FACULTY OF THE SOCIAL SCIENCES
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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 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 An Econometric Analysis of Residential Fuel Choice in Nigeria: Application of Access Framework(Inderscience Publishers, 2023) Ogunro, T.; Alaba, O.; Adeniyi, O. A.Despite global calls for a transition to modern energy, Nigerian households continue to face obstacles in accessing clean cooking energy. This paper examines the barriers to household fuel choice in rural and urban areas of Ogun Sate, Nigeria, employing an access framework. Through a cross-sectional study involving 597 households, we examined the factors associated with the selection of household cooking fuel and the access challenges. The framework conceptualises fuel choice as a function of three key access dimensions: affordability, availability, and acceptability, using multinomial logit regression. The findings showed that firewood and kerosene remain Nigeria’s dominant household fuel sources. The results highlight that fuel choice is influenced not only by affordability factors but also by factors related to availability and acceptability. Consequently, the study recommends a comprehensive approach beyond affordability, to ensure modern energy sources are culturally acceptable while establishing secure supply chains towards a more environmentally sustainable energy future.Item Effect of Fragility on Growth and Poverty in Nigeria: A Disaggregate State-Level Analysis(Western Illinois University and Tennessee State University College of Business, 2023) Adedeji, A.; Adeniyi, O. A.Why some nations are wealthier than others are one of the most contentious and enigmatic questions in international development economics. This has necessitated plausible explanations for the reasons behind Africa's poor development record over the past 50 years. Among other factors, fragility arising from different conflicts in African countries has been ranked as a key factor that undermines the development of the continent. Nigeria found itself in this set due to growing conflicts in different parts of the country. Consequently, fragility worsened the country's development due to the huge associated economic and social costs. More so, conflict-affected countries are characterized by the worst socio-economic outcomes. Hence, existing studies have been preoccupied with the understanding of the relationship between fragility and economic growth as well as fragility and poverty. To provide evidence in the context of Nigeria, this paper, therefore, empirically investigated the fragility-growth nexus, as well as the fragility-poverty nexus, in a sample of 36 states and the Federal Capital Territory (FCT) in Nigeria. We further considered the macroeconomic and socio- political relationships in fragile and non-fragile states of Nigeria. Using data covering the period between 2011 and 2015, both the static approach (Ordinary Least Squares, Fixed Effect, and Random Effect) and the dynamic approach (Difference and System Generalized Method of Moments) were explored to provide answers to some key questions in the study. The results showed that the neoclassical and socio-political approaches complement each other. Specifically, fragility significantly weakened economic growth and further worsened poverty levels among the states. This suggests that conflict-related fragility creates an unstable environment that discourages economic activities and aggravates hunger among the population. More so, the results indicated that only debt enhances economic growth while income reduces poverty in both fragile and non-fragile states. Hence, conflict resolution is crucial to addressing conflicts in different parts of the country. Also, the country needs to explore various strategies (security infrastructure, and human capital) to overcome fragility, enhance economic growth, and combat poverty.Item Econometric Analysis of the Deficit Financing Options-Growth Inclusiveness Nexus in India and Nigeria(Springer Nature, 2020) Chigbo, M.; Adeniyi, O. A.; Orekoya, S. O.The crux of the study was to ascertain whether (and to what extent) the different defi cit financing options impacted inclusive growth in India and Nigeria. The paper con ducted an empirical analysis using data covering the period from 1989 to 2018 using the ARDL model. Some interesting results were obtained. First, foreign aid positively impacted inclusive growth in both short and long run for Nigeria. Contrarily, the results for India presented an inverse relationship between aid and inclusive growth with no statistical significance in the short and long run. Second, the impact of borrowing on inclusive growth was significant and negative for short run and long run in India. In the Nigerian case, the findings highlighted a positive and significant effect of borrowing on inclusive growth for both time horizons. Third, on the issue of human capital investments, the government expenditure on education effect on growth inclusiveness was found to be positive and negative in the short and long run, respectively, for India. On the other hand, government expenditure on health was negative in the short run and positive in the long run in Nigeria. Thus, there are a number of relatable policy recommendations viz: (i) Nigeria needs to utilize its borrowing options more effectively by undertaking relevant infrastructural and human capital investments; (ii) Instead of reliance on foreign aid for growth, Nigeria could join the liquidity race by attracting more diaspora remittances like its comparator India; (iii) The government of India should devote even more resources to capital expenditure to drive long-term investments and ensure that a greater number of citizens benefit from the process.Item Dimensions of Electronic Fraud and Governance of Trust in Nigeria’s Cashless Ecosystem(SAGE Publications, 2020) Tade, O.; Adeniyi, O. A.A negative outcome of the nascent cashless policy in Nigeria has been persistent electronic banking fraud (e-fraud). Fraud occurrence in any financial space indicates insecurity and loopholes being exploited by fraudsters. This underscores the importance of trust governance in electronic banking and its centrality in a transiting cashless economy like Nigeria. Against this background, we investigated e-banking fraud and the role trust governance plays in both the adoption and refusal to migrate and use electronic banking in Nigeria. Using qualitative methods (in-depth and key informant interviews) of data collection, 30 participants were purposively selected and, in some instances, reached through the snowball and referral methods. Findings showed internal, external, and collaborative dimensions of e-fraud. Experiences of fraud reportedly affected adoption and migration of bank customers to e-banking platforms. Although weak governance mechanism was reported, banks nonetheless are embracing security mechanisms such as sending SCAM alert messages to customers, while shaming and sack of compromised staff were employed as within-bank measures to secure the confidence of customers in the evolving financial ecosystem.Item Dimensions of Electronic Fraud and Governance of Trust in Nigeria’s Cashless Ecosystem(SAGE Publications, 2020) Tade, O.; Adeniyi, O. A.A negative outcome of the nascent cashless policy in Nigeria has been persistent electronic banking fraud (e-fraud). Fraud occurrence in any financial space indicates insecurity and loopholes being exploited by fraudsters. This underscores the importance of trust governance in electronic banking and its centrality in a transiting cashless economy like Nigeria. Against this background, we investigated e-banking fraud and the role trust governance plays in both the adoption and refusal to migrate and use electronic banking in Nigeria. Using qualitative methods (in-depth and key informant interviews) of data collection, 30 participants were purposively selected and, in some instances, reached through the snowball and referral methods. Findings showed internal, external, and collaborative dimensions of e-fraud. Experiences of fraud reportedly affected adoption and migration of bank customers to e-banking platforms. Although weak governance mechanism was reported, banks nonetheless are embracing security mechanisms such as sending SCAM alert messages to customers, while shaming and sack of compromised staff were employed as within-bank measures to secure the confidence of customers in the evolving financial ecosystem.Item The Effect of Terrorism on Tourism Development in Nigeria: A Note(Sage Publication, 2017) Ajogbeje, K.; Adeniyi, O. A.; Folarin, O.This article investigated the tourism–terrorism nexus in Nigeria using quarterly time series data within a vector autoregression analytical framework. Unlike extant studies, we gauge the influence of terrorism shocks on the tourism sector specifically on the one hand and broadly the response of some key macroeconomic variables on the other hand. Several interesting results ensued. To sum up these findings, we found a negative response of tourism revenues to terrorist incidents over the long haul as well as adverse effects on other key macroeconomic variables. Therefore, government policies to revamp the ailing economy should be complemented with well-tailored counterterrorism approaches for effectiveness.Item The Effect of Terrorism on Tourism Development in Nigeria: A Note(Sage Publication, 2017) Ajogbeje, K.; Adeniyi, O. A.; Folarin, O.This article investigated the tourism–terrorism nexus in Nigeria using quarterly time series data within a vector autoregression analytical framework. Unlike extant studies, we gauge the influence of terrorism shocks on the tourism sector specifically on the one hand and broadly the response of some key macroeconomic variables on the other hand. Several interesting results ensued. To sum up these findings, we found a negative response of tourism revenues to terrorist incidents over the long haul as well as adverse effects on other key macroeconomic variables. Therefore, government policies to revamp the ailing economy should be complemented with well-tailored counterterrorism approaches for effectiveness.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.