Economics
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Item “They Withdrew All I Was Worth”: Automated Teller Machine Fraud and Victims’ Life Chances in Nigeria(Sage Publication, 2017) Tade, O.; Adeniyi, O. A.A major downside of the cashless policy introduced by the Central Bank of Nigeria in 2014 is pervasive automated teller machine (ATM) frauds. While fraudsters gain, the life chances of victims are affected. Previous studies in Nigeria had not investigated the effect of ATM frauds on victims’ life chances. Data were generated through in-depth interviews with victims of ATM fraud. Findings show victims suffered post fraud trauma and often depended on friends, parents and relatives to survive the trauma. The reaction of banks to customers’ victimization was unfavorable and unhelpful in compensating the financial losses of customers. We recommend better internal controls for banks and implementation of mechanisms to govern trust and protect customers from victimization.Item “They Withdrew All I Was Worth”: Automated Teller Machine Fraud and Victims’ Life Chances in Nigeria(Sage Publication, 2017) Tade, O.; Adeniyi, O. A.A major downside of the cashless policy introduced by the Central Bank of Nigeria in 2014 is pervasive automated teller machine (ATM) frauds. While fraudsters gain, the life chances of victims are affected. Previous studies in Nigeria had not investigated the effect of ATM frauds on victims’ life chances. Data were generated through in-depth interviews with victims of ATM fraud. Findings show victims suffered post fraud trauma and often depended on friends, parents and relatives to survive the trauma. The reaction of banks to customers’ victimization was unfavorable and unhelpful in compensating the financial losses of customers. We recommend better internal controls for banks and implementation of mechanisms to govern trust and protect customers from victimization.Item Financial Liberalisation and Small Medium Scale Enterprises Growth in Nigeria(West African Monetary Institute (WAMI), 2016) Usuah, E.; Odozi, J.; Adeniyi., O. A.This paper examined the relationship between financial liberalization and the growth of Small and Medium Scale Enterprises (SMEs) in Nigeria controlling for some other key macroeconomic variables such as investment, inflation and the domestic national output (GDP). Using annual data covering the period 1981-2012, we estimated the effect of the macroeconomic variables on the growth of SMEs. An index which measured the gradual progression and institutional changes involved in financial liberalization was constructed for this study. A number of interesting results were obtained. First, unlike previous studies which concluded that financial liberalization leads to a reduction in financing constraint of SMEs thereby leading to their growth; our results showed that financial liberalization had negative though non-significant effect on the growth of SMEs in Nigeria. Second, the results also showed that inflation had a positive and significant effect on the growth of SMEs in Nigeria. Investment had a positive though non-significant effect on the growth of SMEs in Nigeria. Finally, GDP had a large negative but significant effect on the growth of SMEs. On the basis of the result obtained from the study, government policies towards further liberalization of the financial sector of the country might not lead to an increase in the growth of SMEs given the existence of a negative relationship between SMEs growth and financial liberalization.Item Economics and environmental-health risk assessment for sustainable development of the gold mining industry in Nigeria(University of Belgrade, Technical Faculty in Bor, Department of Engineering Management, 2024) Oyeranti, O.Though the gold mining industry potentially generates employment and increases Nigeria’s foreign exchange, the crude practices of artisanal miners often exacerbate environmental degradation and health hazards. Hence, humans face health risks when excessively exposed to the heavy metals released during gold mineralization. This study, therefore, adopts a descriptive approach towards suggesting a comprehensive economic evaluation and risk analysis for managing the impact of gold mining industry sustainably and bearing in mind people’s health that should equally be managed in a healthy and sustainable manner. A review of existing Environment-Health Risk Assessment (EHRA) studies on gold mining areas in Nigeria reveals that the estimated risk quotients are generally above recommended limits consequent upon inadequate enforcement of mining precautions. This study, therefore, argues that incorporating EHRA studies and considering economic costs and benefits of mining could provide an objective benchmark for managing various estimated health risk quotients and returns from more gold mining. For Nigeria’s, harnessing opportunities in the gold mining industry requires interdisciplinary drive that seeks to incorporate environmental-health risks into optimization of gold mining industry. Appropriate policy interventions will be expedient for gold mining industry to be less harmful and not constitute direct threat to sustainable development in Nigeria.Item 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.Item Interrogating the effects of carbon-dioxide (CO2) emissions on life expectancy in Nigeria: an ARDL approach(2024) Oyeranti, O. A.This study examines the relationship between CO2 emissions and life expectancy in Nigeria, employing an Autoregressive Distributed Lag (ARDL) model to analyse both short-run and long-run effects. The study utilises data spanning from 1986 to 2020, focusing on C02 emissions from different sources—solid, liquid, and gaseous fuels—alongside economic growth indicators and government health expenditures. The findings reveal that CO2 emissions from all sources negatively affect life expectancy in both the short-run and long-run analyses, with emissions from solid and liquid fuels showing particularly strong adverse effects. Conversely, the study finds that higher GDP per capita and increased government health expenditure significantly enhance life expectancy, acknowledging the critical role of economic development and health funding in improving public health outcomes. The study confirms the necessity for comprehensive environmental policies aimed at reducing pollution and promoting cleaner energy alternatives. Additionally, it highlights the importance of economic policies that foster growth and health sector investments, suggesting these as dual avenues for enhancing the well-being and longevity of the Nigerian population. This paper contributes to the existing literature by providing empirical evidence of the direct and indirect effects of environmental and economic factors on public health. It offers valuable insights for policymakers on the importance of integrated strategies that address both environmental sustainability and economic development toward improving life expectancy in developing countries like Nigeria.Item Forest liquidation, rural agrarian poverty and growth in Nigeria(Academic Staff Union of Universities (ASUU), Nigeria, 2021-12) Oyeranti, O. A.; Ishola, O. A.This paper assesses forest resource liquidation within the context of rural agrarian poverty and growth in Nigeria, using annual and quarterly data from 1990 to 2016, and 2001 to 2019. Descriptive statistics and correlation analysis were employed to examine how forest resource utilisation is associated with rural agrarian poverty and economic growth. Findings revealed that forest resources have consistently been exploited in an unrestrained manner in the last 26 years, with shifting agriculture and urbanisation as major drivers. In addition, efforts to replenish these resources have not been sufficient enough to ensure their sustainability; thus the share of the forestry subsector has been extremely low. However, as forest depletion took place over time, rural agrarian poverty in Nigeria declined, due to the release of additional land that became available for crop and livestock production, thereby signifying the prevalence of a deep-rooted dichotomy between forest and agriculture in the country. The study recommends the replenishment of lost forest cover across the country, discouraging the primitive practice of shifting agriculture, ensuring balanced development to check rural urban drift, and the development of a national accounting system for the efficient management of forest resources.Item 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.Item 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.Item Health expenditure and health status in Northern and Southern Nigeria: a comparative analysis using National Health Account Framework(African Health Economics and Policy Association (AfHEA), 2013) Lawanson, A. O.; Olaniyan, O.Introduction: The financing of healthcare by government in Nigeria is complemented by contributions from the household, donor agencies, and the private sector. This paper examines the disparity in healthcare financing flows between the northern and southern regions of Nigeria and the implication for health outcomes. Methods: The paper uses data from the latest round of Sub-National Health Accounts for 17 states in Nigeria, from 2003 to 2005. The methodology was structured to give a complete accounting of all spending on health, regardless of the origin, destination, or object of the expenditure. Results: The paper found that healthcare financing in the north is relatively lower, accompanied by significant poor health status, with heavy dependence on the households in both regions. The share of households in the north was proportionally disproportionate, because of the high poverty incidence vis-a-vis public providers. This raises equity concerns as those least able to pay were made to bear more burden. Conclusion: The stewardship role of the government has to increase in terms of funding health care, in the light of low income of majority of the people, especially in the north, if the health status of the populace is to improve. Without government being directly involved in the provision of healthcare services, attempt should be made to subsidise the private sector health services to the citizenry. The pooling mechanism approach is identified to be an appealing alternative to finance healthcare.