FACULTY OF THE SOCIAL SCIENCES
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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 Inter-sectoral linkages in Nigeria: evidence from agriculture and manufacturing sectors(2024) Oyeranti, O. A.This paper examined the essence of inter-sectoral linkages in the agricultural and manufacturing sectors of Nigeria’s economy using data obtained from the Central Bank of Nigeria (CBN) which covers from 1981 to 2020. The study employed impulse response and variance decomposition functions. The main findings have shown that there is an important bidirectional relationship between the agricultural and manufacturing sectors, intuitively showing that the two sectors in Nigeria have a forward and backward connection. Secondly, agricultural development is a credible input engine for the manufacturing sector, but it has been discovered that the route of impulse from the manufacturing sector to the agricultural sector is inconsistent, which implies that the manufacturing sector can only support the agricultural sector in the short-run. The variance decomposition which shows the shock effect of the linkage clearly showed that a shock in the agricultural sector only results in an 8 percent variation in the manufacturing sector while a shock in the manufacturing sector only explained 9.5 percent variation in agricultural sector. Finally, there is a feedback impact between the agricultural sector and the other sectors in Nigeria which suggests that the agricultural sector is the primary engine of the Nigerian economy. The results lead to an important recommendation that government policies to support agriculture should be encouraged as the dynamic results revealed that agriculture has a significant positive multiplier effect in the economy. Hence, government should encourage the production of more agricultural products that could be used as raw materials in the manufacturing sector.Item Natural capital depletion and sustainable development: evidence from Nigeria(2023) Oyeranti, O. A.; Obijole, E. O.This study is an empirical investigation into the relationship between sustainable development and natural capital depletion in Nigeria. The study uses time series data from 1990 to 2020 on adjusted net saving, including particulate emission damage as a percentage of Gross National Income (GNI) using Adjusted Net Saving (ANS) as a proxy variable for sustainable development, while natural capital depletion is proxied using total natural resources rents as a percentage of GDP for capturing Natural capital (NC). The gross national income per capita (GNI) and the inflation rate (INF) are considered control variables in the study. Adopting the Autoregressive Distributed Lag (ARDL) model and the Bounds test approach to cointegration, the study finds a long-run relationship among the variables. While the main independent variable, NC positively relates to ANS, the relationship is found to be statistically insignificant. GNI is found to negatively impact ANS while INF showed a mixed relationship with ANS across the short and long run. The study concludes that Nigeria must look beyond depleting the stock of natural resources for the purpose of driving sustainable development.Item 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.Item 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.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 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.Item Inflation and capacity utilization in Nigeria’s manufacturing sector(2013-06) Oyeranti, O. A.; Ishola, O. A.This study analysed the relationship between inflation and capacity utilisation empirically leaning on the model employed by Baylor (2001). It utilised time series secondary data using least square multiple regression technique. The quarterly data utilised were tested for stationarity using ADF test. The multiple regression results showed a significant negative relationship between inflation and capacity utilisation. This finding was contrary to the economic argument which underpinned the intuition that the relationship between inflation and capacity utilisation should be positive. We also found that although the relationship between the two varied significantly over time, the model revealed that if current capacity utilisation rate doubled, inflation will decline by 3.6 per cent in Nigeria.Item International reserve pooling in the West African monetary union(Economic Policy Analysis Unit Department of Macroeconomic Policy ECOWAS Commission, Nigeria, 2012) Oyeranti, O. A.; Shuaibu, M.The paper has focused on international reserve pooling in the West African region. Attempts have been made to situate the demand for and adequacy of foreign reserve in ECOWAS member countries. This is done in order to appreciate the adequacy of pooled reserve and its management in the ECOWAS envisaged monetary union. The gains and losses that are concomitant to having a monetary union at regional level for ECOWAS member states are equally investigated. The paper has established that the evolution of a monetary union for ECOWAS has been hindered largely by the inability of the member states to actualize both the primary and secondary convergence criteria even when the set timeline has since elapsed. ECOWAS sub-region cannot afford to be left out of the race toward regional integration. At the centre of the integration process is monetary integration as this will lubricate all other dimensions of regional integration such as trade integration. Regional collaboration has no substitute in the global economy and as such, the journey towards ECOWAS monetary integration involving pooling of reserve and evolution of single currency is a worthy venture.