on trade openness, electricity consumption, population and the square of GDP as control variables in the analysis for the period 1970 to 2018. The result showed that electricity consumption and trade openness have a negative and significant relationship with CO2 emission, while population growth has a positive but insignificant impact on CO2 emission. This insignificant impact of population growth can be linked to the lower income of the populace. However, the estimated coefficient of the square of income is negative, while that of its level is positive and thus supports the existence of EKC in Nigeria. Increasing the degree of openness to international trade along with appropriate trade policies will contribute to the Nigerian economy as openness leads to the reduction of pollutants in the environment. Adoption of mixed energy consumption, especially through hydroelectricity and solar system, will drastically reduce the rate of carbon emission in Nigeria regarding the fact that Nigeria is well endowed with these resources.
Economics and management of environmental resources: theory and policy issues
(2001) Oyeranti, O. A.
Environmental management is purely an economic problem since environmental degradation resulting from depletion of natural resources arises out of economic activities like production and/or consumption. Again, since environmental resources have multiple uses, their wanton destruction is a question of resource allocation. Market, policy and, sometimes, institutional failures are the economic context in which environmental problems arise. Rather than applying command and control (CAC) mechanisms that require a high level of enforcement ability, which developing countries cannot guarantee, economic instruments (Els) are rather suggested by mainstream economic theory, save that the complementary influence of policy and institutional adequacies are used as back up for economic incentives
Economics of the Nigerian civil war: a historical analysis
(John Archers (Publishers) Limited Ibadan, 2002) Egwaikhide, F. O.; Oyeranti, O. A.
Effect of carbon footprint on agricultural productivity in Nigeria: an empirical analysis
(2024-05) Oyeranti, O. A.
This study examines the relationship between carbon footprint (CFP) components and agricultural productivity in Nigeria, a critical area of investigation given the country's reliance on agriculture for economic stability, food security, and employment. Using time series data from 1990 to 2020, sourced from the Central Bank of Nigeria (CBN) and the World Bank, this study analyzes the effect of carbon dioxide (CO2), methane (CH4), and nitrous oxide (N2O) emissions on agricultural output. Employing Robust Least Square (RLS) regression and the Error Correction Model (ECM), the study finds that CO2 and CH4 emissions negatively affect agricultural productivity, with 1% increases in CO2 and CH4 emissions leading to approximate decreases in agricultural output by 2% and 3%, respectively. Conversely, a 1% increase in N2O emissions correlates with an 8% increase in agricultural output, attributed to the use of nitrogen- based fertilizers. The results confirm the presence of long-run equilibrium relationships among the variables, with approximately 32% of the previous year's disequilibrium corrected annually. The study's findings align with the Environmental Kuznets Curve (EKC) hypothesis, suggesting that Nigeria is in the early stages of economic growth where environmental degradation is pronounced. These insights underscore the need for sustainable agricultural practices and effective carbon emission mitigation strategies to enhance food security and support economic growth in Nigeria.
Exchange rate and macroeconomic aggregates in Nigeria
(2012) Dada, E. A.; Oyeranti, O. A.
This study analyses the impact of exchange rate on macroeconomic aggregates in Nigeria. Based on the annual time series data for the period 1970 to 2009, the research examines the possible direct and indirect relationship between the real exchange rates and GDP growth. The relationship is derived in two ways using a simultaneous equations model within a fully specified (but small) macroeconomic model, and a vector-autoregressive model. The estimation results show that there is no evidence of a strong direct relationship between changes in the exchange rate and GDP growth. Rather, Nigeria’s economic growth has been directly affected by fiscal and monetary policies and other economic variables particularly the growth of exports (oil). These factors have tended to sustain a pattern of real exchange rate over-valuation, which has been unfavourable for growth. The conclusion is that improvements in exchange rate management are necessary but not adequate to revive the Nigerian economy. A broad program of economic reform is required, which includes among others, a complementary restrictive monetary policy. On the whole, the results are informative.
Exports trade, employment and poverty reduction in Nigeria
(Emerald Group Publishing Limited, 2012) Babatunde, M. A.; Oyeranti, O. A.; Bankole, A. S.; Ogunkola, E. O.
Purpose – Poverty reduction remains one of the main goals of development efforts, as evidenced by the adoption of the Millennium Development Goals by most developing countries and international agencies. The purpose of this paper is to explore the relationship between trade (exports) and employment and how the relationship reduces poverty through the instrumentality of employment, with a focus on Nigeria. Design/methodology/approach – The paper takes the form of descriptive analysis. Findings – Evaluating the case for Nigeria, the authors find that oil exports which drives economic growth do not provide the needed employment to reduce poverty, while agricultural trade, particularly exports, are capable of reducing poverty and inequality in Nigeria through the channel of employment and agricultural productivity growth. Originality/value – The paper makes a link between export trade, employment and poverty reduction in Nigeria.
Fiscal policy-economic growth nexus in Nigeria
(Ibadan University Press, Publishing House, University of Ibadan, Ibadan, 2012) Oyeranti, O. A.; Ishola, O.