Department of Economics

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Author: search.filters.author.Benedict Akanegbu NEnd date: 2019

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    Oil price volatility and economic growth in Nigeria
    (Scientific Press International Limited, 2019-02-02) Muhammad M. Yakubu; Benedict Akanegbu N
    One of the main causes of economic crisis in the world is Oil Price Volatility (OPV). This makes it necessary to examine the effect of oil price volatility on economic growth in an oil exporting country like Nigeria and this has a special significance. Therefore, this paper has examined empirically the effect of oil price volatility on economic growth in Nigeria using annual time series data from 1985 – 2016. The findings revealed that OPV has a negative and insignificant effect on economic growth in Nigeria. It was also found that the variables used in the study have a long-run relationship and finally no evidence of causality was found between oil price volatility and economic growth in Nigeria. The study recommends that exploring other alternatives has the potential to make the Nigerian economy stronger to face volatility crisis.
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    THE IMPACT OF INTERNATIONAL TRADE ON ECONOMIC GROWTH IN NIGERIA
    (Progressive Academic Publishing, UK, 2015-02-02) Muhammad M. Yakubu; Benedict Akanegbu N
    There has been a long held belief that there is a positive relationship between economic growth and increased levels of international trade. Therefore, this paper has empirically examined the impact of international trade on economic growth in Nigeria for the period 1981 to 2012. Using degree of openness to proxy international trade, the ordinary least squares technique was employed to estimate the impact of international trade on Gross Domestic Product. The broad objective of this paper is to analyze the impact of international trade on economic growth in Nigeria based on time series data on variables considered relevant indicators of economic growth and international trade. The analysis was based on data extracted from World Bank data and Central Bank of Nigeria Statistical Bulletin. The result of the analysis shows that all the variables except interest rate were statistically significant. Therefore, the study recommends that policy makers should adopt policies on trade liberalization such as reduction of non-tariff barriers, reducing tariffs, reducing or eliminating quotas that will enable the economy to grow at spectacular rates. And thus this study supports the proposition that degree of openness has direct robust relationship with economic growth since the proxy variable is positive and statistically significant in the model.
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    Does Financial Integration Exist in ECOWAS?
    (Core, 2017-02-02) Matthew Oladapo Gidigbi; Benedict Akanegbu N; Modibbo Adama
    Free movement of goods, capital, and persons have been the long-term strategic goals of the Economic Community of West Africa States (ECOWAS) since its establishment. Notwithstanding, financial integration has become more important in deepening political integration in the region than ever. Assessing how far the Regional Economic Community (REC) has achieved her objective of free movement of capital among the member states. Therefore, this study investigated the existence of financial integration in ECOWAS by employing savings-investment equality, popularly known as Feldstein-Horioka Criterion; a panel data for all the 15 member states was fitted into the specified model. The study found that there is the existence of financial integration in the REC, and that language inhibits financial integration and that the coefficient of language dummy stands at -4.8 percent. However, it found that language inhibition of the financial integration in the REC will gradually disappear over time, as the interactive coefficient of language and time stands at - 0.12 percent. This study concludes that a level of financial integration is in existence in the REC. Therefore, the REC is prepared for monetary unification assuming that there will be more substantial trade among the member states.