Isiaq Olasunkanmi Oseni

• Doctor of Philosophy in Economics
• Senior Lecturer at Olabisi Onabanjo University

This study estimates the relative effect of fiscal policy on income inequality and health outcomes in Sub-Saharan Africa (SSA) countries. The study covers the period 2010–2022 using panel data on 12 countries. Estimation is done using the System GMM estimation technique. It is shown that income tax (ICT) exerts a positive and significant effect on...

The study investigated the asymmetric effects of fiscal policy on economic growth in Anglophone countries of the Economic Community of West Africa States (ECOWAS). The annual panel data of Anglophone countries were used from 2005 to 2018. In doing so, the study employed a Structural Vector Autoregressive (SVAR) approach to extract the fiscal policy...

It is expected that fuel subsidy removal should hinder carbon emissions growth through low energy consumption channels amid higher energy prices. However, outliers in this theoretical disposition make empirical proof of the fuel subsidy-carbon intensity apt and primitive. Despite established fuel subsidy abolishment gains for climate and economic w...

This study examines the relationship among currency depreciation, money demand and trade balance in Nigeria. The study adopts ex-post facto research design and used secondary annual time series data from 1986 to 2018, sourced from Central Bank of Nigeria (CBN) Statistical Bulletin, 2018. The data collected was analysed using Autoregressive Distribu...

Oil export constitutes the major source of external revenue, and exchange rate determines the naira amount of the revenue and, thus, is perceived to affect aggregate consumption expenditure in the Nigeria. This paper employed Nonlinear ARDL approach to examine the short-run and long-run asymmetric effects of oil export earnings and exchange rate on...

Investment expenditure is a major component of aggregate macroeconomic variables in any economy, irrespective of the development status. This article employed relevant econometric methodology on panel data environment to analyze the effects of foreign direct investment (FDI) inflows on economic growth of 30 leading global economies during the perio...

We estimated the effect of the GFC on remittances into 8 SSA countries from 1999 to 2019 using the Fixed Effects (FE) model. Results showed that the GFC had a positive and significant effect on remittances. Per capita income of migrant home country exerted a negative but insignificant effect on remittances, while per capita income in remittance sou...

Previous studies appear to have concentrated on the effects of currency depreciation on trade balance and macroeconomic policy, while the relationship between money demand and trade balance is scantly documented in the literature. This paper therefore examines the effects of money demand on trade balance in Nigeria. For the analysis conducted, annu...

Previous studies appeared to have concentrated on the effects of currency depreciation on trade balance and macroeconomic policy, while the relationship of money demand and trade balance is scantly documented in the literature. This paper therefore examines the effects of money demand on trade balance in Nigeria. Annual time’s series data over the...

The aim of this study is to appraise the current state of literature and assess the nexus among currency depreciation, money demand and trade balance in Nigeria from 1986 to 2018. Previous studies appeared to have concentrated on the effects of currency depreciation on macroeconomic policy, while its relationship with money demand and trade balance...

In Asia, Europe and South America, the role of atmospheric condition in aiding or abating the growth curve of COVID-19 has been analysed. However, no study to date has examined such climatic extensions for the growth or otherwise of the novel coronavirus in Africa. Africa, with a mostly relatively warmer temperature differs from other regions of th...

Over the years, there has been controversy whether or not currency depreciation induces increased money demand. Previous studies appeared to have concentrated on the effects of currency depreciation on macroeconomic policy, while its relationship with money demand is scantly documented in the literature. This study therefore, explored this relation...

In spite of the massive revenue emanating from oil wealth, the successive government of Nigeria failed to give to its citizenry the dividend of democracy owing in large part to their inability to establish a market clearing situation because of inadequate linkage between the sources and the markets (transport infrastructures). An enquiry into the c...

The recent economic recession in Nigeria was manifested shortly after the successful democratic-to-democratic transmission of political power in 2015, against the backdrop of continental and global economy rankings of the country as the largest in Africa, and 24 th in the world as at 2014. Based on relevant variables of datasets from 1981 to 2016,...

Farmers in Nigeria are credit constrained. Thus, access to credit is a sina qua non for achieving the sustainable development goal of sustainable food production and improving the welfare of the farming folks. This study assessed credit utilization among cassava farmers in Ogun state and its influence on farm profit. Emphasis was placed on the Ogun...

Previous empirical studies have appraised efforts of the government in fighting corruption in Nigeria. In spite of this, corruption has been identified as one of the hindering factors for attaining the desirable economic growth. This study therefore examines the effect of corruption on economic growth in Nigeria between 1987 and 2017 using secondar...

Aim/purpose – Provision of basic education is pertinent to human capital development, poverty alleviation and abating the threat of insurgence in Africa. Governments in different countries in sub-Saharan Africa (SSA) do budget and spend various amount of money on education every year, but little is known about the effect of such spending on educati...

Oil export constitutes the major source of external revenue, and exchange rate determines the naira amount of the revenue and, thus, is perceived to affect aggregate consumption expenditure in the Nigeria. This paper employed Nonlinear ARDL approach to examine the short-run and long-run asymmetric effects of oil export earnings and exchange rate on...

Investment expenditure is a major component of aggregate macroeconomic variables in any economy, irrespective of the development status. This article employed relevant econometric methodology on panel data environment to analyze the effects of foreign direct investment (FDI) inflows on economic growth of 30 leading global economies during the perio...

Policy ambiguity in the form of non-directional and non-purposeful use of state resources has made sustainable growth outcomes a mirage in Nigeria. The recent economic crisis prompted the debate on how increased government spending induces sustainable economic growth in Nigeria. This paper examines the validity or otherwise of Wagner’s theory in Ni...

We estimated the effect of the GFC on remittances into 8 SSA countries from 1999 to 2019 using the Fixed Effects (FE) model. Results showed that the GFC had a positive and significant effect on remittances. Per capita income of migrant home country exerted a negative but insignificant effect on remittances, while per capita income in remittance sou...

Aim/purpose – This paper examines the relationship between exchange rate volatility and industrial output growth in Nigeria. In spite of the massive revenue emanating from oil wealth, Nigeria has wallowed in intergenerational poverty due to the inability to grow its industrial sector. The dilemma of exchange rate allowed growth of the industrial se...

This study analyzed the impact of oil price shocks on agricultural commodity prices in Nigeria using monthly data on oil prices, maize, wheat and soybean and exchange rate from 1997 to 2016. Data on oil price and exchange rate were obtained from the central bank statistical bulletin while those of agricultural commodities were obtained from Food Ag...

The paper investigated the impact of stock market on economic growth in Nigeria from 1981 to 2016 using a three-equation simultaneous-equations model in a Three Stage Least Square (3SLS) estimation technique. The paper found that stock market positively spurs economic growth in Nigeria indicating that increase in stock market participations would e...

There is no gainsaying in the fact that one of the objectives of Sustainable Development Goals (SDGs) is to attain poverty hitch-free by 2030. However, the continuous increase in poverty level has generated a lot of debates among policymakers, scholars and economists while government have also been continuously formulating different policies to ave...

Appropriate policy initiatives to sustain the reversal of the downturn recently experienced in Nigeria, and proactive measures capable of forestalling future re-occurrence require hindsight knowledge of time series values of real gross domestic product as a basis for projecting the possible output growth of the country in the years ahead. This pape...

This paper outlines the practical steps, which need to be undertaken to apply autoregressive moving average (ARMA) time series models for forecasting Nigeria's inflation rate. A framework for ARMA inflation forecasting is drawn up for the period January, 2000 to December, 2016. It considers Box Jenkins approach to identify ARMA process. More import...

Appropriate policy initiatives to sustain the reversal of the downturn recently experienced in Nigeria, and proactive measures capable of forestalling future re-occurrence require hindsight knowledge of time series values of real gross domestic product as a basis for projecting the possible output growth of the country in the years ahead. This pape...

The study revisits the revenue-expenditure nexus in Nigeria using the asymmetric cointegration methods to study four hypotheses related to the revenue and ­ expenditure­ nexus,­ namely:­ tax-spend,­ spend-tax,­ fiscal­ synchronisation­ and­ institutional separation hypotheses for state and FCT government in Nigeria, between 1981 and 2014, using the...

The insurgence of exchange rate volatility over the years has gained the attention of not only the scholars but also the policy makers around the world. Also, its effects on private consumption are a missing gap in the literature most especially in Sub-Saharan African (SSA) Countries. Although, several studies have discussed the consequences of exc...

This study examines the direction of causality between fiscal policy and inflation volatility in Nigeria for the periods 1981 to 2014. Studies have examined the relationship between fiscal policy and inflation volatility without taking cognizant of the direction of relationship that exist between the two variables, hence this study. The study emplo...

The study examines the effects of fiscal policy on term structure of interest rate in Nigeria between 1981 and 2014. The paper built on the fact that continuous increase in fiscal deficit in Nigeria has not translated into equal change in term structure of interest rate as proposed by the economic theory. Using secondary annual time series data whi...

This paper examines the effects of fiscal policy shocks on private consumption in Nigeria. Albeit, there is a considerable number of works examining the effects of fiscal policy shocks on private consumption globally but in Nigeria, no study has used the structural VAR approach by Blanchard and Perotti (2002) as used in this paper. This approach re...

This study examines the relationship among health capacity, female learning and infant transience in Sub-Saharan African (SSA) Countries for the periods of 1999 to 2014 using secondary annual time series data which are obtained from World Bank database, 2014. The data are analyzed using Dynamic Panel System-Generalized Methods of Moment (DP-SGMM) t...

This paper examines the effects of fiscal policy shocks on private consumption in Nigeria. Albeit, there is a considerable number of works examining the effects of fiscal policy shocks on private consumption globally but in Nigeria, no study has used the structural VAR approach by Blanchard and Perotti (2002) as used in this paper. This approach re...

The question of fiscal-monetary policy nexus is widely documented in the literature, especially in studies that focus on developed economies. Studies suggest that inflation rate is an inevitable economic factor that contributes to economic instability and therefore warn against its uncertainty. Most developing countries including Nigeria have high...

This study examines the impact of banks loan to SMEs on manufacturing output in Nigeria for the period spanning 1992 to 2010. The study employed an error correction modeling technique and observed that banks loan to the SME sector had insignificant impact on manufacturing output both in the long and short run. Based on the findings, the study recom...

The study examines the effects of fiscal policy shocks on the current account as well as the dynamic interactions among fiscal policy shocks and current account with the other macroeconomic variables: real output, real interest rate and exchange rate for Nigeria over the periods 1980:1-2010:4. The identification of fiscal policy shocks is achieved...

The study examined the empirical relationship between the components of fiscal policy shock and private consumption in Nigeria for the periods 1981:1 to 2012:4 using Ordinary least square technique. The study also revealed that the coefficients of anticipated fiscal policy shocks (ε t ag = 1.6313, p<0.05; ε t ab = 0.1730, p<0.1 and ε t atr =-0.4003...

This paper is just a sample template for the prospective authors of IISTE Over the decades, the concepts of This study attempts to examine the convergence of macroeconomic policy variables among Economic Community of West African Countries (ECOWAS); examines the nature of convergence of macroeconomic policy variables among ECOWAS countries and anal...

This study tested the empirical validity of Ricardian Equivalence Hypothesis (REH) using Nigerian data for the periods 1981 to 2011. The study employed Johansen procedure and Error Correction Mechanism and found a mixed result with the set of variables used. The coefficient of government spending as well as the relationship between the sign and mag...

This study theoretically examined the convergence of macroeconomic policies on growth among ECOWAS countries. The model used in the study was tested based on endogenous growth theory. The study found fiscal divergence and monetary convergence among the sampled countries in ECOWAS. We therefore concluded that the converged countries could form Monet...

The study examined the effects of twins' deficits in Nigeria for the period 1970-2008. Secondary time-series data were used for the study and analysed using econometric techniques. The results showed there was a bidirectional causality relationship between budget deficits and trade deficits in Nigeria. The study concluded that an appropriate policy...

This paper attempted to investigate the impact of infrastructure on economic growth in Nigeria. A multivariate model of simultaneous equations was deployed. The paper also utilized three-stage least squares technique to capture the transmission channels through which infrastructure promotes growth. The research covered 40 years (1970 to 2010). The...

The study examined the analysis of convergence of fiscal variables among Sub-Saharan Africa (SSA) countries for the period 1981-2007. Secondary time-series data were used for the study and analysed using econometric techniques. The results showed that there were convergence in Burkina Faso, Cameroon, Nigeria, Rwanda, Sierra Leone and Uganda while t...

This paper investigates the impact of Foreign Direct Investment (FDI) and stock market development on growth in Nigeria, for the period 1980-2009. The paper is imperative for policy makers to determine the trend of foreign direct investment and stock market development as well as the exert relationship that exists among foreign direct investment, s...

This study investigated the fiscal policy variables that contributed to growth in Nigeria for the period of 1981 to 2010 in view of hypothesizing the fiscal policy variables-growth effect. Secondary annual time-series data were used. Data on Productive expenditure, Unproductive expenditure, distortionary taxes, non-distortionary taxes, fiscal defic...

The paper examined the weak-form efficient market hypothesis in the Nigerian stock market, using a sample data spanning the period 1986 and 2010. The study adopted a serial auto-correlation and regression method of analysis. The variables used in the study were tested for stationarity using the Augmented Dickey Fuller and Philip Perron test. The re...

Evidences from empirical literature on the nexus among monetary policy, exchange rate and inflation rate have been mixed. Thus this paper attempts to re-examine this issue in Nigeria for the period spanning 1986 to 2010.In contrast to previous studies, this paper employed a Co-integration and Multi-Variate Vector Error Correction Model approach to...

This study employed AR (k)-EGARCH (p, q) technique to examine the volatility in stock market and macroeconomic variables, and used LA-VAR Granger Causality test to analyze the nexus between stock market volatility and macroeconomic variables volatility in Nigeria for the periods 1986 to 2010 using time-series data. The results of the findings revea...

This paper investigates the impact of Foreign Direct Investment (FDI) and stock market development on growth in Nigeria, for the period 1980-2009. The paper is imperative for policy makers to determine the trend of foreign direct investment and stock market development as well as the exert relationship that exists among foreign direct investment, s...